In 2020, the government introduced new legislation that affects all art dealers, galleries and buyers.
Before the Royal Academy accepts or passes high value orders onto artists, we are obliged to make identification and screening checks, similar to those carried out by banks when you open an account.
We will require a copy of a valid photo identity document such as a passport, driving licence or national ID card. Where that identity document does not contain a residential address, we will require additional proof of that, in the form of a bank or utility bill or other official correspondence, dated within the previous three months.
If you are buying on behalf of a company, you will need to provide us with the company details including evidence of incorporation, directors and the ultimate owner.
If you are an agent / advisor acting on behalf of a buyer, you will need to provide your details and those of the buyer.
Payments will need to be received from the bank account of the buyer – that is an account held in the name of the person or company named on the order.
If you are an artist selling artworks through the Summer Exhibition, the necessary checks will be processed by the Royal Academy prior to your receiving confirmation of your sale. You can rely on the checks performed by the Royal Academy via a specific pro forma which is available for this purpose. As the seller of the artworks, you may, however, also be independently responsible for carrying out any required customer due diligence. Please get in touch for further info.
If your work is included in a high-value sale of multiple works, we will likewise be obliged to screen your buyer before we release your sales report, even if the sale price of your work individually is below the relevant threshold value.
Please rest assured that we will do our best to expedite these mandatory checks. These checks ensure compliance with the law, and play a major part in combating money laundering and terrorist financing.
If you need to contact us, please do so at email@example.com.
For further information, see Art market participants guidance for money laundering supervision.