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New Art Market Rules: Transparency and Transaction Reporting.

This new act introduces reporting requirements for art transactions over $10,000 for individuals and businesses involved in art trade. The goal is to increase market transparency and combat illicit activities. These changes may affect how collectors and art dealers conduct their transactions, requiring more attention to the source of funds and party identification.
Key points
Mandatory reporting for art transactions over $10,000 for dealers, advisors, galleries, and auction houses.
Exemptions for individuals selling their own art and those with annual transactions not exceeding $50,000.
The U.S. Treasury Department will issue new guidance on risks of art transactions involving sanctioned persons.
Aims to enhance transparency in the art market and prevent money laundering.
article Official text account_balance Process page
Introduced
Citizen Poll
No votes cast
Additional Information
Print number: 119_S_2400
Sponsor: Sen. Fetterman, John [D-PA]
Process start date: 2025-07-23
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
AI work logs for this document launch

OFFICIAL LEGAL TITLE

Art Market Integrity Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 119_S_2400.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2025-07-23.

What are the main provisions?

Key points include:

  • Mandatory reporting for art transactions over $10,000 for dealers, advisors, galleries, and auction houses.
  • Exemptions for individuals selling their own art and those with annual transactions not exceeding $50,000.
  • The U.S. Treasury Department will issue new guidance on risks of art transactions involving sanctioned persons.
  • Aims to enhance transparency in the art market and prevent money laundering.
What is the specific legal status?

The current status is Introduced.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Sen. Fetterman, John [D-PA].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-23.

CATEGORIES

Courts and Law Economy