In 2024, the United States Securities and Exchange Commission (SEC) brought lawsuits against artists and art marketplaces, arguing that artwork should be classified as a security and subject to the same reporting and disclosure standards as financial institutions. Proponents argue that this would provide greater transparency and protect buyers from fraud, ensuring that the art market operates with the same accountability as financial markets. Opponents contend that such regulations are overly burdensome and would stifle creativity, making it nearly impossible for artists to sell their work without facing complex legal hurdles.
@B5988HJ4wks4W
No, the nature of art sales and the typical scale of artists' operations are fundamentally different from those of hedge funds, mutual funds, and public companies, making such stringent requirements disproportionately burdensome and potentially harmful to the artistic community.
@B444TX22mos2MO
Yes, but only for high-value transactions — especially those used for investment or speculation purposes. Everyday working artists and small galleries should be exempt. Regulation should target the use of art markets for money laundering or tax avoidance, not creative expression.
Yes, if it could negatively affect the sovereign state's citizens. Otherwise, no.
@9ZQP6XX6mos6MO
Yes, but not in cases of small-scale, low-cost artwork.
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Simplified Reporting for Larger Transactions: Instead of imposing the same requirements as hedge funds or public companies, artists could be asked to disclose certain basic information (e.g., authenticity, provenance, and price) only for high-value transactions or when artworks are sold through public or auction channels.
• Voluntary Disclosure for Emerging Artists: Artists could voluntarily disclose information on a case-by-case basis, with platforms or galleries offering transparency on the process of sale, which would benefit both buyers and creators without overwhelming them with regulation.
• Exemption for Independent or Low-Value Sales: For smaller or less commercially significant sales, disclosure requirements could be minimal, focusing on basic ethical considerations (e.g., authenticity and legal ownership).
@B27RCS45mos5MO
It depends on how much the art is being sold for, small independent artists should be spared this regulation but not multimillionaires.
@9TWWNFJ8mos8MO
Yes, but only where the sale price of the art is over £10,000
@9TQYQQR8mos8MO
Make it responsible by a central system who handles it on the artists behalf
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@B5L67Z61wk1W
No, as this could not only stifle creativity, but lead to increased control over creative expression
@B5N2SXGWomen's Equality4 days4D
No. Not all sales are speculative; many buyers purchase for aesthetic or personal reasons, not investment.
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