Art and Due Diligence Solicitors
In a sector characterised by creativity and risk, we ensure that our clients’ transactions adhere to stringent compliance standards. We provide an impressive cross-departmental offering, bringing together deep knowledge in art-related due diligence, with expertise in general compliance and regulatory issues for high-net-worth clients and commercial enterprises.
Compliance is not only a legal requirement but essential for maintaining the reputation and integrity of institutions and individuals whether in the art trade or in other sectors. Legal due diligence in high-value transactions is essential to protect oneself from risk, particularly given the risk of criminal investigation and prosecution.
We are immersed in our clients’ world and understand their needs, be they a gallery, private collector, auction house, foundation or investor.
Whether you are an artist, collector, gallery owner, investor or institution, we are here to help meet your compliance obligations and needs, secure your investments and help you navigate the regulatory landscape.
Counterparty due diligence
We conduct comprehensive counterparty due diligence in any possible scenario including sanctions, acquisition or sale of art or cultural assets, and investments. We frequently help clients navigate complex and cross-jurisdictional operations, and often work on high-profile cases.
Our counterparty due diligence services include:
Anti money laundering (AML) compliance: we conduct robust AML compliance checks, detecting and preventing potential money laundering activities to protect our clients’ transactions. We also draft AML policies and procedures for Art Market Participants and can advise on reports to the authorities.
Sanctions screening: we screen transactions to detect individuals, entities or countries which are subject to economic sanctions, in accordance with international regulations.
Suspicious activity reports (SARs): we advise on the process of identifying and reporting any suspicious activity our clients might encounter in the course of transactions, ensuring that all legal obligations are met, and a clean compliance record is maintained.
Acquisition and sale of art assets: Whether buying, selling or loaning art assets, we advise on structuring transactions that adhere to AML and sanctions requirements, minimising legal risks.
Risk assessment: we conduct comprehensive risk assessment of art-related transactions, identifying potential compliance vulnerabilities and creating strategies to mitigate them.
Ownership due diligence & expert opinion
In addition to Counterparty Due Diligence for art transactions, our team regularly advises clients on issues surrounding other due diligence issues pertaining to artworks and cultural property objects. These include the provenance of artworks and possible ownership issues, the implications of suspicions that an artwork or artefact may have been lost, stolen or looted and the possible routes to resolving such situations in a bespoke way, thus avoiding adverse publicity which may undermine the reputation of the object, the reputation of an entire collection and/or of those associated with it.
We also regularly help our clients navigate the legal risks flowing from questions of authenticity, attribution, condition and the shipping of artworks across borders.