Yet another rigged market, according to Nouriel Roubini, the man who predicted the housing crisis. As recent regulation and scandals make it harder to hide money from the eyes of institutions (and whistleblowers), capitals quietly move from tax-havens safes to renowned auction houses, valuing the entire market of public sales to $16.4bln in 2014 (approx. $70bln including private sales), more than four times the highs of a decade ago. The same can be told for the watch after-market too, though the numbers are much lower and highly concentrated between Rolex and Patek.
In another article, Mr. Roubini emphasis that Art is an asset class as a whole that needs to be regulated like other capital markets are.
But without further ado, John Gapper and Peter Aspden :
Regulation is needed in the art market because it is vulnerable to money laundering, tax evasion, trading on inside information and price manipulation, says one of the world’s most respected economists.
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