Back in April, Leila was featured on the Asset Search Blog in an entry that she wrote about the connection between art collectors and the scandal involving the “Panama Papers.” Recent news has drawn attention to the role of the art market in the obstruction of justice and concealment of ill-gotten or improperly retained funds. Two weeks ago, the NY Times (and Artnet News) addressed these issues in articles explaining the ways in which art collectors hide funds and launder money through the art market. Wealthy individuals use artwork as an investment tool and shield these holdings through shell companies and misleading tools. In addition, collectors use artwork to secure loans through auction houses and art corporations, thereby avoiding scrutiny of the regulators that oversee banking institutions. In light of this information becoming public, the art world is once again coming under scrutiny.

Photo: Courtesy of Christie’s