The New York Times highlights the German governments decision to subsidize provenance research for private collections. Previously, state support was only available to search public institutions for works in need of restitution.Continue Reading
Does a Former US Atty Have a Better Example of Art & Money Laundering than Basquiat’s Hannibal?
This is getting ridiculous. The Wall Street Journal’s Risk & Compliance Journal trots out Sharon Cohen Levin, who is now a partner at WilmerHale, to speak darkly about the threat of art and money laundering because she used to be the head of the US Attorney’s office money laundering and asset forfeiture unit.
In that role, you would think that Ms. Cohen Levin would have more examples of how art has been used for money laundering than the dead horse of Jean-Michel Basquiat’s Hannibal which was seized when Brazilian banker Edemar Cid Ferriera shipped it to the US claiming it was worth $100.
Based on this one case, the Journal takes an unproven conclusion as its premise:Continue Reading
The New York Times Still Doesn’t Get Art & Money Laundering
The New York Times has a terrible habit of going after the art market with thin arguments and weak evidence. Yesterday’s store threading together three very well known—but unrelated—cases into a story questioning the practice of not revealing the identity of sellers is a case in point.
The problem isn’t their argument that seller’s should reveal themselves. It’s the slapdash evidence and flawed logic they use. The story’s biggest problem begins with the lede where it is argued that real estate sellers are transparent. Several graphs deeper in the story it is revealed that real estate transactions that are on a par with major art transactions are, in fact, not transparent. How do we know that? Because the Times tells us about a pilot program that requires transparency. Here’s the opening graph:Continue Reading
Dealer Mark Weiss Defends His Frans Hals
Mark Weiss, the old masters dealer who sold the Frans Hals paintings Sotheby’s now says is a forgery, has provided the Antiques Trade Gazette with a statement disputing the claims against his business and Fairlight Art Ventures made by Sotheby’s:
The statement said Weiss and “highly respected scientific conservators” believe further testing should be carried out “before the assertion that this work is a modern fake can be definitively made.”
The statement said Sotheby’s has “repeatedly refused to allow Weiss’s experts access to the painting to carry out the further tests.”
Sotheby’s and dealer Mark Weiss head to court in Old Master dispute over Frans Hals portrait (Antiques Trade Gazette)
In Canada, Riopelle’s Work Has Been Used As An Alternative Currency for Illegal Activities
The Globe and Mail follows up the news of a recovered Jean-Paul Riopelle painting with a quick recap of his fame which, the paper says, is one of the reasons his work has been stolen often. Today, Riopelle may be better known for his relationship with Joan Mitchell but in the 1950s and 60s, he was a huge international name. That fame has led to his work being targeted for theft and used as an underground currency.
The Global and Mail explains:
The draw of Riopelle works to thieves is a simple case of high supply, high profile and high demand. He had a prolific career before his death in 2002, he was globally famous for decades and his works routinely draw six-figure prices on the international market. His greatest paintings have sold for $1-million or more at least 14 times, but he also created hundreds of smaller, easy-to-carry works.
The Globe and Mail says Riopelle’s work has been reported stolen 19 times in the past 25 years. That’s just the reported thefts. The paper spoke to Montreal dealer Simon Blais:Continue Reading