The art business is a murky world, and it’s often easy to launder money through it. Here’s how it works: Person A wants to launder money, so they buy a piece of art from Person B for more than the piece is worth. Person B then takes that money and buys another piece of art from Person C for more than the piece is worth. Person C takes that money and buys another piece of art from Person D, and so on. Eventually, the money makes its way back to Person A, clean and laundered.
This process can be repeated over and over again, with each new purchase driving up the price of the art. It’s a way to hide dirty money in plain sight, and it’s surprisingly common. In fact, experts estimate that as much as $2 billion in laundered money is funneled through the art world each year.
So why is the art world such a popular place to launder money? There are a few reasons. First, art is expensive, and it’s often easy to inflate the price of a piece. Second, art is portable, which makes it easy to move around. And third, the art world is largely unregulated, which makes it easy to get away with shady transactions.
All of this means that if you’re looking to launder money, the art business is a great place to start. Just be careful—if you’re caught laundering money through the art world, you could face criminal charges.
