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jimmyjam
New Member
๐จ๏ธ 578
๐๐ป 546
October 2019
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Money laundering in the art market, by jimmyjam on Jun 20, 2021 13:15:59 GMT 1, I think in China - money laundering is a very common thing and also art is one way for some people to actually own something.
I believe in China - they donโt allow you to actually own real estate - so many people are getting their money out of that country through art and other ways.
This why the HK auctions are higher than most.
Chinese and others are converting their money into art. Probably a easier way to get their money out of the country if they needed to. Many Chinese own properties around the world now and can ship the items to those homes, which they are. This is another reason why Chinese are the number one buyers in many top real estate markets around the world. They are putting their money into land they can actually own. It a very smart move by the Chinese government.
So I donโt think it will affect the market unless other countries really start to put strong regulations on the art market - but I think too many extreme wealthy people - with political power - around the world have invested heavily in art and wonโt let that happen.
I think in China - money laundering is a very common thing and also art is one way for some people to actually own something.
I believe in China - they donโt allow you to actually own real estate - so many people are getting their money out of that country through art and other ways.
This why the HK auctions are higher than most.
Chinese and others are converting their money into art. Probably a easier way to get their money out of the country if they needed to. Many Chinese own properties around the world now and can ship the items to those homes, which they are. This is another reason why Chinese are the number one buyers in many top real estate markets around the world. They are putting their money into land they can actually own. It a very smart move by the Chinese government.
So I donโt think it will affect the market unless other countries really start to put strong regulations on the art market - but I think too many extreme wealthy people - with political power - around the world have invested heavily in art and wonโt let that happen.
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Chris JL
Junior Member
๐จ๏ธ 1,766
๐๐ป 1,852
March 2017
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Money laundering in the art market, by Chris JL on Jun 20, 2021 20:44:08 GMT 1, Actually these actions often do have very tangible effects. For instance, you can clearly see the dates of Chinese big anti corruption drives on the sales of super luxury watches - and the corresponding massive drop in VAT reimbursement requests from Chinese buyers of these goods make the origin of the contraction in demand clear.
(I wonโt comment on the Biden BS - ainโt worth it)
Actually these actions often do have very tangible effects. For instance, you can clearly see the dates of Chinese big anti corruption drives on the sales of super luxury watches - and the corresponding massive drop in VAT reimbursement requests from Chinese buyers of these goods make the origin of the contraction in demand clear.
(I wonโt comment on the Biden BS - ainโt worth it)
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Money laundering in the art market, by badcollector on Jun 20, 2021 21:54:13 GMT 1, I think in China - money laundering is a very common thing and also art is one way for some people to actually own something. I believe in China - they donโt allow you to actually own real estate - so many people are getting their money out of that country through art and other ways. This why the HK auctions are higher than most. Chinese and others are converting their money into art. Probably a easier way to get their money out of the country if they needed to. Many Chinese own properties around the world now and can ship the items to those homes, which they are. This is another reason why Chinese are the number one buyers in many top real estate markets around the world. They are putting their money into land they can actually own. It a very smart move by the Chinese government. So I donโt think it will affect the market unless other countries really start to put strong regulations on the art market - but I think too many extreme wealthy people - with political power - around the world have invested heavily in art and wonโt let that happen.
You know nothing about China.
I think in China - money laundering is a very common thing and also art is one way for some people to actually own something. I believe in China - they donโt allow you to actually own real estate - so many people are getting their money out of that country through art and other ways. This why the HK auctions are higher than most. Chinese and others are converting their money into art. Probably a easier way to get their money out of the country if they needed to. Many Chinese own properties around the world now and can ship the items to those homes, which they are. This is another reason why Chinese are the number one buyers in many top real estate markets around the world. They are putting their money into land they can actually own. It a very smart move by the Chinese government. So I donโt think it will affect the market unless other countries really start to put strong regulations on the art market - but I think too many extreme wealthy people - with political power - around the world have invested heavily in art and wonโt let that happen. You know nothing about China. |
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