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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Udi Sheleg’s gallery has a lot of Russian customers who pay cash. They will likely then sell the art on which will clean their money and the money of the buyer.
The person looking to laundry money finds an artist friend to buy a painting from them. Then that artist can sell their paintings for a ridiculous amount of money because art is subjective and there is no set value on creativity. The newly acquired art is then donated to a museum where they can write that off on their taxes.
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