The government has introduced new anti-money laundering measures which will affect all art dealers, galleries and their clients as of 10th January 2020. This is an EU-wide legislation to which the UK will abide irrespective of Brexit.
Similar legislation is also expected to be introduced in the US in the near future. We will have to take, and be seen to take, all reasonable steps to mitigate the risks of money laundering occurring in the course of our business, including the risks of being paid with illegally obtained funds.
As part of these obligations and before the completion of any sale, Hang-Up Pictures Ltd will be legally obliged to carry out identification and screening checks on all clients buying from our gallery. These checks are broadly similar to those carried out by banks when you open up a bank account and have already been put in place by the major international auction houses.
For individuals, we will require a copy of a valid photo identity document such as a passport, driving license or national ID card which confirms their full name, date of birth, nationality and permanent residential address.
For companies, we will require company details including evidence of incorporation, directors and the ultimate beneficial owners. In a situation where an agent/advisor is acting on behalf of a buyer, we will be required to identify the ultimate buyer in addition to the agent.
Payments received by the gallery will have to be received from a bank account held in the name of the person or entity named on the invoice. In the event that you wish for a third party to pay for a purchase on your behalf, you will have to seek our prior authorisation to do this and if the information you provide to us doesn’t meet these new legal requirements, unfortunately, we will have to reserve the right to refuse third party payments.
We ask you to bear with us whilst we carry out these mandatory checks before the completion of a sale of a work of art. Please understand that we are obliged to do this for all our clients, even those with whom we have dealt in the past, but rest assured that we will do our best to make the process as quick and efficient as we possibly can.
Gallery staff are requested by law to check all sales over €10,000 and will require identification, proof of address and confirmation of the source of funds to proceed with the sale.
The gallery subscribes and adheres to the latest Anti Money Laundering (AML) regulations to monitor customers' transactions and report suspicious financial activity. We are committed to deterring criminals from purchasing art using laundered funds.
The artist’s royalty depends on the resale price. The higher the sale price of the artwork, the lower the overall royalty rate.
The royalty is worked out according to a sliding scale from 4% to 0.25%.
Hang-Up Gallery is committed to championing artists' rights and ensures the ARR is collected for relevant sales and paid to DACS.
The Artist's Resale Right means that artists could be entitled to a royalty each time their work is resold with the involvement of an auction house, gallery or dealer for €1,000 or more.
As of 1 January 2012, the Right in the UK was extended to cover sales of work by deceased artists still in copyright, which means that beneficiaries and heirs can now benefit. In the UK, copyright lasts for the lifetime of the artist plus 70 years after their death, to the end of that calendar year.
This is the most significant new right for visual artists and their heirs in recent times, giving them an ongoing stake in the value of the artist's work.
Hang-Up is committed to championing artists' rights and ensures the ARR is collected for relevant sales and paid to DACS.
Our trained art technicians will come to you and can take care of all aspects of installing your new artwork in your home or commercial space.
£125 + VAT per hour
£275 + VAT per half day
£150 + VAT per hour
£300 + VAT per half day
Certain editions are sold 'staggered' which means that the price will rise in increments as the edition sells. If we are selling on behalf of a publisher it is our contractual obligation to match the price. Whilst we strive to ensure pricing is correct if the publisher's price has recently changed and not yet been updated on the website you will be notified and have the option to continue with the sale or not.
We offer a full insurance valuation service at the gallery for Banksy works.
We will require details of the print including an image, condition and where it was purchased. A Banksy appraisal expert will then evaluate this before issuing the valuation on gallery headed paper.
The letter will be signed and dated by the Gallery Director and can be used to assist for insurance purposes or simply for your own records.
The cost of this service is £75 + VAT.
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