Last year HMRC revamped and improved its ‘perimeter policing’ process which is used to identify AML-regulated businesses that are trading while unregistered for anti-money laundering supervision. As of the new financial year on 6 April 2022, art market participants (AMPs) that are found to be trading without registration, or late to register, may be fined or prevented from further trading…
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These Art Tech Start-Ups Are Proving Why Blockchain Is Still Valuable to The Art Market
The onset of Covid-19 saw art galleries, fairs, museums and auction houses sprint to adopt augmented reality ("AR") for online-only sales, virtual viewing rooms and exhibitions (note the bizarre success of a Sotheby's cyber auction which sold Michael Jordan's old Air J'z for $560,000 despite a global health crisis). A significant number of beta stage art tech companies are now…
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The UK Has Left the EU – What Does the New Trade Deal Mean for the British Art Market?
As of 1 January 2021, European Union law ceased to apply to the United Kingdom. Since the pair’s acrimonious split in 2016 – with the UK formally packing its bags on 31 January 2020 – the bitter exes have been haggling as to a mutually acceptable trade agreement by the end of the transition period on 31 December 2020. But…
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Blockchain x Art: More Tech Start-Ups Disrupting The Art Market
This piece is the second in a two-part series that explores the potential art-world impact of blockchain. Read Part I to find out what blockchain is, what NFC is and why art market participants should care. LEGAL COMPLIANCE Legal compliance may also incentivize art businesses to utilize blockchain platforms. In a 2019 article titled ‘Fine Art Certificates of Authenticity: Are…
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Sotheby’s Motions for Dismissal of New York Attorney General’s Tax Fraud Complaint
Sotheby’s has launched its rebuttal against New York’s Attorney General in the state’s Supreme Court after the NY AG filed a complaint against the auction house for “fraudulent avoidance of sales tax“. The 27-page memo seeks to dismiss the complaint – using a plethora of case law and statute – arguing that NYC AG Letitia James “fails to allege facts…
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The State of New York Has Sued Sotheby’s For Enabling Sales Tax Fraud
New York’s Attorney General, Letitia James, has filed a lawsuit against Sotheby’s in the state Supreme Court for enabling a major client of the auction house to evade taxes. According to court files, the client, a contemporary art collector who resides outside of the U.S. and runs a shipping business, illegally obtained tax exemption certificates on art purchases exceeding $27…
