News

Enforcement of International Mediation Settlement Agreements Originally published on the 36 Art Group News Section. Mediation Mediation can be one of the most effective “alternative” means of dispute resolution. The parties to the dispute are encouraged to fashion a settlement with the assistance of a neutral third party mediator, who has no authority to impose terms, but can assist the parties themselves in agreeing a mutually acceptable resolution.  Mediation can offer a speedy, flexible, informal, cost effective and private mechanism for dispute resolution outside the formal court or arbitral processes. Mediation is increasingly gaining traction in the domestic arena, but has not seen parallel growth internationally.  One of the reasons for this might be a perceived difficulty in enforcing a mediated settlement agreement in differing jurisdictions and thus casting doubt as to the overall effectiveness and certainty offered by the mediation process as a whole.  In fact, there is little […]

Originally published by Hunters and accessible here. As of today, 10 January 2020, “art market participants” (including dealers, galleries, agents and auctioneers) are now part of the “regulated” sector for anti-money laundering purposes under The Money Laundering and Terrorist Financing (Amendment) Regulations 2019, which were laid before Parliament on 20th December 2019. Members of the art trade that carry out transactions or series of linked transactions involving works of art amounting to EUR 10,000 or more, must now conduct ongoing risk-based due diligence on the clients involved in those transactions. The definition of works of art is in line with current VAT legislation and excludes antique furniture and some decorative objects. Please see our previous article “AML for the art trade: how not to go to jail under the 5th Directive” for a more in-depth discussion of due diligence. HMRC is the supervising body responsible for overseeing art market participants, keeping a […]

Read more about the Committee via the IBA’s website here.

This article was published in the Antiques Trade Gazette and can be accessed here.

Read the full article published in Antiques Trade Gazette here.

The full chapter is published in “Winning with IP – Managing Intellectual Property Today”, which can be purchased here.

Read the full announcement on the Gov.uk website here.

A discovery by metal detectors of 2,528 silver coins dating to the period immediately after the Norman Conquest was announced at a press conference yesterday at the British Museum. The coins were discovered in a ploughed field in Somerset and were immediately reported to the local Coroner. Their importance is significant as they shed new light on the post-conquest period immediately after the Norman Invasion and include coins depicting Harold Godwinson (“Harold II”) (1066), the last crowned Anglo-Saxon king of England and his successor, William the Conqueror (1066 – 1087), the first Norman King of England. The Chew Valley Hoard (as it has become known) also contained first known examples of a “mule” between Harold and William. Mules are coins that show designs of different coin types on either side. They are seen as an early example of tax evasion as it enabled the “moneyer”, or person who issued the coin, […]

For the full article, please go to page 108 of the Discover Germany’s September 2019 Issue, which can be accessed here.

Arguably, the legal issue causing most concern in the art world at the moment is the introduction of the Fifth Anti-Money Laundering Directive (5 AMLD), which is expected to be implemented into UK law by the 10th January 2020, regardless of Brexit. The art market is perceived as an easy target for criminals wishing to purchase art as a means of laundering the proceeds of crime. This directive applies to dealers, auction houses and other entities transacting in art and aims to tighten up the current requirements on money laundering and tackle the risks that are commonly associated with the trade. The directive will affect all non-EU buyers purchasing works of art at galleries, fairs and auction houses in the UK and thus requiring the seller to undertake the same level of risk-based due diligence enquiries on purchases, or a series of related purchases, amounting to €10,000 or more, that […]