One other thing... the ultra-rich have been dealing art amongst themselves for some time now, as a tax-avoidance or money laundering scheme.
Think paying off someone with $56K, getting a $10 repro print from posters.com in return, then writing it off the value of the legitimate painting as a business expense- office furniture. When 'the man' comes down on you, you plead ignorance that you didn't know it was a fake.
It's mostly real art that's being used that way. It's easy to move around, give as a gift, take out of the country and sell to avoid taxes in one's own country, etc. Same with high-end jewelry.
One other thing... the ultra-rich have been dealing art amongst themselves for some time now, as a tax-avoidance or money laundering scheme.
Think paying off someone with $56K, getting a $10 repro print from posters.com in return, then writing it off the value of the legitimate painting as a business expense- office furniture. When 'the man' comes down on you, you plead ignorance that you didn't know it was a fake.
Overpaying for junk is not illegal.
It's mostly real art that's being used that way. It's easy to move around, give as a gift, take out of the country and sell to avoid taxes in one's own country, etc. Same with high-end jewelry.
True dat, as well.