In “Buying Art from Afar: 10 Ways to Improve the Risk” (Family Office Exchange, 30 June 2020), Jordan Arnold, chief innovation officer at K2 Intelligence FIN, discusses how individuals can stay safe when purchasing art online.
Specifically as it relates to payment, Jordan notes, “Use caution when wiring funds to entities with which you lack an existing, trusted relationship, and request verbal confirmation of payment instructions with the seller. Additionally, request documentation and identifiable information for the account you are sending payment to, such as an official invoice or statement of account, and ensure you are tendering payment to the source itself. After terms are agreed, nefarious actors may sometimes request for payment to be sent to a ‘shipping partner’ or other account. This type of behavior should raise red flags and trigger additional diligence before moving forward with the transaction.”
Read the full article in Family Office Exchange.