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Legal Disclaimer

The materials and information contained in and incorporated into this Web site are provided solely for general information purposes, do not, and should not be deemed or construed to, constitute legal or other professional advice and should not be relied on as a substitute for specific advice relevant to particular circumstances.

For the sake of clarity, neither the presentation of any information pursuant to this Web site nor your receipt of any such information creates an attorney-client relationship. To the extent that publications or Web site postings contain information that is legal in nature, such information is for educational purposes only, and in most cases has been abridged from laws, regulations, interpretive releases and court decisions and administrative rulings. Accordingly, such information is incomplete and has not been evaluated in light of the personal situation and concerns of a particular person.

The Art Fund Association (“Art FA”) does not provide legal advice to any person. However, certain information contained in this Web site could be construed by the courts of certain jurisdictions as constituting legal advertising. Accordingly, Art FA hereby informs users of this Web site that the contents of this Web Site could constitute attorney advertising and that prior results achieved by any attorney or law firm related to Art FA do not guarantee a similar outcome.

The opinions set forth in the publications or other Web site postings where an author thereof is identified, unless expressly stated to the contrary, are the opinions of the individual authors thereof and shall not be attributed to Art FA, its sponsors, strategic partners or membership.

Art FA is not a registered broker-dealer or investment advisor pursuant to the laws of the United States or any other jurisdiction. Art FA has not, does not, and shall not counsel persons as to the advisability of investing in an art investment fund or art fund of funds, and Art FA shall not endorse the suitability of any art fund investment manager. Nothing contained in this Web site should be deemed to constitute an offer or solicitation to buy or sell any securities.

Investors contemplating an investment in an art fund or art fund of funds should understand that any such investment is highly speculative, involves a high degree of risk, and could result in the loss of the entirety of one’s investment. Art funds, whether invested in directly or by means of a fund of funds, are highly illiquid, engage in speculative investment strategies, are long-term in nature, involve the charging of significant fees and in most cases are not subject to the same regulations as publicly traded equities or mutual funds. As a result, Art FA recommends that any prospective investor in an art fund or art fund of funds should consult with their own financial, tax and legal advisors in evaluating whether such an investment is suitable for one’s own particular circumstances, paying particular attention to the offering materials of any such fund or fund of funds.

From time to time, prospective investors in an art fund or art fund of funds may have the occasion to interact or learn about a particular fund or fund manager by way of the activities of Art FA. Art fund managers are cautioned against offering any information regarding the funds that they manage (including, but not limited to, performance records) as to do so could without the proper prequalification of a prospective investor as an “accredited investor” constitute the making of a general public solicitation of the art fund or fund of funds equity interests, which could result in (i) the violation of Section 5 of the Securities Act of 1933 requiring the registration with the Securities and Exchange Commission of publicly offered securities, (ii) the loss of an art fund manager’s exemption from registration as an investment advisor pursuant to the Investment Advisers Act of 1940 and (iii) the required registration of the art fund or fund of funds as an “investment company” (another word for a mutual fund) pursuant to the Investment Company Act of 1940. Art FA is not liable for any damages, costs, expenses or other liabilities resulting from any violation of any securities laws of any jurisdiction, including the loss of any exemption therefrom as a result of the use of this Website or any participation in the activities of Art FA by an art fund, fund of funds or art fund manager. Art funds and their managers are required by Art FA to refrain from accepting investments from persons met through or as a result of any activities undertaken by Art FA for at least thirty (30) calendar days from the date of such meeting so that sufficient time for both reflection by the prospective investor and qualification as an “accredited investor” is established by the art fund.

Art FA does not accept any responsibility for any loss, harm, damages, costs or other liability, which may arise from reliance on materials and information contained in this Web site. This Web site may provide, or third parties may provide, links to other World Wide Web sites or resources. As Art FA has no control over such sites and resources, you acknowledge and agree that Art FA is not responsible for the availability of such external sites or resources, and does not endorse and is not responsible or liable for any information, content, advertising, products, services or other materials on or available from such sites or resources, including those received from its strategic partners, sponsors or association members. You further acknowledge and agree that Art FA shall not be responsible or liable, directly or indirectly, for any harm, liability, cost, damage or loss caused or alleged to be caused by or in connection with use of or reliance on any such information, content, goods or services available on or through any such site or resource.

You may download any of the pages of this Web site for viewing purposes on a single personal computer; provided that the contents of the web pages and the copyright notices remain intact. However, any reproduction, storage, or retransmission for commercial exploitation or otherwise is prohibited without the prior written consent of Art FA.