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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This is actually far harder, and less common than people make out. There is anti money legislation that tracks transactions over a certain value which includes artwork purchases. Additionally there are clear steps for valuing art works, both on the primary (direct from artist) and secondary markets (has passed through multiple hands). Value is based on previous sales for the most part and there is a lot of publicly available info such as auction records to help assess what an artwork is worth. It definitely used to be prevalent.
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