The art world is often described as one of the last existing unregulated markets. Though some parts of it are regulated either formally through legislation such as the 5th AML Directive or informally through self-regulation or best-practices and guidelines, the art market remains a potentially risky terrain for all involved actors.
We at Know Your Art have therefore decided to give ourselves our own code of conduct through this ethics statement. It sets forth a number of rules we adhere to and that serve as base on which our clients and partners can build their trust in us.
Know Your Art will never act as intermediary in any art deal and receive payment based on a percentage of the sales price or on any other performance metric. All services we provide are billed either as a flat fee, on an hourly or project base. We want every client or counterparty in any transaction we accompany to know that we act independently and don't have an interest in a deal going through simply for the sake of receiving payment for it.
Selecting and working with partners
All of the partners we work with or suggest to our clients and counterparties have been carefully selected and are held to the same high standards as ourselves. We make sure that all of our partners comply with and ideally go above and beyond the rules and regulations governing their specific area of expertise.
Know Your Art may receive financial compensation for referring business to any of our partners. Financial motivation however always comes second when selecting the right partner for our business and the business of our clients.
Collaborating with FIUs, law enforcement or other governmental authorities
As part of our legal obligations and in the course of normal business, Know Your Art might be obliged to cooperate with FIUs, law enforcement or governmental authorities by request or after having detected suspicious transactions or behavior. We will do everything within our power to protect our clients' privacy and right to conduct their business as unencumbered as possible. At the same time we will hold our clients to the same high standards as our partners and ourselves when it comes to their business practices.