Art Market Integrity Act

LEGISLATIVE PROGRESS

STEP 2 OF 8

Introduced

In Committee

Reported

Passed Senate

Passed House

Conference

To President

Became Law

Introduced
In Committee
Reported
Passed Senate
Passed House
Conference
To President
Became Law

WHAT THE BILL DOES

AI-written

Voters should care about this bill because it aims to make the high-value art market more transparent and less appealing for illegal activities like money laundering, terrorist financing, or sanctions evasion. Currently, the art market is often seen as a place where large sums of money can move anonymously, making it a target for illicit funds. If this bill becomes law, it would close a loophole by requiring significant players in the art market to identify their customers and report suspicious transactions, similar to banks.

This could help law enforcement track illegal money flows and protect the integrity of the financial system. If it doesn't pass, the art market would remain largely unregulated in this area, continuing to pose potential risks for illicit financial activities, which can ultimately impact national security and economic stability. It could also lead to increased compliance costs for larger art businesses, potentially affecting their operations.

KEY PROVISIONS

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Expands the definition of "financial institution" in federal law to include certain businesses and individuals involved in trading works of art.

This brings a new sector under anti-money laundering regulations, increasing transparency in the art market.

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Exempts art market participants who engage in small-scale transactions (under $10,000 for a single transaction or under $50,000 annually) or who only sell their own created art.

This ensures that the new rules primarily target high-value transactions and commercial intermediaries, not individual artists or small hobbyists.

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Directs the Treasury Department to issue new guidance within 360 days on financial risks in high-value art transactions and to develop specific rules to implement the new reporting requirements within 180 days.

This sets a timeline for the creation of detailed regulations, providing clarity on how the law will be enforced and applied.

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Defines "work of art" for the purpose of these regulations, excluding applied art and mass-produced decorative art.

This clarifies the scope of the bill, focusing on unique and valuable art pieces typically associated with the high-end art market.

DEADLINES & DATES

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An AI model extracted this from the bill’s official record and can make mistakes. Check the official text ↗ (opens in new tab)

Not later than 180 days after the date of enactment.

Secretary of the Treasury (acting through FinCEN) to issue proposed rules to carry out the amendments.

Not later than 360 days after the date of enactment.

Secretary of the Treasury to issue updated guidance to the advisory issued by the Office of Foreign Asset Control regarding risks of high-value artwork transactions involving sanctioned persons or entities.

The earlier of the effective date of rules issued under subsection (c) OR 360 days after the date of enactment.

Effective date for amendments related to records and reports.

GLOSSARY

AI-written

Monetary Instruments Transactions: Any exchange or movement of money or things easily turned into money (like traveler's checks or certain bank checks) that may need to be reported to the government.
Financial Crimes Enforcement Network (FinCEN): A bureau of the U.S. Department of the Treasury that collects and analyzes information about financial transactions to combat domestic and international money laundering, terrorist financing, and other financial crimes.
Works of Art: Original creative pieces like paintings, sculptures, drawings, photographs, or video art, specifically excluding things like product design, fashion, or mass-produced decorative items.
Title 31, United States Code: A section of U.S. federal law that deals with money and finance, including rules about banks and financial institutions reporting certain transactions to prevent financial crimes.
Office of Foreign Asset Control (OFAC): A U.S. government agency that stops money from going to or coming from countries, groups, or people the U.S. has placed economic restrictions on, usually due to security concerns.

ACTION TIMELINE

2 EVENTS

JUL 23, 25

Introduced in Senate

INTROREFERRAL

JUL 23, 25

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

INTROREFERRAL

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Committee Referrals

Banking, Housing, and Urban Affairs CommitteeReferred

Jul 23, 2025

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Art Market Integrity Act

LEGISLATIVE PROGRESS

WHAT THE BILL DOES

KEY PROVISIONS

SPONSORSHIP

ACTION TIMELINE

BILL INFO

READER REACTIONS

Discussion

Art Market Integrity Act

LEGISLATIVE PROGRESS

WHAT THE BILL DOES

KEY PROVISIONS

DEADLINES & DATES

GLOSSARY

ACTION TIMELINE

SPONSORS

READER REACTIONS

What do you think?

Discussion

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Art Market Integrity Act

LEGISLATIVE PROGRESS

WHAT THE BILL DOES

KEY PROVISIONS

SPONSORSHIP

ACTION TIMELINE

BILL INFO

READER REACTIONS

Discussion

Art Market Integrity Act

LEGISLATIVE PROGRESS

WHAT THE BILL DOES

KEY PROVISIONS

DEADLINES & DATES

GLOSSARY

ACTION TIMELINE

SPONSORS

READER REACTIONS

What do you think?

Discussion

MORE INFORMATION

Committee Referrals