Why do people buy huge canvases with a few dots on from an arts unheard of for millions? I know it’s commonly used to launder money. Can someone explain how the process works?
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Art sellers are not financiers. Certain art are in the millions, and some disreputable art dealers take cash from anonymous buyers. So long as the cash is real, art dealers don’t care where it came from. Let’s say another form of dealer has tons of cash accumulated illegally but can’t use them because law enforcement are looking out for transactions involving cash. So Shady dealer then buys high priced art (anonymously in cash) then later sells that art in the open market and *Presto* now the money is legit. It’s clean money now which is why they call the money “laundered”.
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