The Washington Post recently reported that a Mexican anti-money-laundering law that went into effect last year has unintentionally “frozen” the art market.
The anti-money-laundering law is aimed at “limiting the use of cash and requiring [certain] businesses to give more information to the government about their customers.”
Gallery owners and auction houses have become “collateral damage” as the new law is impacting their sales and operations. Potential art buyers fear that their personal information will not be protected by the government or that they may be targeted if officials know that they spend “$1 million on a painting.”
Read the full article here.