New Obligations in the Art & Antiquities Markets

Nicholas O'Donnell participated as co-host at a webinar sponsored by RAM, at which the panelists discussed the latest developments impacting risks and obligations in the art and antiquities markets.

Over the last 18 months or so, a lot has happened. In addition to the worldwide COVID pandemic, there has been significant movement towards regulating the art and antiquities markets in several jurisdictions around the world. What does this mean for art appraisers, art advisors, family offices, collectors, dealers and other art market participants?

As the art and antiquities markets are re-emerging from pandemic-related shut downs, and we are once again able to visit art fairs and galleries in person, art market participants must reevaluate whether their existing safeguards against fraud, money-laundering, terrorist financing and other illicit financial activities are still appropriate. Have the long periods of imposed separation had an impact on how business is done in the art and antiquities markets? What is different now?  Have the months of virtual communications changed expectations regarding the provenance, title, authenticity or physical condition of an artwork? Have ethics and compliance requirements increased or decreased?

This panel of art market experts and attorneys surveyed the latest developments affecting the art and antiquities markets. In addition to discussing the developing legal landscape, the panelists  proposed some best practices on how art market participants can successfully manage changed expectations and new day-to-day obligations.