Bloomberg has a report of private banks vying for the newly revealed mountain of money in Indonesia. Others will surely take notice considering the report considering the list of assets the cash might be redirected toward includes some that trade like art:
an Indonesian wealth-management market made more alluring after the nine-month tax amnesty spurred individuals to reveal some $365 billion of previously undeclared assets. About $289 billion of that total is parked onshore, money that the government recently permitted to be invested in assets including gold, property and infrastructure projects.
DBS Seeks to Tap $289 Billion Opportunity in Indonesian Wealth (Bloomberg)
