Introduction Art employs thousands of professionals in the contemporary world. There are both small and medium-sized as well as big businesses dealing with art today. It is also evident that the art profession is getting into the global financial market. Banks are especially taking a specific interest in the same. With the passing of time, contemporary art continues to grow. Controversy however always keeps pace with this. There have been many professionals since the beginning of art who have contributed to great dimensions in the art world. The link between contemporary art and fashion has been observable on the fashion market and catwalks. Art inspires fashion designers who try to integrate art into their events to make the events memorable. This also works in turning the fashions into an art in themselves. The law has to come in where the designers use works of art for inspiration. Works of art are often protected by copyright laws. The law therefore provides that designers get into a license agreement with the people owning the works of art. Depending on the law to be followed, the artist’s permission is necessary in connection with the moral privileges on the work of art. If a designer copies artwork and uses them for business without the consent of the owner, this is considered an act of infringement of the art professional’s copyright. The consequence can therefore be legal punishment. Legal issues on modern and contemporary art Depending on the country, any person that engages in the art business whether it is renting, leasing or compromising to a license for the use of any piece of art is said to be exercising a privilege that should be taxed. A percentage is set for the exercise of any such privilege on the person that is involved. In addition, when one is awarded space for the exhibition of a piece of artwork in an exhibition hall that is either private or public, the sponsor is also taxed for the space. The implication is that the use of any work of art is subject to taxation (Bostron 1984). The exhibition of any work of art is business as new business opportunities are opened for the exhibitors in the show. Exhibitors may be galleries who are acting as agents for the artists and they exchange works of art to open new geographical markets for their artists. The law therefore treats this as business and the legal procedures of business are applicable. The Visual Artists Rights Act or VARA identifies the moral rights of an artist in his works of art. The approval of VARA was an important exit from the previously existing law on property. The granted rights to artists include the attribution and integrity rights. The former is concerned with the right of the professional to have a claim on the authorship of a piece of art work. He can also deny the making of an art that does not belong to him. The second right deals with the artist’s ability to recover or prevent damages for deliberate alteration, disfigurement or the destruction of a piece of art. The rights are kept by the artist even after the original work has changed ownership (Visual Artists Rights Act). The European law recognizes moral rights centering on the right of the artist to protect