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U.K. Law to Combat Dirty Money in Art Market Set to Take Effect

  • Some galleries ‘may be blissfully unaware’ of the new rules
  • Britain is world’s No. 2 art market with 21% of global sales
RF art gallery

Photographer: IKvyatkovskaya/iStockphoto via Getty Images

The U.K. art market is about to become more transparent.

Starting Friday, art businesses registered in the country, including galleries, auction houses and freeport operators storing high-value items, will have to verify client identities on transactions exceeding 10,000 euros ($11,000), according to the regulations approved by Parliament shortly before Christmas. The veracity of such deals also will have to be confirmed to ensure they aren’t part of money-laundering schemes.