The art world was quick to fall in line, with London’s National Gallery displaying the Gentileschi and the Pamigianino popping up at New York’s Metropolitan Museum of Art. At one point, the Louvre in Paris launched a fundraising campaign to buy the Hals, dubbing it a “national treasure” after it was authenticated by France’s Center for Research and Restoration.
Of course, beyond AML-related process concerns, any art dealer — just like any business person — always must remember that just about any financial transaction that involves proceeds known to have originated from illegal activity represents a criminal money laundering offense. Stated otherwise, even if the BSA is not expanded to include dealers in art and antiquities, those in the U.S. art industry still need to bear in mind, in extreme examples, the omnipresent federal criminal code. Sometimes, the provenance of the funds can be more critical than the provenance of the art.
IN Queens, a guy working in his garage churned out “Pollocks” and “Rothkos” that fooled the experts, sold for millions of dollars and helped destroy the Knoedler & Company gallery, as we learned in recent months. In China, thousands of artisans have forged the country’s artistic treasures, both ancient and modern, according to a report in The New York Times.
Mr. Ellis serves as Director of Business Development and Marketing of AML RightSource. He has over 15 years of experience in business development, marketing, and professional consulting within the healthcare and financial services industries. Mr. Ellis earned his undergraduate degree from Bowling Green State University and obtained his juris doctor from Cleveland State University – Cleveland-Marshall College of Law.
Besides that, there are other ways which an expensive art piece may be used to launder money. The underlying principle is this: there is no "standard answer" on how to launder money. Money laundering is more like an art than a science. As long as the whole process looks logical, reasonable and realistic, it is up to your creativity how you want to launder money with it!
Art forgery dates back more than two thousand years. Roman sculptors produced copies of Greek sculptures. Presumably[clarification needed] the contemporary buyers knew that they were not genuine. During the classical period art was generally created for historical reference, religious inspiration, or simply aesthetic enjoyment. The identity of the artist was often of little importance to the buyer.
Nearly 40 paintings, supposedly created by some of the most important artists of the 20th century, were all fakes, painted by a struggling artist in his garage in Queens. The fraud might still be going on if it weren't for an art historian Jack Flam -- who was the first person to uncover the scheme and blow the whistle to the government, putting the brakes on an $80 million con -- the most audacious and lucrative art fraud in U.S. history.
Following the Renaissance, the increasing prosperity of the middle class created a fierce demand for art. Near the end of the 14th century, Roman statues were unearthed in Italy, intensifying the populace's interest in antiquities, and leading to a sharp increase in the value of these objects. This upsurge soon extended to contemporary and recently deceased artists. Art had become a commercial commodity, and the monetary value of the artwork came to depend on the identity of the artist. To identify their works, painters began to mark them. These marks later evolved into signatures. As the demand for certain artwork began to exceed the supply, fraudulent marks and signatures began to appear on the open market.
From 1994 until 2009, Knoedler & Co. admittedly — but, the claim goes, unknowingly — sold 31 other bogus paintings. Through those sales, the gallery raked in some $80 million. Luke Nikas, Freedman’s lawyer, says that she earned $10- to $12-million between 1994 and 2008. Moguls and megalevel tastemakers all thought they were buying works by such abstract expressionist blue-chippers as Jackson Pollock, Robert Motherwell and Willem de Kooning.
The Wolf of Wall Street was a hit when it was released in 2013. Moviegoers all over the world loved the story of excessive wealth and greed. But most people didn’t know that the movie was partially funded by a money-laundering scheme involving famous works of art. Malaysian Prime Minister, Najib Razak, had siphoned part of a $1 billion fortune from the Malaysian sovereign wealth fund into American assets, such as real estate and paintings by Basquiat, Rothko, and Van Gogh.
Antiques restoration Archaeological science Archaeology Bioarchaeology Building restoration Conservation science Digital photograph restoration Digital preservation Database preservation Film preservation Frame conservation Heritage science Historic preservation Media preservation Object conservation Optical media preservation Painting conservation Preservation (library and archival science) Restoration Sustainable preservation Web archiving