Due diligence forms an essential part of art transactions. Investigating and obtaining as much information as possible about the parties to the proposed transaction, the artwork and the transaction itself protects art businesses and collectors and helps art businesses manage their reputational and financial risks. Gathering and holding such information may entail additional responsibilities particularly in terms of data protection where personal information relating to individuals is concerned.
The trade in antiquities is confronted with unique challenges. These include challenges with establishing the age, origin and a complete provenance for ancient objects and with examining the legality of their export from source countries. Vigilance and responsible due diligence are pre-requisites for market participants, who can play an important role in combatting illicit transactions in cultural goods. RAM has developed a dedicated section to the antiquities trade as an appendix to the Art Transaction Due Diligence Toolkit.