What is the new anti-money laundering legislation (AML)?
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.
More Availability and Price articles
It is our gallery policy that we are unable to hold works without a deposit.
A 20% deposit will secure the work and full payment is expected within in 7 days. If you are unable to pay within this time frame and you do not notify the gallery of your circumstances, the deposit will be non-refundable and held as credit for future purchases.
American Express cards can be used to pay for artwork at the gallery. There is no charge for doing so on any amount under £10,000.
To cover the processing fees that American Express charge the gallery a 3% surcharge will be added to the invoice total for all AMEX transactions exceeding £10,000.
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.
POA is an abbreviation for Price on Application. We try to put prices on all of the prints but often the higher and more sought after items will be marked as POA. This is due to the fact that the market can move quickly with prices rising based on auction results, new exhibitions and announcements relevant to the artist.
We will also mark some consigned pieces as POA so we can confirm availability before any online order is processed.