A London-based art company that claimed to offer collectors rare works by world-famous artists including Banksy, Andy Warhol and Tracey Emin has been shut down by the High Court following an investigation by the Insolvency Service.
Artwork Holdings Ltd, formerly known as Yield Gallery Limited, operated under the brand Yield Gallery, which described itself as a reputable contemporary art specialist with galleries in Blackheath and Fitzrovia. The company marketed itself as sourcing original works by artists such as Banksy and Canadian street artist Richard Hambleton.
However, an Insolvency Service investigation found conflicting accounts over whether the business was still trading, inaccurate financial records, and suspected underpayment of VAT and corporation tax. The company, which had previously traded under the name Yield for You Ltd, was ordered into liquidation on 12 May, with the Official Receiver appointed as liquidator.
Edna Okhiria, Chief Investigator at the Insolvency Service, said: “The company claimed to have ceased trading three years ago, but our investigators uncovered substantial evidence directly contradicting that account. Unreliable and inconsistent accounts were uncovered which did not provide a fair representation of the company’s business. The public rightly expects companies to operate with transparency, file their tax returns, and comply with investigations by law enforcement. Artwork Holdings failed to do this.”
The investigation, which began in October 2023, revealed that despite the company’s claims to have ceased operations as early as late 2021, Yield Gallery’s website continued referencing the company’s full name into April 2024. Investigators also found that a gallery rental agreement was signed by a director in August 2022 and that an exhibition was held in Soho in autumn 2023 under the company’s name.
Customers contacted by the Insolvency Service confirmed they had not been informed of any cessation of trading or transfer of business to a new entity, YG Group Ltd, which was alleged to have taken over operations.
The company’s sole active director did not dispute the findings and admitted to “lax administration”, “a lack of diligence” and “carelessness”.
In total, investigators found that the company took in over £2 million from customers between December 2020 and April 2022, though declared sales for that period were more than £4.2 million—raising concerns about missing revenue. They also discovered that the company had received a £50,000 Covid Bounce Back Loan in June 2020 despite not meeting the required turnover criteria.
Artwork Holdings was not registered as an art market participant with HM Revenue and Customs, as required to comply with anti-money laundering rules. Investigators also found no evidence that it had properly declared or paid its corporation tax liabilities, estimated at more than £100,000.
The Insolvency Service said these issues would now be examined further as part of the liquidation process. There is no indication that any of the artists named in the company’s marketing materials had any direct relationship with the business.
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