News & Analysis as of

Art Compliance

Offit Kurman

Not Keeping Records of Your Purchases and Sales, Location, and Authentication Documents – Implications of Restrictions and...

Offit Kurman on

The provenance of any item is essential to determining its value. Proper documentation of an item’s history and proof of chain of title help establish authenticity, ensuring the highest fair market value at the time of sale....more

Offit Kurman

Not Hiring a Qualified Appraiser and Realizing the True Value of Art and Collectibles

Offit Kurman on

For federal estate and gift tax purposes, transfers are valued at the “fair market value” of the asset on the date of transfer. One of the more common estate tax audit issues is the failure to properly report the value of...more

Offit Kurman

Adopting the Moving Van Approach

Offit Kurman on

When it comes to estate taxes, the Internal Revenue Service (IRS) expects all tangible personal property to be properly reported on Schedule F of Form 706. This includes any valuable assets such as art collections, antiques,...more

Sheppard Mullin Richter & Hampton LLP

Money Laundering and High-Value Art: Treasury’s Study Discusses Financial Crimes and NFTs

With the advent of blockchain technology, vendors are increasingly accepting payments of goods, including artwork, with digital currency. The decentralized nature of digital currency makes it attractive for a lot of reasons,...more

Society of Corporate Compliance and Ethics...

Katie Steiner on Compliance & Corporate Art Collections

Most offices have art all around, generally of the not-so-special, bland, pre-printed poster kind. But many offices will have a few nicer pieces, whether it’s an oil painting, sculpture, mixed media work or perhaps some...more

BakerHostetler

Expanded Measures Impose AML Overhaul on Art and Antiquities Market

BakerHostetler on

On July 28, 2020, the U.S. Senate Permanent Subcommittee on Investigations released its findings on the role of the unregulated art market in undermining U.S. sanctions policies and facilitating criminal activity....more

Patterson Belknap Webb & Tyler LLP

OFAC Issues Advisory on Sanctions Risks Arising from High-Value Artwork Transactions

In many ways, the market for valuable art remains one that depends on long-standing relationships and a high degree of familiarity between market participants. The importance of relationships in the art business makes sense....more

BCLP

Additional Compliance for the Art World

BCLP on

Individuals, trusts and companies buying or selling art via UK galleries and auction houses will now be subject to the same customer due diligence checks as those opening bank accounts in the UK. What has changed? The...more

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