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Art Auctions Art Dealers

WilmerHale

Money Laundering In The UK Art Market: Key Risks, AML Rules

WilmerHale on

We have been writing a lot recently about trends in the global market for fine art. One specific area that deserves attention is steps taken to stamp out laundering illicit funds via the art market, such as through auctions...more

Sheppard Mullin Richter & Hampton LLP

Unroll the Scroll Painting: Inside the Chinese Art Market and Its Regulatory Landscape

When Christie’s Auction House first entered the secondary art market of mainland China in 2005, it licensed its brand to a local auction house and received a total of RMB 97,000,000 (roughly $12,100,000) for its inaugural...more

Sullivan & Worcester

FinCEN Signals Suspicion of Art Market Even Before AML Study Begins

Sullivan & Worcester on

In connection with the late-2020 amendment to the Bank Secrecy Act (BSA) to include “dealers in antiquities” as a result of its inclusion in the National Defense Authorization Act (NDAA), the Treasury Department’s Financial...more

Ballard Spahr LLP

Art and OFAC

Ballard Spahr LLP on

As we’ve blogged, high-end artwork can create an ideal vehicle for money laundering. And, as we’ve also blogged, the Permanent Subcommittee on Investigations for the U.S. Senate released in July 2020 a detailed report titled...more

White & Case LLP

COVID-19: Disruption to Art Transactions

White & Case LLP on

It would be a truism to note that COVID-19 has had a profound impact on many sectors globally. The art industry, which relies considerably on the human interaction between art dealers, artists, and members of the public, is...more

Sullivan & Worcester

A Deaccessioning Decision Tree Grows in Brooklyn—Selling Museum Art in Hard Times

Sullivan & Worcester on

Robin Pogrebin at the New York Times has written an excellent piece on the news that the Brooklyn Museum intends to sell several works from its collection to raise money. The museum explicitly relies on the pandemic-inspired...more

Sullivan & Worcester

U.S. Senate Report Takes a Swing at Money Laundering in the Art Market But Strikes Out on Substance

Sullivan & Worcester on

A recent report by the U.S. Senate Permanent Subcommittee on Investigations (headlined by Chairman Senator Rob Portman, Republican of Ohio, and Ranking Member Tom Carper, Democrat of Delaware) has drawn widespread attention...more

Ballard Spahr LLP

Using Art to Evade Sanctions and Launder Money: The Senate Report

Ballard Spahr LLP on

Is Art an “Ideal Playing Ground” for Money Laundering? Last week, the Permanent Subcommittee on Investigations for the U.S. Senate released a detailed, 147-page report titled “The Art Industry and U.S. Policies That...more

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