In line with changes to legislation for Art Market Regulation in the EU on 10 January 2020 and which has been has been adopted by the UK and will not be affected by Brexit; we are required to verify the identity of our clients, both new and existing (including those based outside the EU), when purchasing artworks. The new legislation applies to all transactions of €10,000 or above. A summary of this legislation:

– If a work is being invoiced to an individual, we will need to see an original or certified copy of the buyer’s passport (or other similar photo identification), and we will need details of the buyer’s permanent residential address.

– If the work is being invoiced to a company, we will need copies of the company’s incorporation documents and details of its Directors and ultimate beneficial owners.

– We will only be able to accept funds from the individual named on the invoice, unless payment by a third party has been previously agreed, and we confirm that we have satisfactorily carried out the necessary due diligence on that third party.

The new legislation may initially impact the speed of some transactions, and we therefore ask for your understanding if it takes us a little longer than usual to process sales. Please be assured that all personal data will be held and processed securely in accordance with data protection legislation.

If you have any questions, please feel free to contact enquiries@nigelrhodesfineart.com