Legal perspectives on heritage crime: reviewing due diligence measures for the art market

2019 ◽  
pp. 356-382
Author(s):  
Janet Ulph
Keyword(s):  
Art Market ◽  
Due Diligence

scholarly journals Art Lawyers’ Due Diligence Obligations: A Difficult Equilibrium between Law and Ethics

2015 ◽  
Vol 22 (2-3) ◽  
pp. 401-417 ◽  
Author(s):  
Sandrine Giroud ◽  
Charles Boudry
Keyword(s):  
Money Laundering ◽  
Art Market ◽  
Due Diligence ◽  
Criminal Sanctions ◽  
Suspicious Transaction ◽  
Law And Ethics ◽  
Terrorism Financing ◽  
Professional Guidelines

Abstract:This article examines the duties of diligence of lawyers when handling art-related matters. Due diligence is paramount to any activity in the art market and a key element in ascertaining ownership, authenticity or provenance. In particular, it is a benchmark to help determine the existence of possible criminal activities, including money laundering, terrorism financing or document forgery, to which the art market is regularly exposed. The question arises as to the obligations incumbent to art lawyers who are privileged witnesses of the functioning of the art market. Such obligations include in particular the duty to enquire on the particularities of a transaction, the duty to terminate a mandate or the duty to report any suspicious transaction under threat of civil or criminal sanctions. A survey has shown that art law specialists would welcome more guidance in the form of tailored regulations or professional guidelines.

What Is Due Diligence? Making the Case for a More Responsible Art Market

Art Crime ◽  
2016 ◽  
pp. 316-319
Author(s):  
Christopher A. Marinello ◽  
Jerome Hasler
Keyword(s):  
Art Market ◽  
Due Diligence

scholarly journals In the Dark, All Art Dealers Are Grey: Discretion and Rationalisation in the Munch Art Market

2020 ◽  
Vol 9 (3) ◽  
Author(s):  
Siv Rebekka Runhovde
Keyword(s):  
Social Relationships ◽  
Art Market ◽  
Due Diligence ◽  
Regulatory Effect ◽  
High Demand ◽  
Grey Market ◽  
Art Dealers ◽  
Precautionary Measures ◽  
Edvard Munch

In high demand among collectors worldwide, the art of expressionist painter Edvard Munch has been the object of numerous criminal incidents. This article examines to what extent these crimes have had any regulatory effect on contemporary trade in Munch’s work and what precautionary measures Norwegian dealers take to prevent illicit art from entering the market. Consistent with a grey market paradigm, interviews with art dealers indicate that the trade in Munch has become tainted with risk due to the presence of many unprovenanced works in the market, yet most art dealers have narrow, preconceived ideas of the ‘typical’ art crime offender. Interested parties would not expect questions of provenance to be answered, so they do not ask, and social relationships are used to excuse a lack of due diligence, conveniently allowing the industry to thrive.  

Anti-money laundering regulation on the Brazilian art market

2019 ◽  
Vol 21 (123) ◽  
pp. 95
Author(s):  
Diogo De Oliveira Machado
Keyword(s):  
Money Laundering ◽  
Art Market ◽  
Regulatory Framework ◽  
Due Diligence ◽  
Brazilian Art ◽  
Regulatory Measures ◽  
Criminal Penalties ◽  
Regulatory Model ◽  
Administrative Sanctions ◽  
Bureaucratic Constraints

Anti-money laundering regulation on the art market, is it a friend or a foe? This research contributes new insights to test possible answers to this question through the analysis of Ordinance no. 396/2016/IPHAN, enacted in Brazil to establish compliance measures to be followed by art and antiquities dealers to control money laundering practices. A pyramidal regulatory model suggests a conjunction of self-regulatory measures, administrative sanctions and criminal penalties as useful instruments to mitigate these illicit practices. This study focuses on the administrative initiatives requiring art professionals to undertake anti-money laundering due diligence measures and it critically analyses the extent to which they may rearrange the relations between dealers and clients. The contributions of the regulatory framework are recognised in so far as it shows itself able to meet societal aspiration for a respectable art market through a shrewdly responsive intervention rather than just formal bureaucratic constraints.

scholarly journals Nowe regulacje dotyczące przeciwdziałania praniu pieniędzy w obrocie dziełami sztuki. Między implementacją V AMLD a rozwiązaniem systemowym

2021 ◽  
Vol 7 (1) ◽  
pp. 61-82
Author(s):  
Wojciech Szafrański
Keyword(s):  
Money Laundering ◽  
Art Market ◽  
Essential Elements ◽  
Due Diligence ◽  
Legal Regulations ◽  
Cultural Goods ◽  
Art Collectors ◽  
Works Of Art ◽  
Terrorism Financing ◽  
Legal Concepts

New regulations to counteract money laundering in the trading of works of art. Between the implementation of AMLD V and the systemic solution Implementing the 5th AML (Anti-Money Laundering) Directive in the form of a 2021 amendment to the Act on Counteracting Money Laundering and Terrorism Financing in Poland is of fundamental importance for the market. It will be binding upon entities such as entrepreneurs operating in the field of trading in works of art, collectors’ items, and antiques covered by transactions worth at least 10,000 euros. The AML Directive presents a fragmentation of the Polish legal regulations on trade and thus the obligations imposed on intermediaries in the art market, depending on whether the regulations are developed based on cultural heritage protection regulations or economic and financial regulations. It shows the incompatibility of concepts used in both fields and the range of meanings of legal concepts that are directly relevant for the law’s application, and the specification of obligations imposed on entrepreneurs specialized in the trade of what is broadly understood as cultural goods. The essential elements of AML, crucial for entities operating in the art market, were presented. Attention was also paid to further work on trading regulations based on the due diligence model.

scholarly journals Narratives of the provenance of art and antiquities on the market and the reality of origins at the source

2021 ◽  
Vol 32 (18 N.S.) ◽  
pp. 117-124
Author(s):  
Samuel Andrew Hardy
Keyword(s):  
North America ◽  
Political Violence ◽  
Art Market ◽  
Due Diligence ◽  
Cultural Goods ◽  
Cultural Objects ◽  
Illicit Flows ◽  
Provenance Research ◽  
Illicit Trafficking ◽  
Regional Problems

This essay presents the findings of the International Conference on Handling of Cultural Goods and Financing of Political Violence and introduces provenance research that examines the market in Europe for antiquities from Asia and the market in North America for antiquities from Europe. It summarises findings, such as the involvement of violent political organisations, transnational organised criminals and politically-exposed persons (PEPs) in illicit trafficking of cultural objects. It also highlights some foundations for progress, such as enhanced traceability and due diligence in the art market, plus action and cooperation to respond to illicit flows as regional problems.   On cover:ANNIBALE CARRACCI (BOLOGNA 1560 - ROME 1609), An Allegory of Truth and Time c. 1584-1585.Oil on canvas | 130,0 x 169,6 cm. (support, canvas/panel/str external) | RCIN 404770Royal Collection Trust / © Her Majesty Queen Elizabeth II 2021.

Art Market and Its Investment Capacity

2010 ◽  
pp. 65-78
Author(s):  
A. Sarkisyants
Keyword(s):  
Art Market ◽  
Rate Of Return ◽  
Russian Art ◽  
The World ◽  
Market Trends ◽  
Russian Art Market ◽  
Investment Capacity ◽  
Comparative Rate

The article investigates the world art market trends. It considers the main market indicators, comparative rate of return and the prospects of the market as well as the problems of art banking. Special attention is paid to the Russian art market.

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