Guidelines for art businesses
English Russian
English Russian

The Responsible Art Market Initiative: Guidelines on combatting Money Laundering and Terrorist Financing


The Responsible Art Market Initiative (“RAM”) formed in Geneva in 2015 offers the Guidelines on combatting Money Laundering and Terrorist Financing for the businesses transacting in the art market in Switzerland and abroad.

The focus of the guidelines lies mainly on art dealers, who are at great risk of being used by criminals in schemes of money laundering and terrorist financing. Although the guidelines have no legal efficacy, they convey the best practice from the organisers of the RAM. Voluntary acceptance of the guidelines by the art businesses is particularly important in the view that legitimate international art market exists in the environment with no global international law.

The founding members of the RAM include Christie’s, SGS, Port Francs, the Art Law Foundation (FDA), Seydoux & Associes Fine Art, the University of Geneva (Faculty of Law, prof. Ursula Cassani), public prosecutor Jean-Bernard Schmid.

Identifying red flags by art businesses as a preventive measure in art transactions allows avoid negligence as opposed to intent, when a red flag is known and ignored. This voluntary measure stimulates self-regulation of the legitimate art market, and also provides protection from criminal clients.

Guidelines available at RAM official website

Sources: RAM official website, JDSUPRA


ALL ARTICLES
On December 13th, 2018, the Finnish auction house Hagelstam & Co. will be hosting an exclusive Scandinavian Modern auction. The artwork by a prominent Finnish abstract artist Ernst Mether-Borgström (1917-1996), a renowned author Tove Jansson (1914-2001), Leena Luostarinen (1949-2013), Ahti Lavonen (1928 – 1970), contemporary Finnish artist Marika Mäkelä (b. 1947), a ceramic sculpture modeled by Michael Shilkin (1900-1962) and a bronze sculpture by Miina Äkkijyrkkä (b. 1949), as well as designer pieces by the originator of the scandinavian design Alvar Aalto (1989-1976) will be offered at the upcoming sale.  Next...
  • Views: 2838
On December 6th, 2018, the German auction house Hampel Fine Art Auctions will be hosting the sale featuring unique works of famous European artists of the XIV-XVIII centuries. The highlights include Hendrick van Avercamp’s (1585 – 1634) “Winter Fun in a Icy Polder Landscape”, a pair of paintings by Jean-Baptiste François Pater (1695 – 1736), the altar triptych, attributed to Giovanni Donato Montorfano (1440 – 1510), Giovanni Battista Tiepolo's (1696 – 1770) “Maria Immacolata”, a pair of paintings by Samuel Masse (1672  – 1753), Hendrik Frans Van Lint’s (1684 – 1763) “Fantasy Landscape”, Jan Brueghel the Younger’s (1601 – 1678) and Otto van Veen’s (1556 – 1629) “Virgin and Child in a Flower Garland” and other works of renowned artists.  Next...
  • Views: 4269
On December 6th, 2018, the German auction house Hampel Fine Art Auctions will be hosting the Impressionism and Modern art sale. The auction will feature Eugène Boudin’s (1824 – 1898) “Juan les pins, la promenade et la baie” (1893), Camille Jean-Baptiste Corot’s (1796 – 1875) “Le Puits”, Gustave Courbet’s  (1819 – 1877) “La Chêne de Beranger”, René Archille Rousseau-Decelle’s (1881 – 1964) “Une Guinguette à Paris”, a bronze casting “Cat” by Diego Giacometti (1902 – 1985) and other works of art.  Next...
  • Views: 2226
On December 12th, 2018, the Genevan auction house Piguet will put up a series of lots dedicated to Russian art. Among the pieces offered are “Spring Clouds” by Nikolai Alexandrovich Tarkhov (1871-1930), “Scenes of Military Operations” by Ivan Petrovich Pryanishnikov (1841-1909), “Flowers” Anatoliy Timofeevich Zverev (1931-1986), a set of 22 “Views of Moscow” lithographs by B. Avanzo from around 1870-1880, a refectory menu in honor of Nikolai II and Alexandra Feodorovna’s coronation, a cloisonné enamel jewelry box from the turn of the XX, 9 figurines from the Imperial Porcelain Factory (1950-1960), inspired by N.V. Gogol’s “Dead Souls” and “The Government Inspector”, as well as icons from the XVI-XIXth cenuties from Moscow, Yaroslavl and Vologda school of icon painting and other pieces.  Next...
  • Views: 4482
During the period from the 12th to the 14th of December, 2018, the Swiss auction house will put up a unique Russian painting, as well as icons and decorative arts items at their Russian art sale. Apart from the works of art, Russian icons from the beginning of the XIXth century and decorative arts will be featured at the auciton.  Next...
  • Views: 5595
On December 14th, 2018, the Swiss auction house Schuler Auktionen will put up paintings from the XV-XIX centuries. A phantasmagoric work from late Baroq era painted by Alessandro Magnasco (1667 – 1749) to be featured at the upcoming auction together with two works at once from one of the most striking representatives of Venetian still-life painting of the 18th century Elisabetta Marchionni (2nd half of 17th century - 1st half of 18th century), genre scenes by Charles Hunt Jr. (1829 - 1900), Max Joseph Wagenbauer (1775 - 1829), Philip Peter Roos (1655 - 1706), as well as landscapes by Johann Bernhard Klombeck (1815 - 1893), Henri Joseph Harpignies (1819 - 1916) and other works.  Next...
  • Views: 4524
On December 10th, 2018, the Piguet auction house will be offering 427 lots of creations by the jeweller genius Gilbert Albert. For more than half a century, the art of Geneva jeweller Gilbert Albert has been a phenomenon in the world history of jewellery, embodying both harmony and the perfection of nature. The artist’s rare talent to convey the essence of the surrounding world through the design of jewellery and the use of inconceivable combinations of materials showcase the genius of a man capable of fitting the boundlessness of nature into a mere piece of jewellery, whether it is a necklace, a ring, a pair of earrings, or a watch.  Next...
  • Views: 5421
On November 28th, 2018 Bonhams is hosting their next Russian Sale in London. The highlights: Vasily Rozhdestvensky’s “Still life with a clay jug” (1921), a rare and highly important silver-gilt and shaded enamel tray for calling cards attributed to Fedor Rückert (Moscow, circa 1900), Ivan Aivazovsky’s “Shipwreck on a Rocky Shore” (1972), Nikolai Fechin’s “Trees by Water” (late 1920s), a Fabergé Imperial Presentation Jewelled, Gold, Enamel and Hardstone Kovsh (1896), a Monumental Porcelain Vase ‘Deep River’ from the Imperial Anichkov Palace (Imperial Porcelain Factory, 1910), a silver-gilt and enamel easter egg (1908-1917).  Next...
  • Views: 12442
Hagelstam & Co will be doing a sale of a collection of porcelain containing figurines, vases, coffee and dinner sets by Royal Copenhagen, Bing & Grøndahl, Lungby, Wedgwood and Dahl-Jensen. Featuring pieces modeled by sculptors Knud Kyhn, Christian Thomsen, Erik Nielsen, Holger Christensen, Johannes Heedegaard, Axel Locher and Olof Paulsen.  Next...
  • Views: 5960