Art Market Integrity Act

The Art Market Integrity Act (S 2400) requires art dealers, auction houses, galleries, and other intermediaries who handle art transactions exceeding $10,000 in a single sale or $50,000 annually to report these transactions to the Treasury Department. It defines "work of art" to include original paintings, sculptures, and similar pieces while excluding mass-produced items or functional design. The bill mandates Treasury to update guidance on art transactions involving sanctioned entities within 360 days and issue new rules within 180 days to clarify reporting requirements and exemptions. This directly affects businesses in the art market that meet the transaction thresholds, aiming to improve transparency in high-value art sales.