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UK Art Market

UK Art Market Under Siege: The Battle Against Money Laundering Intensifies

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Source: bnn

In the quiet galleries and vibrant auctions houses across the United Kingdom, a less visible battle is being fought, far removed from the public’s adoring gazes at masterpieces. This confrontation doesn’t involve paintbrushes or chisels but rather the intricate web of regulations designed to combat the shadowy realms of organized crime and terrorism. The art market, long celebrated for its cultural contributions, has found itself at the heart of a growing concern: money laundering. The UK government, through the Money Laundering, Terrorist Financing (Amendment) Regulations 2019, has tightened the noose, leading to a seismic shift in how art transactions are conducted.

Crackdown on a Cultural Marketplace

The catalyst for this regulatory overhaul was the increasing attention from both organized crime syndicates and terrorist groups, seeing the art market as a lucrative channel for laundering money. The National Crime Agency’s recent alert underscores the urgency, pinpointing the art storage sector as a critical vulnerability. Stakeholders, from gallery owners to private collectors, are now mandated to carry out comprehensive due diligence checks. These measures aim not only to verify the authenticity of the artworks but also to scrutinize the financial trails behind their acquisitions. However, this enhanced scrutiny comes at a cost, with increased fees and a more time-consuming transaction process, particularly for high net worth individuals accustomed to the erstwhile swift pace of art dealings.

Read more: https://bnnbreaking.com/finance-nav/uk-art-market-under-siege-the-battle-against-money-laundering-intensifies

UK Art Market

UK arts venue called to reinstate celebration of Gaza literary event

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Source: N UK

More than 300 artists and cultural workers have urged a Manchester arts centre to reverse its decision to cancel an event celebrating Palestinian voices.

The Voices of Resilience, A Celebration of Gazan Writing event, scheduled for April 22, was called off by Home Manchester last week.

The venue said it had cancelled the event due to “recent publicity” and safety concerns for audiences and artists.

Read more: https://www.thenationalnews.com/news/uk/2024/04/02/uk-arts-venue-called-to-reinstate-celebration-of-gaza-literary-event/

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UK Art Market

The future of art collecting in the UK

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Source: The Up coming

In the United Kingdom, a land steeped in history and rich in artistic heritage, the future of art collecting is being quietly reshaped by the digital revolution. This transformation is not merely a shift in medium or method but a profound reimagining of how art is discovered, acquired, and cherished. As we navigate this new landscape, two pivotal trends stand out, poised to define the next era of art collecting: the meteoric rise of digital platforms and the critical importance of privacy and security in the management of art collections.

The digital realm has flung open the doors to art collecting, making it more accessible than ever before. No longer confined to the hallowed halls of galleries and auction houses, art collecting has embraced the digital age, offering collectors the ability to browse, purchase, and manage art from anywhere in the world. Central to this digital renaissance is the emergence of platforms dedicated to the digital art collection and management, which have become the new nexus for collectors. These platforms offer a seamless, integrated experience that caters to the needs of the modern collector, combining the thrill of discovery with the practicalities of management and security.

Read more: https://www.theupcoming.co.uk/2024/03/27/the-future-of-art-collecting-in-the-uk/

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UK Art Market

Art meets innovation: The BMW i5 Flow NOSTOKANA.

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Source: BMW GROUP

The BMW Group presents a fusion of art and innovation at the Frieze Los Angeles art fair in the form of the BMW i5 Flow NOSTOKANA. The one-of-a-kind vehicle combines colour-change technology developed by BMW with the artistic language of South African artist Esther Mahlangu. The designer piece, with sections of attached film that can be electronically animated, embodies the latest development in colour-change technology for vehicle surfaces in cooperation with E Ink. The BMW i5 Flow NOSTOKANA celebrates its world premiere at the fair opening on 29 February. The contemporary tribute recalls the BMW Art Car designed by Mahlangu in 1991. “The BMW i5 Flow NOSTOKANA honours the history of the BMW brand and continues the story of our global cultural engagement in a unique way. It combines art and design through progressive technology. Here, technology itself becomes art,” says Adrian van Hooydonk, head of BMW Group Design.

In 1991, Mahlangu designed the 12th BMW Art Car, based on a BMW 525i – becoming the first woman and first African artist to do so. “Her art inspired me years ago, back when the concept of colour change on a car was just an idea in my head,” says Stella Clarke, Research Engineer Open Innovations at the BMW Group. „Now, being able to realise this idea, and work with Esther Mahlangu, is absolutely surreal.” The 88-year-old artist’s signature colours and geometric patterns are perfect for bringing the innovative Flow technology to life in the BMW i5. The versatility of the electrophoretic colour changes makes the fully-electric sedan a dynamic work of art. “It is fascinating to me to see how modern technology can expand my art and make it accessible to a completely new audience,” says Mahlangu.

Read more: https://www.press.bmwgroup.com/united-kingdom/article/detail/T0439989EN_GB/art-meets-innovation:-the-bmw-i5-flow-nostokana

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