Art market
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 Art market  (Business)   | |
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| Interest of | • Sabine Boghici • 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.
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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
