LAFA was created in 2015.
The launch party given that year on October 22 in the Luxembourg Freeport was attended by several hundred art lovers and professionals. The founding members and initial board members included Alain Mestat, the Association’s first president and managing partner of Passion Protect, an art secured lending platform, Adriano Picinati di Torcello, Global Art and Finance Coordinator for the Deloitte network, David Arendt, then general manager of the Freeport, Roman Kräussl, Professor of Finance at the University of Luxembourg and Visiting Fellow at the Hoover Institution at Stanford University. While no longer a board member, Professor Kräussl actively supports LAFA as academic advisor. Likewise, Adriano Picinati advises LAFA in art finance matters.

The mission of LAFA is to:

  • Federate art galleries, art merchants and auction houses based in Luxembourg and who are active in the primary and secondary art market, as well as service providers and professionals based in Luxembourg and catering to the art industry, including law firms with an art law practice, private banks having an art advisory practice, banks involved in art secured lending, art insurers and brokers, art forwarders, art advisors, operators of art storage facilities, operators of restauration shops..
  • Contribute to the development, promotion and protection of the interests of the art industry in Luxembourg, including in
    ° the publication of Newsletters, notes, reports, opinions, research studies on art industry and art market related topics such as art law, logistics, taxation of transactions on art works, financial transactions covering art works
    ° organization of and participation in meetings, work shops and conferences organized by LAFA or other public and private organizations on the above topics
    ° contributing to developing common industry practices, including best practice standards in the art industry
  • Position LAFA as the interlocutor of choice of the government of Luxembourg and/or Luxembourg governmental agencies in connection with matters affecting the art market and art market participants , including consultation on draft legislation

In June 2021 LAFA changed its name (but not its acronym) and focus from Art law and Art finance to specifically target the art market participants, ie businesses active in the art market as primary actors (galleries, merchants, auction houses) and professionals and practitioners catering to the art market.