Could Modern art be a money laundering scheme?

When I read articles about bland, talentless, ugly, and aesthetically boring pieces of abstract art that sell for thousands of not millions of dollars. I often wonder what the big idea behind it is.

Take this stupid blue and yellow “untitled” painting that sold for $46million for example
This painting just sold for $46.5 million at Sotheby's in New York

It seems that if I wanted to launder some money, and make my personal transactions hidden, I would use modern art as part of my scheme. It’s no wonder the art world is so contaminated with overvalued Pollock crap

 

Nah... It's just rich assholes that don't know what to spend their money on.

 

Yeah, agreed. Whoever paid $46 million for that is a got damn FOOOOOL!

 

My favorite is this, Le Bateau ("The Boat") by Henri Matisse. It hung upside down at the Museum Of Modern Art, New York for 47 days before anyone noticed.

 

it's like someone joined the dot on the marshmallow man and called it a day.

 

yeah, somebody just took a paint roller to a canvas, and then took another paint roller to the same canvas. but then, have you ever tried to hire a professional painter to do any work? 46.5 million is pretty much the going rate to paint that much of a wall, and it will take a good 4 years for the job to be done.

 

Yes, it does look foolish on the surface. But maybe that $46 million was really spent on some illegal transaction, and the blue and yellow painting was just a cover for it. Seems like the perfect ruse for hiding transaction.

 

Yea, I could see that.

Slightly off topic, I never understood the allure of auctions. I think you need a competitive spirit, but it also seems like gambling. Idk, just not my thing.

 

Imagine if Mark Rothko committed suicide because someone told him his art is junk, and it would never sell

 

I think some people go and participate in auctions just to flaunt how much money they got. It's ridiculous!

 

That's not hard to imagine What are you implying? You would find it a loss for the world of art? Or not?

 

Some people buy paintings for the same reason as why they convert their money in gold or diamonds etc. It has not much to do with taste, and you have to be rich to be able to. But yeah, why some of these paintings are valued so high... is often beyond me too.

 

It is a better investment than a lot of people realize.
As the owner of the work, you can legally sell litho copies for hundreds of pounds each and if the artist is alive and is willing to sign and number them, the price can reach thousands. It is quiet easy to make 100,000 a year with very little effort.
Displaying the work at galleries can also make money.
Since, unlike property, their is no title registration on artwork. You can give it away. Very handy when your fortunes reverse or you get to the age where you want to avoid inheritance taxes.
Here in the UK, both the police and revenue have a considerable number of highly specialized officers trying to minimize all the fraud and tax evasion in the world of art.

 

My reply to Eric (above) may answer some of your questions.
Artworks definitely cause the tax man a few sleepless nights.

 

Fools, Wilsjane, fooools!!

 

Would you like me to paint you some art?
I'd love to paint you some art.

 

Yes, but......don't some ball players get paid that as a salary each year? I don't know. I heard some figures that some ball players make that made me see stars....

One person decided to pay that for the Pollack name with this auction and they have that much money to spend. Do I personally like the piece....?,,,not really.

 

It's abstract art. People see what they want in it. And if what they see is worth $46 million to them, and they have the money to spend, what do I care?
More power to them

 

Silly fools, that is obviously the correct rotation, since the deck of the boat is cutting off the reflection in a straight line.

Art lovers need to study for a degree in engineering.

 

No... Definitely not more power to them