A conference being held under the banner of “The Responsible Art Market Initiative” is expected to release guidelines or principles for vetting buyers and sellers of art. But, as Bloomberg points out, this initiative only covers a very small portion of the art trade:
“I don’t think Geneva is more or less exposed to the risks but I’m not aware of a British group of lawyers, accountant and auctioneers who have got together to draw up guidelines, and I’m not aware of one in America either,” said Andrew Bodnar, a London-based lawyer who specializes in asset recovery and money laundering cases including art. “The mere fact this is happening shows the concern the Geneva art market has.”
While Switzerland only accounted for 2 percent of the global art market by value in 2015, according to a study last year by Dublin-based Arts Economics, Geneva’s free port is the largest tax-free storage site for art in the world.