3 ms·
Massive bids on paintings are a preposterous craze of privileged people with too much (ill-gotten) wealth.
by einpoklum 3y ago
Massive bids on paintings are a preposterous craze of privileged people with too much (ill-gotten) wealth.
- CharlesW 3y agoArt is apparently a very popular vehicle for laundering money. https://www.imf.org/en/Publications/fandd/issues/2019/09/the-art-of-money-laundering-and-washing-illicit-cash-mashberg https://www.imf.org/en/Publications/fandd/issues/2019/09/the...
- gerdesj 3y ago"For Green, dabbling in the dark art of money laundering has ended poorly. He has been indicted in the United States on six counts of attempted money laundering, and his gallery in the Mayfair district of London has been declared insolvent by British regulators." ... and will eventually end in tears.
- mcv 3y agoIll-gotten. It wouldn't surprise me if overpriced art was a major avenue for money laundering. Secret buyers, ridiculous sums of money, and paintings vanishing into private collections would make it perfect for that.