What is the story about?
What's Happening?
The art industry is witnessing a surge in risk and compliance services due to increasing regulatory scrutiny and fraud. The ArtRisk Group, a New York-based risk advisory and private investigation firm, has been established to protect participants from these challenges. The firm, founded by Jane Levine, Jim Wynne, Jordan Arnold, and Victoria Sears Goldman, offers services spanning investigations, provenance research, due diligence, compliance, litigation, and art financing support. The founders bring decades of experience in art theft, fraud, provenance issues, and legal matters.
Why It's Important?
The art market faces rising scrutiny and regulation, particularly with anti-money laundering legislation. The Art Market Integrity Act, proposed by US senators, aims to align the US with the EU and UK. The art industry is vulnerable to threats from cybercrime, looted artefacts, and fraud. ArtRisk provides a one-stop shop for compliance and risk advisories, helping art businesses navigate these pressures. The firm emphasizes the importance of preventative measures, such as cybersecurity and structured transactions, to safeguard against losses.
Beyond the Headlines
ArtRisk advises on creating transactions structured around potential criminal violations to facilitate law enforcement involvement. The firm highlights the importance of due diligence in antiquities purchases, given the time lag before looted objects appear on the market. Buyers, sellers, and marketplace operators are encouraged to understand looting history and implement due diligence protocols to avoid illegal sales.
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