It may cost small and mid-size art dealers tens of thousands of dollars to comply with the European Union’s new requirements aimed at stopping tax evasion and money laundering.
On top of that, dealers say, they may lose business as some requirements lead art buyers and sellers to go elsewhere.
Beginning in January, art galleries and auction houses in Europe will have to conduct risk assessments and collect documents to verify client identities. Small dealers say they may need to invest in new IT systems and staff to comply.
“The minimum would be thousands just for additional technology such as...
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(Updates with quote in 11th paragraph. Earlier version added qualifier to statement in 10th paragraph.)