Certain types of businesses fall within the regulated sector for EU anti-money laundering, such as banks, wider financial institutions, law firms, accountancy businesses and estate agents.  Luckily for the British art market, the British government has not invited auction houses and art/antique dealers to join the club.  Auction houses and art/antique dealers in other EU Member States have not been so lucky. Being in the regulated sector for money laundering carries a compliance burden that should not be under-estimated.  Businesses

On 27 February 2017, a New York State Court[1] held that Lisa Jacobs, a fine art dealer and private curator, breached the fiduciary duties she owed to the seller of an artwork entitled Future Sciences Versus the Man by artist Jean Michael Basquiat (the “Work”).  As a result of her disloyalty, the Court ordered Jacobs to pay to the seller the $1 million in secret profits plus $50,000 compensation she earned for the sale of the Work along with interests,