The Most Expensive Form of Art: Money Laundering
What gets you in the muse?
Can it be someone? Another painting? Music? A view?
It appears that some artists get inspired by something completely different - Money.
Did you know that some of the art created today is created for/bought and sold for money laundering?
The concept is pretty simple: The world of art (With focus on paintings, statutes etc.) has a global market with many buyers and sellers from around the world, many of them willing and even aiming to pay high, and a lot of the paintings have a universal price tag, sometimes reaching millions of dollars in worth.
Another advantage of the market in terms of trading is the fact that once you have the art piece, you can transfer it with ease, usually without anyone even asking. If you’ll reach the airport with a suitcase full of 5 million dollars, you’re probably going to be asked to step up for an investigation. Going to the airport with painting worth 10 million dollars? Go ahead.
Once the art piece has moved to a different location, you can easily sell it without any need for any detailed or complex tax process (Sometimes not at all), thus allowing to launder money by buying and selling the art piece to others, and legally transferring the money for regular bank accounts, thus changing the money’s orientation to the “Good Side”. With that in mind, it seems that some of the biggest art collectors and even art galleries out there serve no more than an operation for money laundering.
Another method has the same first few steps in the making, but instead, the buyer loans money from the bank using the art as the collateral, thus earning clean cash with ease.
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It’s hard to measure the impact in terms of money, but considering that an art piece can be sold for millions of dollars, it’s easy to calculate the value of money used reaching for at least tens of millions of dollars per year.
The next time you see an artist and think that he may have chosen the poor life, think again. You may see a part of an international organization that serves more money than you can imagine.
Anyone is surprised from this? Seriously? This is something that exists long ago..
Most people don’t care, the others don’t know. It’s around 10% of the people who actually really care about art
Do you know how many things today that are common knowledge to some are extremely new for others?
Well I see your point, but it’s something you can understand by yourself!
Dude things like that happen because most of the people in the world have no idea about it
a good post, subscribed to you will read your interesting articles.I hope for reciprocity
Every field where there's a lot of invoices going out (Due to many customers and services) or something where you don’t have to show an invoice - Probably have money laundering business there.
A good point
Yup, that’s why sometimes the IRS targets them and follows them. You’ll never know!
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Well as always there’s a solution for this - crypto!
lol how?
First of all, crypto is well monitored and steady than the current financial systems. Besides the people there aren’t dumb.
Still not convinced
I dunno about crypto but I know about a blockchain platform that gives people the ability to buy art and really secure it as their own
What’s the name?
Portion. This platform gives you the security of any art that you buy, and therefore people will know who the art belongs to, offering much more reliable services that benefit both sides.
So you think it can destroy money laundering in art?
Absolutely. It's a whole different atmosphere.and crypto will stop those things at its tracks.
hahahaha! NEVER! it only empowers it!
you clearly don't know what your'e talking about, read and believed too much news buddy.
And do you? STFU! Crypto is for terror, money laundery, prostitution and DRUGS! and I love it that way! mowahaha!!
Thanks! unique smooth website, I didnt see any whitepapers or a clear roadmap though....
Great read, didn't know about all of that at first.
There are so many ways to launder money..
You don’t even know the half of it
50% of the business around you probably take part in this in one way or another!
There’s a big chance that you actually take part in it - By paying them
You guys haven’t seen Breaking Bad? They show you how to launder money with ease..
Oh I love that show :) The money laundering montage…
Yeah, those guys knew what they’re talking about
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