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The Regulation of the Art Trade for Anti-Money Laundering in the EU

The Regulation of the Art Trade for Anti-Money Laundering in the EU

27.Jul.17

Category: Knowledge

Certain types of businesses fall within the regulated sector for EU anti-money laundering, such as banks, wider financial institutions, law firms, accountancy businesses and estate agents.  Luckily for the British art market, the British government has not invited auction houses and art/antique dealers to join the club.  Auction houses and art/antique dealers in other EU Member States ha... Read more

UK Money Laundering Regulations 2017: Key changes and impact for Art Businesses

UK Money Laundering Regulations 2017: Key changes and impact for Art Businesses

20.Jul.17

Category: Knowledge

The UK Money Laundering Regulations 2017 (“Regulations 2017”) which implement the EU’s Fourth Money Laundering Directive (“4MLD”) came into force on 26 June 2017, repealing the Money Laundering Regulations 2007 (“Regulations 2007”). The 4MLD seeks to give effect to the international standards for combating money laundering and terrorist financing developed by the Financial Action Task Force (“FATF... Read more

An Italian story of bad luck and lack of diligence

An Italian story of bad luck and lack of diligence

29.Jun.17

Category: Law

In a recent judgment, a Milan Court rejected a claim for the loss of value of a sculpture loaned by an Italian public entity to a Belgian museum arising from the alleged damage caused by a fall of the sculpture whilst on loan to the Belgian museum. The judgment is a reminder that in the absence of a detailed condition report, the alleged damage can be difficult to prove.   Read more

Faithless Servants and the Law: Fine Art Dealers Beware

Faithless Servants and the Law: Fine Art Dealers Beware

29.Jun.17

Category: Law

On 27 February 2017, a New York State Court held that Lisa Jacobs, a fine art dealer and private curator, breached the fiduciary duties she owed to the seller of an artwork entitled Future Sciences Versus the Man by artist Jean Michael Basquiat (the “Work”). As a result of her disloyalty, the Court ordered Jacobs to pay to the seller the $1 million in secret profits plus $50,000 compensation she e... Read more

Appropriation Art Takes Another Hit in European Courts

Appropriation Art Takes Another Hit in European Courts

29.Jun.17

Category: Law

On 9 March 2017, a French High Court held that a 1988 sculpture by appropriation artist Jeff Koons, Naked, infringed on the copyright of the late photographer, Jean-Francois Bauret.  The claim was brought by Bauret’s widow, Claude Bauret-Allard, against Koons for copying her husband’s work and against the Centre Pompidou in Paris for using an image of the work in the advertising material for ... Read more

UK Competition and Markets Authority open investigation into auction services

UK Competition and Markets Authority open investigation into auction services

29.Jun.17

Category: Law

On 22 November 2016, the UK Competition and Markets Authority (CMA) launched an initial investigation into suspected anti-competitive practices in relation to the supply of auction services in the UK. In its announcement, the CMA stated that the investigation is focusing on suspected exclusionary and restrictive pricing practices, including most favoured nation provisions (MFNs) in respect of onli... Read more

Art Restitution: Nazi Looted Art

Art Restitution: Nazi Looted Art

29.Jun.17

Category: Law

The US National Archives estimates that upwards of 20 per cent of all European art was stolen by the Nazis. This staggering figure reflects the importance that was attached to artworks by Hitler (erstwhile a failed art student) and Hermann Göring (a keen “collector” who amassed approximately 1,400 important works, as well as many sculptures and tapestries looted by the Nazis for his private enjoym... Read more

Art Restitution: Bolshevik Looted art

Art Restitution: Bolshevik Looted art

29.Jun.17

Category: Law

By Bolshevik-looted art, we mean artworks that were stolen, seized, looted or otherwise misappropriated by the Bolshevik regime during or in aftermath of the Bolshevik revolution in 1917. The Bolsheviks urgently needed funds and they seized objects of value from churches, museums and eventually, private individuals’ collections which they sold to generate cash. By way of illustration, the Bolshevi... Read more

Art Restitution: Stasi Looted Art

Art Restitution: Stasi Looted Art

29.Jun.17

Category: Law

One of the primary goals of the GDR government in the 70s and 80s was to secure much needed Western currency in order to alleviate the state’s debt which was rapidly increasing and to support East Germany’s economy which was generally performing badly. The Stasi arranged the sale of artworks to help them achieve this goal.  A covert program was arranged between 1973 and 1989 whereby more than... Read more

Is this a rebellion?, No, this is a revolution

Is this a rebellion?, No, this is a revolution

29.Jun.17

Category: Law

It is said that when a messenger brought the news to Louis XVI that the Bastille had been taken, the monarch asked: is this a rebellion? No Sir, replied a minister standing by, this is a revolution.  Could the same be said of the public announcements made last week by the French auctioneers? Read more

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