Global Art Market Webcast Series � Shape of the New

Edouard Ndeke, Co-Founder of Demif Gallery, and Christopher Battiscombe CMG, Director General of The Society of London Art Dealers, discussed disruption in the art market and what this means for those who make, view, buy and sell art. Watch the replay here.

Christopher said, "I think, from what I have seen, that most dealers are reporting a significant reduction in their sales and most, but slightly less, a reduction in their profits too, but the situation is quite mixed and some have done surprisingly well.”

Edouard said, “The last six months have been great for Demif Gallery (online art gallery) and we're very excited to see how the market will develop, especially with the lockdown starting to ease, in a number of countries, including the UK. I think the online space is here to stay and we've seen a huge jump in online virtual rooms in the gallery system, including the auction house in the secondary market.”

Alan Patrick, Art Market Strategy Lead and AML Supervision at HMRC, and Sarah Allen, Senior Director, Head of Research at Hauser & Wirth, discussed the emerging landscape of art market regulation in the UK and globally and new areas of risk around digital art crime, cryptocurrencies, and the illicit trade in art and antiquities. Watch the replay here.

Alan said, “We’re grateful to stakeholders as we learn more about the art industry and the issues that may arise. For example, we’re aware that there has been some confusion recently with the requirements under the money laundering regulations where a business relies on another business to carry out customer due diligence. To clarify what the requirements are, reliance is covered under regulation 39. If an art market participant wants to use a third party for their customer due diligence requirements there are some set criteria that needs to be adhered to.”