Tim Maxwell is quoted in The Art Newspaper on client confidentiality and transparency following the sale of work by Rothko
Tim Maxwell is quoted in The Art Newspaper on client confidentiality and transparency following the recent sale of work by the Abstract Expressionist Rothko.
The Art Newspaper report on a recent case relating to the sale of work by the Abstract Expressionist centred on the tension between client confidentiality and transparency; the solution is far from simple.
Art & Luxury Litigation Partner, Tim Maxwell comments: “People customarily in the art market value and respect confidentiality, but that is becoming more and more eroded as a principle.”
He continues to say that recent anti-money laundering legislation in the UK has forced buyers to reveal their identities—the “art market professional” selling a work must now see the ultimate buyer’s ID, even if they are acting through an intermediary such as an adviser.
Tim’s comments were first published in The Art Newspaper.