This symposium, “The Art Market and Money Laundering,” brings together notable experts from law enforcement, the art industry, academia, and financial crimes compliance to engage in a robust discussion on the current state of the art market and laundering, and how more effectively to uncover, deter, and punish laundering while minimizing costs to the industry.
The art market is notoriously opaque and unregulated, which makes it particularly vulnerable to this kind of illicit activity. Dirty money, disguised as capital gains on the sale of sale of one or more assets, is laundered by undervaluing art at purchase or overvaluing it at sale, making it difficult for financial institutions or law enforcement to find out. Transferring the value of the criminal proceeds is then implemented by simply transferring ownership of the asset.
International standards promulgated by the Financial Action Task Force have been adopted as domestic law by nearly every country of the world, with banks, broker-dealers, payment agencies and other businesses subject to required preventative measures to prevent and uncover money laundering.
Should these same preventive measures apply to art dealers and other participants in the art market? Legislation proposed in the US House of Representatives would do so. Would it work? Or would it prove onerous and ineffective, as some art market players have claimed? Are there other solutions to be found, for instance through self-regulation or blockchain technology? Continue reading “CONF: Art Market and Money Laundering (FIT NYC, Oct 12, 2018)”
First Brazilian Conference on Law and Art_english (pdf)
Although Brazil maintains notable production and significant trade in the visual arts sector, Art Law is still understudied, under-explored and lacks diffusion in the country, unlike what has been happening for years in Europe and in the United States. The First Brazilian Conference on Law and Art has the main objective of gathering public authorities, lawyers, gallerists, artists, curators, museums, auction houses, insurance companies, conservators, scholars and students from both undergraduate and graduate programs to share and discuss legal questions related to the protection, conservation, contracts, importation and exportation, financing, insurance, taxation, tax breaks, provenance, labor and consumer affairs, authenticity, protection, financial crimes, theft, compliance and the valuation in the increasingly complex and broad contemporary market of visual arts. Continue reading “CONF: First Brazilian Conference of Law & Art (João Pessoa, 16-18 May, 18)”
DARK SIDE OF THE BOOM
THE EXCESSES OF THE ART MARKET IN THE 21ST CENTURY
by Georgina Adam
TIAMSA Members receive a 20% discount at check out – see the related post in the MEMBERS ONLY area.
- From the author of the bestselling Big Bucks: The Explosion of the Art Market in the 21st Century
- This sequel volume focuses on the negative impact of the contemporary art market’s rapid boom
- A timely investigation into the excesses at the top of the art market in the wake of the Panama Papers revelations
This book lifts the lid on some of the excesses that the 21st-century explosion of the contemporary art market brought in its wake, notably at its very top end. The buying of art as an investment, temptations to forgery, tax evasion, money laundering and pressure to produce more and more art all form part of this story, as do issues over authentication and the impact of the enhanced use of financial instruments on art transactions.
Continue reading “Book Out Now: Georgina Adam, The Dark Side of the Book”