New British law may make finder's fees risky
- December 16, 2010 14:07
The Bribery Act, new British legislation aimed at curtailing bribery in the corporate world, which takes effect next year, may jeopardize the legality of the longstanding practice of paying finder's fees in the art trade.
An art dealer may face prosecution for paying a commission to a third party in a sale.
“For example, if you pay a commission to the decorator of an art collector because the decorator assisted you in selling a painting to this collector you could be committing an offence if the collector is not aware that you are making this payment,” explained art lawyer Pierre Valentin to The Art Newspaper.
Read more at The Art Newspaper