This episode is hosted by Aaron Taylor and discusses and provides a range of perspectives to the nature and extent of the risk of fraud and financial crime in the art market. Taking part in the conversation are:
- Susan Mumford: The CEO and co-founder of Art AML, a platform that assists a wide range of art market participants in complying with their anti-money laundering and international sanctions obligations. Before setting up Art AML in 2018, Susan spent a decade as an art dealer and adviser. She founded the Association of Women Art Dealers in 2009, and the organisation Be Smart About Art in 2012.
- Tim Maxwell: A Partner at Wedlake Bell, and a recognised leader in the field of art law. He has represented clients across the art world – including artists, institutions, auction houses, galleries, and collectors – in cases involving artists’ rights, ownership, art finance, attribution, restitution, and many other issues – including several of the most high-profile disputes of recent times. Tim provides guest lectures at Sotheby’s Institute of Art, Christie’s Education, the University of Glasgow, and the Institute of Art and Law.
- Eleanor Davison: A senior junior at Fountain Court. Eleanor specialises in international civil and criminal fraud, bribery, money laundering, market abuse, insider trading, and sanctions – alongside banking, financial services, and regulatory investigations. She is instructed in a range of high-profile matters, including most recently the Dame Linda Dobbs Review into Lloyds Banking Group’s handling of the HBOS Reading affair, the inquiry into the Post Office Horizon software, and the proceedings brought by the Serious Fraud Office against Barclays Bank.
The panelists discuss recent scandals which have highlighted the ability of dishonest dealers to defraud their clients. They also discuss the focus on money laundering since the art market was included within the scope of the EU’s fifth money laundering directive as well as the impact of the war in Ukraine, and the resulting sanctions on various Russian individuals and entities. The panelists also touch upon the impact of technology on the art market and the effect of non-fungible tokens and cryptocurrencies.
For more information about our art practice, please see here.
We hope you enjoy the episode.