The practitioner's view

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For a lawyer or wealth adviser, the fair week is a time of concentrated activity. Clients who buy at the fair may need advice on the structure of the acquisition, on the place of storage, on the customs and tax treatment, on insurance and on financing. A collector resident in Germany who buys a work in Basel must decide whether to import it into Germany, with the payment of German import VAT, or to keep it in a Swiss customs warehouse, with the consequences for inheritance and wealth planning that Part E discussed. A family office buying on behalf of a family must document the source of funds and the identity of the beneficial owner, since banks and, increasingly, galleries ask for such information. The next chapter considers these anti-money laundering questions in detail.¹

Questions of sanctions compliance have gained importance since 2022. A gallery that sells a work to a buyer subject to sanctions, or to a company controlled by such a person, may infringe the Swiss sanctions ordinances, which Part G, Chapter V, discussed. The sanctions regimes against Russia include prohibitions on the export of luxury goods, including works of art above a certain value, to Russia. Galleries and fairs have therefore introduced screening procedures for buyers. For the adviser, the fair has become a place where the knowledge of art, finance, tax and compliance must be combined. The concentration of these questions in a single week makes Basel, in June, one of the most interesting places in the world for a practitioner who advises wealthy clients across borders.²

Notes

On the customs, tax and anti-money laundering questions arising for buyers at art fairs, see Part E, Chapters III and V, Part H, Chapter V, and the practitioner literature. To be verified. ↩
On the prohibition of the export of luxury goods, including works of art above a value threshold, to Russia under the Swiss Ordinance on Measures connected with the Situation in Ukraine (SR 946.231.176.72) and the corresponding EU Regulation (EU) No 833/2014 as amended, see Part G, Chapter V, and the publications of SECO. Thresholds to be verified. ↩

For general information only. This article does not constitute legal or tax advice, does not replace advice on an individual case and creates no lawyer-client relationship. It reflects the legal position as of August 2025.

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Dr Alexander Ressos, TEP

Rechtsanwalt/Attorney-at-Law

I am a Swiss attorney-at-law and also admitted as a solicitor in Hong Kong and in England & Wales, with almost 25 years of experience.

Together with my multilingual team, including Chinese, Japanese, Korean, Russian, Ukrainian and French native speakers, I advise companies and their owners from around the world on the full range of banking, corporate, commercial and tax law matters in Switzerland, including international tax planning, fiduciary services, and legal family office services including immigration & relocation or real estate investments. My practice has a particular focus on clients from growth and frontier markets in Greater China, Central Asia and the Caucasus, the rest of Asia, the Middle East, Africa and Latin America, and I equally advise clients from Europe and North America. Through an affiliated Swiss trust company, we also take care of the incorporation and ongoing administration of their companies and other structures, including accounting, tax returns and corporate secretarial services, and I serve as a professional director where required. With the support of a network of first-class cooperation partners, I also implement solutions worldwide.

My approach is to act as a trusted advisor who works directly with decision-makers, on an equal footing: I start from what you want to achieve and shape every structure, contract and tax decision around your commercial goals and how it improves your after-tax return. As “lawyers who make it happen”, my team and I stay involved until your company is set up, your structure is in place and your transaction has closed, and we remain available for any follow-on work that may be required. You benefit from bespoke solutions and personal attention, and sound, friendly and practical advice. We are not the lowest-cost provider in the market, nor do we intend to be; our aim is to deliver well-founded, proper solutions and excellent value for money.

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The practitioner's view

Notes

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