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?
In: Other
You pay an artist to paint you a great painting. Lets say you pay 20 000$.
Then your “friend” appraises it and says its worth 1 million dollars. Then you donate this painting and write it off as tax deductions. It was at most worth around 20 000$ but it is “valued” at a million
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