Wednesday, May 15, 2013

Art As (Sometimes Dirty) Money

Andy Warhol, "Dollar Sign"
"It is hard to imagine a business more custom-made for money laundering," That's how the art market is described in this NY Times article. 

Sting operations conducted by law enforcers may be helping to stem the tide. “Around 20 years ago," says Philip Hoffman of the Fine Art Fund, "people used to turn up with cash in suitcases to buy Old Masters and no one really cared.”

Will efforts to crack down on the use of art to move money invisibly, undetected by crime fighters or tax collectors, taint the asset class? Or will UHNW individuals continue to see art as a prestige investment? 

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