Background
This ruling forms part of a wider piece of work on unregulated investments. The ad was identified for investigation following intelligence gathered by our Active Ad Monitoring system, which uses AI to proactively search for online ads that might break the rules. See also related rulings published on 3 December 2025.
Summary of Council decision:
Two issues were investigated, both of which were Upheld.
Ad description
A paid-for Facebook ad for Her Fine Art, seen on 23 May 2025. The ad featured a carousel of images with text that stated, “Art is a great investment” and “Start Your Art Investment” next to a “Learn More” tab. One of the images stated, “BOOGIEMOLI LIMITED EDITION PRINTS” and featured an image of the print. Further text stated, “257% RISE IN VALUE”. Smaller text under that said, “This art print by Boogie soared 257%, Acquired for £700 in 2023, Sold for £2,500 in 2025”.
Issue
The ASA challenged whether the ad:
- was misleading because it did not make clear material information about the risks of the investments; and
- breached the Code because it did not make clear the value of investments was variable or that past performance did not necessarily give a guide for the future.
Response
1. HER Galleries Ltd t/a Her Fine Art acknowledged the ad did not state art investment was not regulated in the UK. They said that future ads would include the relevant information.
2. They acknowledged that the ad further did not state the value of investments was variable and could go down as well as up. They said that future ads would include that information.
They explained that the reference to a “257% RISE IN VALUE” was a genuine transaction for a work by one of their artists. However, they accepted the ad did not make clear that past performance did not necessarily give a guide for the future. They said they were reviewing how they presented similar information in the future to avoid suggesting that such returns were typical or guaranteed.
They confirmed that the ad had been taken down.
Assessment
1. Upheld
The CAP Code required that material information should not be omitted and should be presented clearly.
The ASA understood that the physical art investment market was not regulated within the UK, nor was it subject to the protections afforded by the Financial Services Compensation Scheme or the Financial Ombudsman Service. We considered that was material information that consumers required in order to make informed decisions about Her Fine Art’s services. The ad was a carousel of images and we understood the particular image landed on was determined by individual account preferences.
The ad stated, “Art is a great investment” and “Start Your Art Investment”, as well as making performance claims for the product. It therefore was an ad for an investment product. However, the individual images in the Facebook ad, which were limited by space, contained no information stating that art investment was unregulated. The ad linked through to a landing page, which also did not contain that information.
Because the ad did not make clear that art investment was unregulated, we concluded it was misleading. We noted also that the information did not appear at all, on the linked landing page
On that point the ad breached CAP Code (Edition 12) rules 3.1 and 3.3 (Misleading advertising).
2. Upheld
Section 14 of the CAP Code, which reflected rules prescribed by the Financial Conduct Authority (FCA) on promotional material for regulated investments, required that financial marketing communications not regulated by the FCA should make clear that the value of investments was variable and, unless guaranteed, could go down as well as up. In addition, it required that marketing communications for investments should make clear that past performance or experience did not necessarily give a guide for the future. If they were used in marketing communications,?examples of past performance or experience should not be unrepresentative.
Given the greater potential for significant financial harm resulting from financial marketing communications, those rules were additional to and more prescriptive than the rules on misleading advertising. That meant that relevant risk warnings prescribed by section 14 of the CAP Code needed to be in the initial ad and not later in the consumer journey, for instance on a landing page. We also noted that FCA guidance for regulated investments in social media stated that firms should ensure that where possible, information that was required to be prominent be displayed without needing to click through, or any other optional action, to view it.
The ad included no risk warning to make clear that investments could go down as well as up.
In addition, the ad stated, “BOOGIEMOLI LIMITED EDITION PRINTS” and featured an image of the print. Further text stated, “257% RISE IN VALUE”. Smaller text under that said, “This art print by Boogie soared 257%, Acquired for £700 in 2023, Sold for £2,500 in 2025 ”. Therefore, the ad referred to the previous performance of art, and we considered the implication from the ad was that it was likely to perform in the same way in the future. We noted, however, that the ad contained no information to explain that past performance was not a guide for the future. In addition, while we understood from Her Fine Art the print had sold for £2,500 in 2025, we had seen no evidence that the sale was a representative one.
The ad did not include: any risk warning to make clear that investments could go down as well as up; that past performance did not necessarily give a guide for the future; and referenced an example of past performance that was not shown to be in any way representative. We therefore concluded that the ad breached the Code.
On that point, the ad breached CAP Code (Edition 12) rules and 14.4 and 14.5 (Financial products).
Action
The ad must not appear again in the form complained about. We told HER Galleries Ltd t/a Her Fine Art to ensure that future marketing made clear that art investment was unregulated. We told them to make clear that the value of investments was variable and could go down as well as up and that examples of past performance or experience were not necessarily a guide to the future.
