Monday, May 07, 2018

Are dealers about to be regulated?

Eileen Kinsella reports that they might be.

Tim Schneider has some concerns:

"To be perfectly honest, I’m not that worried about whether the richest sellers have to implement some annoying bureaucratic compliance measures. For one thing, they have the resources. ... More importantly, they’re also the sellers that could realistically be used in money laundering schemes.  Neither of the above is true for most galleries and dealers. They are already stretched too thin from a staff and expenses standpoint .... Having to bolt on a heavy, federally approved monitoring arm could tip some of these struggling small businesses over into the abyss."

This is something some people have been calling for for a long time.