As of 10th of January 2020, the government introduced new, regulatory anti-money laundering measures for art market participants, including art dealers and galleries. As a result, we have to take, and be seen to take, all reasonable steps to mitigate the risks of money-laundering occurring in the course of our business, including the risks of being paid with illegally obtained funds.
For both new and existing clients, this means that we are now legally obliged to conduct identification and Customer Due Diligence checks before the completion of any transaction over the Sterling value of 10,000 Euros. These checks are broadly similar to the “Know Your Customer” processes practised in the banking, property and auction house industries.
• For individuals, we will require a copy of a valid, government issued photo identity document such as a passport, driving license or national ID card which confirms their full name, date of birth, nationality and proof of permanent residential address.
• For artwork purchased on behalf of companies, we will require company details including evidence of incorporation, directors and the ultimate beneficial owners.
• For an agent or advisor who is acting on behalf of a buyer, we may be required to identify the ultimate buyer in addition to the agent using the same types of documentation outlined above. We will only be able to receive funds from a bank account held by the person or entity named on the invoice. Should you wish for a third party to pay on your behalf, this will need to be authorised with our team beforehand so we may conduct the necessary due diligence on the third party. If the information provided to us fails to satisfy the legal requirements, we will unfortunately have to reserve the right to refuse third party payments.
Please rest assured that all information provided to us will be held and processed in accordance with our privacy policy and will always remain secure and confidential. We thank you for your understanding and cooperation. If you have any questions, please do not hesitate to contact us.
See the full Terms and Conditions
We look forward to seeing you soon.