Would you pay cash for a Maserati and drive away without receiving a certificate of title? Let your uninsured nineteen-year old cousin drive it to New Orleans for Mardi Gras? Or leave it at a used-car lot hoping the dealer will sell it for you at a good cost? These are silly questions, of course. No sensible person would take such risks; a sensible person would demand proof of title, keep the keys far away from risky drivers, and have a clear, written agreement with the dealer.

Imagine you just bought a painting that was completed last year by an emerging Texas artist. And as long as you’re just imagining, let’s say it’s a life-size oil painting of Miley Cyrus as a cowgirl, inspired by Andy Warhol’s “Cowboy” Elvis. Aside from the enjoyment of owning such a unique work, what did you get and what can you do with it? The answer is, not as much as you might think.