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Impacts of Amended Money Laundering Regulations for the Art Market



Prior to the UK transposing the EU 5th Money Laundering Directive in The Money Laundering and Terrorist Financing (Amendment) Regulations 2019 (SI 2019/1511), a joint report from Art Basel and UBS estimated that the global art market for 2018 alone totalled $67.4billion, which was a sharp increase from the $39.5 million market estimation in recession-era of 2009.


US:


According to this report, the US sustained its position as the world’s largest art market, accounting for (44%) of sales by value – or a total of $29.9 billion, the highest recorded level to-date.


UK:


The UK regained its position as the second-largest market at (21%). Sales rose by (8%) to just under $14 billion.


CHINA:


China was the third largest market at (19%), with sales reaching $12.9 billion.