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The purpose of this dissertation is to develop a methodology which will enable one to assess legal risks of an art collection. This objective is achieved by combining standards and knowledge from three different disciplines: the museum collections management field, the risk management field and art law. Specifically, the project’s objective is achieved within the following context: • SPECTRUM 4.0 - the UK Museum Collections Management Standard which is one of the leading standards for collection management and represents a common under-standing of good practice for collections management in museums. It will give de-tailed information on an art object’s lifecycle within a collection. • ISO31000 International Standard for Risk Management which establishes a number of principles that need to be satisfied to make risk management effective and pro-vides for a general framework and processes for risk management. • Art law. By using art law bibliography, case law as well as empirical knowledge of the field, legal risks are identified. The outcome of this project is a business toolkit comprising of a risk library and proposed risk assessment methodology that can be utilized by a professional to facilitate the assessment of legal risks in an art collection.