Banks, Kenny Schachter’s Underpants and the Art Market

Kenny Schachter was doing the pre-release publicity for a BBC4 hour-long film which will be broadcast in June.

Speaking at the Hay Festival, Schachter goes for the ‘hotbed’ of corruption angle, according to the Telegraph:

Speaking of “legal insider trading in the art market”, he said: “Let’s say I am a trustee … and you find out that the museum will be showcasing the work of a mid-career artist and they are going to be presenting a one-person exhibition at the museum.

“If you are privy to that information there’s 25 per cent in it for you.”

He added the art world was also now used for “money laundering”, after the wealthy realised “you can’t make a deposit or withdrawal at a bank without them looking at your underpants”.

Art world is ‘hotbed’ of corruption, collector claims (Telegraph)