Records were broken at Sothebys last week as £94.9 million was raised in the first sale of what is being billed as the biggest week in Briti...

Records were broken at Sothebys last week as £94.9 million was raised in the first sale of what is being billed as the biggest week in British art auction history.

And last year, Picasso's portrait of Dora Maar au Chat was sold for $95.2 million (£52 million) in New York, the second highest price ever paid at auction for any painting.

According to art lawyer Pierre Valentin head of the arts & cultural assets team at City law firm Withers, who acted for the seller of Picasso’s Dora Maar painting, an increasing number of high net worth individuals are investing in art as an alternative to more mainstream assets.

Mr Valentin has produced the following checklist for art buyers.

1 Dealer or Auction house? Consider auction houses and private dealers and the pros and cons of both. If you choose a dealer, find out if they belong to a professional association.
2 Search stolen art databases. There are a number of databases which list stolen art and antiques e.g. The Art Loss Register. Check these to make sure your painting is not listed.
3 Check the provenance of the painting. Verify the origin of the painting before purchase – do not only rely on the auction house or dealer to do this.
4 Beware of war-looted art. Many pieces of art were stolen during the World Wars and in other wars throughout the world. Make sure that you make relevant enquiries.
5 Beware of illegally exported art. Illegally exported art may be difficult to re-sell. Foreign countries may also try to claim it back so you may be at the receiving end of a lawsuit. Ask to see export licences before buying.
6 Take independent advice. As with any major purchase, you should verify the value of the painting via an independent expert.
7 Verify the seller. Do not be afraid to ask questions about the vendor as well as the painting itself before making a purchase.
8 Insure your painting. Make sure that you understand when risks in the painting pass from the seller to you and that you have adequate insurance in place from that time.