U.K. Law to Combat Dirty Money in Art Market Set to Take Effect
- Some galleries ‘may be blissfully unaware’ of the new rules
- Britain is world’s No. 2 art market with 21% of global sales
Photographer: IKvyatkovskaya/iStockphoto via Getty Images
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The U.K. art market is about to become more transparent.
Starting Friday, art businesses registered in the country, including galleries, auction houses and freeport operators storing high-value items, will have to verify client identities on transactions exceeding 10,000 euros ($11,000), according to the regulations approved by Parliament shortly before Christmas. The veracity of such deals also will have to be confirmed to ensure they aren’t part of money-laundering schemes.