BIID launches New Anti-Money Laundering Campaign ‘10,000 Changes Everything’

Anti-money laundering law is often associated with banks and accountants. However, regulations can also apply to businesses involved in negotiating the sale or purchase of paintings, sculptures, certain photographs, prints and other works of art. This means that interior designers who source or arrange artwork purchases for clients may have legal responsibilities of which they are unaware.

Interior designers regularly recommend artworks, liaise with galleries and artists, negotiate prices, arrange purchases or buy pieces on behalf of their clients. Depending on the circumstances, these activities may bring a designer or design practice within the definition of an Art Market Participant. The obligations may apply even where a gallery invoices the client directly or the designer charges a separate sourcing or procurement fee.

Regulations apply where a transaction involving works of art is worth £10,000 or more; this does not necessarily mean a single artwork costing £10,000, a series of linked transactions that total £10,000 or more may also be covered. 

The purpose of £10,000 Changes Everything is not to discourage designers from sourcing art or to cause unnecessary alarm. It is to ensure that interior designers can identify where the rules may apply and take appropriate professional advice before a problem arises.  HMRC has already taken enforcement action, and we want to protect interior designers.

Katherine Elworthy Chief Operating Officer, The BIID

Read the campaign pages of our website to find out more including a practical introductory checklist, guidance on what may qualify as a work of art and example scenarios showing how the regulations could affect common interior design projects.  

The BIID cannot determine whether an individual designer or practice is required to register, we have therefore an Art Market Participant helpline exclusively for BIID professional members. The service sits alongside the BIID’s existing legal, CDM and HR helplines and provides access to expert assistance on this complex area of compliance.

We are delighted that the campaign is supported by key organisations in the art and antiques world including the British Antiques Dealers Association, the Society of London Art Dealers, the London Art Fair and the Craft Potters Association.