3 ms·
Yeah, high art will have proportionately less money laundering -- because it has proportionately more tax avoidance, and that's a much larger industry.
by jjoonathan 5y ago
Yeah, 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.