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Anti Money Laundering
The UK government introduced a new Anti-Money Laundering legislation on 10th January 2020 which requires auction houses, art galleries and dealerships to conduct stricter due diligence on buyers who purchase from them works of art above a threshold of €10,000 (about £8,500).
An art dealer has to register with HMRC if its business operates as an art market participant under the money laundering regulations.
An art market participant under the money laundering regulations is a company or sole practitioner who is either:
- ‘by way of business’ trading in, or acts as an intermediary in, the buying or selling of works of art where the transaction value (or a series of linked transactions) is 10,000 euros or more
Currently at Rupert Bond all our art works for sale are under £8,500. However we may choose to perform additional due diligence as per the regulations for high value works offered for sale.