Dr. Angelika Hellweger | 6 February 2025
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Extra pressure placed on the UK art market by intensified anti-money laundering enforcement and expanded sanctions obligations was explained by Angelika Hellweger.
In an article published by Wealth Briefing, Angelika details how London’s art market is having to manage a range of challenges, including art dealers’ responsibility to register with HM Revenue and Customs and comply with strict identity verification rules. She outlines how these factors might deter buyers and even push smaller dealers out of the UK market.
Angelika says that London’s art market is the third largest in the world, accounting for 17 per cent of global sales and worth $1.5 billion last year. Yet this market now faces the prospect of a heightened crackdown on money laundering and new sanctions reporting obligations.
Her piece explains the practical effects these changes could have on the art market and the difficulties they could pose for those working in it.
The full article can be read here.
Featured at: Wealth Briefing
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