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> This comment could be talking about all art. Here's what I predict we'll find out: * Some high-value traditional art sales are "wash trades and money launde
by tablespoon 5y ago
> This comment could be talking about all art.
Here's what I predict we'll find out:
* Some high-value traditional art sales are "wash trades and money laundering."
* Nearly all high-value NFT sales are "wash trades and money laundering."
There's an important different between some and nearly all, but I'll leave that as an exercise for the reader to work out.
- jjoonathan 5y agoYeah, high art will have proportionately less money laundering -- because it has proportionately more tax avoidance, and that's a much larger industry.
- Ekaros 5y agoAlso some part of tax avoidance requires real deals. That is keeping valuations of artists works high so that other works already owned have "realistic" market value for tax reasons. Unless entire supply is owned by same group. If not they have to pay money for any pieces that enter to market that they don't own.
- jjoonathan 5y agoYes. It's a bit of both, of course, but you know those little art galleries in NY that everyone always wonders about? No visitors, but the lights are always on, even in a pandemic? This is their business. They swap art pieces to generate proof-of-value. For a fee, of course.
- malka 5y agoI agree with this message.