Monday, April 29, 2019

How Anti-Money Laundering Legislation Could Impact the Art Market

A resolution in the United States Congress suggests that galleries and auction houses could soon be subject to strict reporting requirements about their customers amid a global push for greater transparency in art transactions. While these requirements could have significant benefits in terms of helping to curtail money laundering by bringing greater oversight to an often opaque art market, the law could also burden dealers and auction houses with onerous administrative and reporting duties that will be especially challenging for smaller and mid-size galleries.
Details here.