Guidelines for art businesses
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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
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Exceptional designer objects, pieces of contemporary art, luxury bags and watches will be featured at the Piguet auction during the period from 24 to 26 September 2019 in Geneva. The highlights include original tapestries by a renowned Polish sculptor Magdalena Abakanowicz (1930-2017) and Italian painter Alighiero Boetti (1940-1994), two works of art by a distinguished Polish artist and theatre director Tadeusz Kantor, a follower of Art Informel Bram van Velde (1895-1981), Italian collagist Mario Schifano (1934-1998), as well as sophisticated designer objects – an iconic The Marie Coquine standing lamp by Philippe Starck and Baccarat and a sculptural floor lamp Escargot by Le Corbusier.  Next...
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During the period from 16 to 20 September 2019 Schuler Auktionen in Zurich will offer XV – XIX centuries works of European artists. The upcoming auction features rare works of Dutch painters. Among the top lots are Willem van Mieris’ (1662–1747) “Massacre of the Innocents in Bethlehem” (ca. 1696), Gaspar Peeter Verbruggen the Yonger's (1664–1730) “Flower bouquet in a marble vase with a sculpture of putto”, “Self-portrait” of Anton Raphael Mengs (1728–1779) executed by the studio of the artist, “Temptation of St. Anthony”, attributed to Joos de Momper the Younger (1564–1635) and David Teniers the Younger (1610–1690), a typical Thomas Heeremans' (1641–1694) “Winter landscape with the river and town”, a monumental painting by Nicolas Henry de Gray “Luna and Aurora” (1886), Lambert de Hondt the Elder's (1620–1665) “Horse troops enter the village” and works of other renown artists.  Next...
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During the period from 16 to 20 September 2019 Swiss auction house Schuler Auktionen will put up XVIII-XIX centuries Russian icons, Faberge pieces and decorative art inspired by the legendary Russian jewellery master. Among the lots to be offered are icon pendants by Faberge - "Our Lady of Kazan" and “Christ Pantocrator”, icons of “St. Nicholas (XIX century), “Zosimas and Savvatiy of Solovki” (XIX century),  “Our Lady of Vladimir” (ca. 1800), “A Synaxis of Saint Hierarchs” (ca. 1800), “Saints and Hierarchs” (ca. 1800), “Our Lady of Vladimir” with basma casing (XVIII century), “The Great Feasts and The Passion of the Christ” (XIX century), “Mark the Evangelist” (XIX century), “The Dormition of the Mother of God” (ca. 1800). The auction will feature decorative art after Faberge – a theatre binocular, a table clock and a bouquet of lilies Easter egg clock, created after the original model by Faberge (master Mikhail Perchin, 1899), which was gifted by the Emperor Nicholas II to his wife Alexandra Fyodorovna, and currently held in the Kremlin Armoury.  Next...
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The beginning of autumn starts for the Piguet with an auction in the sophisticated atmosphere of the house in Lutry nearby Lausanne. Totally 576 lots – during only one day the furnishings of the hall, lounge, cabinet, dining room, gallery, library, billiard room, swimming pool and garden will be offered for sale. Among the highlights are works by Swiss artists – François Bocion’s (1828-1890) "A bather and fishermen in Rivaz" and Alfred Chavannes’ (1836-1894) landscape “By the lake”, Louis XVI of France consoles, fall front desk, marble and bronze table clocks and candlesticks, a rare gilt bronze and rock crystal chandelier lighting in French Regence style (end of XIX century), a sentimental watercolour by Scottish artist William Russell Flint (1880-1969), a matched pair of Chinese and Japanese vases, a matched pair of Moggallana in prayer bonze figures and contemporary art bronze piece by Popliteo.  Next...
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Paintings of the XV-XIXth centuries European artists will be among the top lots at Schuler Auktionen summer sale 24-28 June 2019. The work of the prominent animalist painter Alfred de Dreux (1810-1860), a vivid still life of Giacomo Fardella di Calvello (1624-1706), a high-skilled realistic portrait of Jan Anthonisz van Ravesteyn (1572-1657), Alpine landscape of Franz Richard Unterberger (1838-1902), two works of Carl Spitzweg (1808-1885) with convincing provenance and the paintings of other artists will be featured at the upcoming auction.  Next...
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During the period 24-28 June 2019 Schuler Auktionen will be auctioning Russian icons XVII – XIX centuries as part of their traditional summer sale. Among the lots to be auctioned are XVII century “Annunciation”, XVIII century “St. Georges”, XIX century “Our Lady of Kazan” with pearl basma oklad, XIX century “St. Nicholas”, XVIII century “Harrowing of Hell”, a large icon “The Great Feasts” c. 1800, “Hodegetria” c. 1800, XIX century tryptich “The founder of a temple” and XIX century “Christ Pantocrator”.  Next...
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On June 5th, 2019 leading Russian art auction house MacDougall’s is hosting their next auction in London and offering rare masterpieces of Russian artists. The highlights include Boris Kustodiev’s (1878–1927) “Bakhchisarai” featuring rare for the artist Oriental subject, “Young Dreams (Tsesarevich)” created by the master of Russian history and folklore art Victor Vasnetsov (1848–1926), “Portrait of Alexander Bozheryanov” by the prominent Russian graphic artist Yury Annenkov (1889–1974), “Portrait of Count Nikita Ivanovich Panin” by Fedor Rokotov (c. 1735-1808), “Santi Apostoli, Venezia” by Petr Konchalovsky (1876–1956), “Landscape with Skiers” by Konstantin Yuon (1875–1958). Furthermore, the Imperial Porcelain Factory dessert plates from the Dowry Service of Grand Duchess Alexandra Nikolaevna (1825–1844) will be offered at the upcoming sale.  Next...
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