USA – FLORIDA Trends and Developments Contributed by: Diego R. Figueroa Rodríguez and Maria Ojeda, DLA Piper
turn to fiduciary law, which often places the burden of responsibility on the advisor. Other Considerations Proposed federal regulation As of July 2025, the bipartisan “Art Market Integrity Act” had been introduced in Congress. If passed, this would bring art advisors and dealers under the Bank Secrecy Act’s anti-money laundering regulations for transactions over USD10,000. The professional standards and industry best practices As noted above, unlike many professions in Florida that require state licensing and regulation, art advi - sors operate without a specific regulatory or licens - ing framework. The profession is largely self-regulated through organisations whose ethical codes, while influential, are voluntary and not legally binding. In this context, various organisations have established professional ethics, standards and best practices for the industry. The principal association for art advisors is the Association of Professional Art Advisors (APAA), an international non-profit dedicated to maintaining high standards of connoisseurship, scholarship and ethical conduct. APAA members are obligated to adhere to a rigorous code of ethics, including provi - sions to prevent conflicts of interest and prohibit com - pensation from sellers. While these standards are not legally enforceable, courts may consider them when evaluating an advisor’s actions. Art advisor vs art dealers A frequent point of confusion within the art market concerns the distinction between art advisors and art dealers. Although their roles can occasionally over - lap, they remain conceptually separate. An art advisor serves as a fiduciary or quasi-fiduciary to the client, offering independent guidance and representing the client’s interests throughout the acquisition or disposi - tion process, as discussed above. Conversely, an art broker primarily acts as an intermediary, facilitating transactions between buyers and sellers, often with expertise in specific fields or genres. Dealers generally earn compensation through commissions on finalised sales and may represent either party in a transaction.
In practical terms, these distinctions can become less clear. It is not uncommon for art advisors to serve as dealers in particular transactions, especially in the secondary market. Advisors may identify artworks for clients, negotiate purchases and receive com - missions, either in addition to or instead of a flat fee. Legally, the key consideration is whether all material conflicts of interest have been disclosed and whether the advisor has fulfilled the fiduciary duties associated with the advisory relationship. If an advisor undertakes the role of dealer without transparency, the integrity of the fiduciary relationship may be compromised, there - by exposing both the advisor and client to potential legal risk. Art advisors vs art influencers Art influencers and art advisors serve distinct roles in the art world. Influencers cultivate followings on platforms like Instagram, TikTok and YouTube, earn - ing income by attracting attention rather than offer - ing individualised professional advice. In contrast, art advisors are qualified professionals with fiduciary responsibilities to their clients. When influencers step into advisory roles, guiding purchasing decisions without proper credentials or accountability, the risks for collectors rise sharply. Unlike a professional advisor, who is legally obligated to act in a client’s best interest, an influencer recom - mending art purchases has no such duty of care. If a collector buys a piece based on an influencer’s sug - gestion and later finds it overvalued or facing prov - enance problems, there’s little recourse. This was evident during the recent speculative surge in NFTs and digital art, when influencer-driven promotions led to rapid price declines, leaving many collectors with overpriced works and limited resale options. Collec - tors caught up in these trends may find themselves holding art that quickly loses value once social media attention fades. Despite these risks, influencers and advisors can work together productively if they remain within their areas of expertise, influencers raising awareness and excite - ment and advisors ensuring proper due diligence to protect buyers. Influencers help democratise access to art and spark cultural interest and social media plat -
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