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If you have $400 million in funds whose origin you can't account for, you move it into some opaque account to buy the painting for that $400 million. The buyer
by Gargoyle 9y ago
If you have $400 million in funds whose origin you can't account for, you move it into some opaque account to buy the painting for that $400 million. The buyer (you) remains "unknown" but now you have $400 million that you can account for, since it came from selling a painting.
In the art auction world, either or both sides can remain as anonymous as they wish, which makes this whole scheme possible.
- null0pointer 9y agoBut how do you explain your acquisition of the $400MM painting when the taxman comes knocking?
- ctdonath 9y agoYou don't. Tax man cares not how you bought it, only that tax is fully paid when sold.
- jvln 9y agoIs not it cheaper to pull this trick with higher number of no-name artists paintings by moving the money betweent two ofshore companies that belong to you. Therefore I believe this purchasecwas was a status purchase like yachts. It is a show off that a person has so much resources that can spend part of it on a peace of art that nobody can get.
- mm4 9y agoif that was the case you might just keep the initial money and not launder them...