How the Rich Use Art to Launder Money
The Ultimate Scandal
It’s a phenomenon that has been going on for years in the art world, yet many are still left clueless about it. We’re talking about the laundering of money through the purchase of art. You heard that right.
Rich people are using pieces of art to clean up their dirty cash, and it’s happening right under our noses.
But how exactly does it work?
Well, here’s the lowdown. Money launderers usually take advantage of the opaque nature of the art market to make it seem like they’re buying art for its aesthetic value when, in fact, they’re using it to stash their illegal funds. They do this by employing middlemen, who can be art dealers or auction houses, to purchase the art on their behalf.
So why art, you may ask?
For starters, art is a valuable asset, and its value is subjective. This means that it’s an easy way for money launderers to move large sums of money without attracting too much attention. Additionally, the art market is largely unregulated, and with the high prices that art pieces command, no one is really asking any questions.
