Difference between revisions of "Art market"
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{{FA|Money laundering}} | {{FA|Money laundering}} | ||
It has been argued that expensive art is used to move high sums of money.<ref>https://edition.cnn.com/2020/07/29/business/art-money-laundering-sanctions-senate/index.html</ref><ref>https://thehill.com/opinion/finance/511154-not-a-pretty-picture-money-laundering-and-americas-art-market</ref><ref>https://privateartinvestor.com/art-business/money-laundering-through-art-what-all-stakeholders-must-know823/</ref><ref>https://www.imf.org/external/pubs/ft/fandd/2019/09/the-art-of-money-laundering-and-washing-illicit-cash-mashberg.htm</ref><ref>https://www.moneylaunderingnews.com/2020/08/using-art-to-evade-sanctions-and-launder-money-the-senate-report/</ref> In 2020 the Permanent Subcommittee on Investigations for the [[U.S. Senate]] released a 147-page report titled “The Art Industry and U.S. Policies That Undermine Sanctions” it focuses on the connection between high-end art and potential money laundering schemes.<ref>https://www.hsgac.senate.gov/imo/media/doc/2020-07-29%20PSI%20Staff%20Report%20-%20The%20Art%20Industry%20and%20U.S.%20Policies%20that%20Undermine%20Sanctions.pdf</ref><ref>http://web.archive.org/web/20200927101527/https://www.ballardspahr.com/-/media/files/senate-report-on-art-and-ml.pdf</ref> These high value sales may not only be used to launder money, but could also be used to pay for illicit services. | It has been argued that expensive art is used to move high sums of money.<ref>https://edition.cnn.com/2020/07/29/business/art-money-laundering-sanctions-senate/index.html</ref><ref>https://thehill.com/opinion/finance/511154-not-a-pretty-picture-money-laundering-and-americas-art-market</ref><ref>https://privateartinvestor.com/art-business/money-laundering-through-art-what-all-stakeholders-must-know823/</ref><ref>https://www.imf.org/external/pubs/ft/fandd/2019/09/the-art-of-money-laundering-and-washing-illicit-cash-mashberg.htm</ref><ref>https://www.moneylaunderingnews.com/2020/08/using-art-to-evade-sanctions-and-launder-money-the-senate-report/</ref> In 2020 the Permanent Subcommittee on Investigations for the [[U.S. Senate]] released a 147-page report titled “The Art Industry and U.S. Policies That Undermine Sanctions” it focuses on the connection between high-end art and potential money laundering schemes.<ref>https://www.hsgac.senate.gov/imo/media/doc/2020-07-29%20PSI%20Staff%20Report%20-%20The%20Art%20Industry%20and%20U.S.%20Policies%20that%20Undermine%20Sanctions.pdf</ref><ref>http://web.archive.org/web/20200927101527/https://www.ballardspahr.com/-/media/files/senate-report-on-art-and-ml.pdf</ref> These high value sales may not only be used to launder money, but could also be used to pay for illicit services. | ||
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| + | ===Examples=== | ||
| + | Examples of high selling "art" that by it's nature can raise questions if not something else might be involved in the sale: | ||
| + | * a banana taped to a wall that had cost 6.2 million USD <ref>https://www.zerohedge.com/crypto/watch-billionaire-eats-banana-art-he-just-paid-62-million</ref> | ||
{{SMWDocs}} | {{SMWDocs}} | ||
Latest revision as of 00:14, 30 November 2024
 Art market  (Business)   | |
|---|---|
 | |
| Interest of | • Sabine Boghici • Arthur Kwon Lee • Jacob Rothschild • Vigilantcitizen |
| Harmless looking side activity activity of the rich, with the option to launder money. | |
The art market is the marketplace of buyers and sellers trading in commodities, services, and works of art.
Money laundering
- Full article: Money laundering
- Full article: Money laundering
It has been argued that expensive art is used to move high sums of money.[1][2][3][4][5] In 2020 the Permanent Subcommittee on Investigations for the U.S. Senate released a 147-page report titled “The Art Industry and U.S. Policies That Undermine Sanctions” it focuses on the connection between high-end art and potential money laundering schemes.[6][7] These high value sales may not only be used to launder money, but could also be used to pay for illicit services.
Examples
Examples of high selling "art" that by it's nature can raise questions if not something else might be involved in the sale:
- a banana taped to a wall that had cost 6.2 million USD [8]
Related Quotation
| Page | Quote | Author | Date |
|---|---|---|---|
| Marina Abramović | “I don't want to go into conspiracy world, but I will briefly, okay, when you look at culture right, again this is a conversation on culture, who are some of the mainstream stars we can name? Like Sam Smith, Doja Cat, Lil Nas X, Lady Gaga [..] Katy Perry these kind of people right? You'll notice every once in a while they represent themselves with sort of demonic projections, that are off-wallish [..] where they actually wear satanic uniforms and in front of Super Bowl performances [..] so I want your audience to know that this doesn't come from a vacuum, these come from the art world. So a lot of people don't know but celebrities, their celebrities, are at the top of the fine arts sphere and most particular is, there's a woman by the name of Marina Abramović and she's a literal Satanist witch; dear friends with Hillary Clinton, JayZ, has dinner parties with Rothschilds, [..] she's at the top of the pyramid.” | Marina Abramović Arthur Kwon Lee | 1 November 2023 |
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References
- ↑ https://edition.cnn.com/2020/07/29/business/art-money-laundering-sanctions-senate/index.html
- ↑ https://thehill.com/opinion/finance/511154-not-a-pretty-picture-money-laundering-and-americas-art-market
- ↑ https://privateartinvestor.com/art-business/money-laundering-through-art-what-all-stakeholders-must-know823/
- ↑ https://www.imf.org/external/pubs/ft/fandd/2019/09/the-art-of-money-laundering-and-washing-illicit-cash-mashberg.htm
- ↑ https://www.moneylaunderingnews.com/2020/08/using-art-to-evade-sanctions-and-launder-money-the-senate-report/
- ↑ https://www.hsgac.senate.gov/imo/media/doc/2020-07-29%20PSI%20Staff%20Report%20-%20The%20Art%20Industry%20and%20U.S.%20Policies%20that%20Undermine%20Sanctions.pdf
- ↑ http://web.archive.org/web/20200927101527/https://www.ballardspahr.com/-/media/files/senate-report-on-art-and-ml.pdf
- ↑ https://www.zerohedge.com/crypto/watch-billionaire-eats-banana-art-he-just-paid-62-million
