On Sun, 17 Apr 1994, Timothy C. May wrote:
The same article mentioned that bribes were often paid to people by selling them artworks at "artificially low" prices. (The notion that there is some "true" or "market" price for thinly-traded things like paintings is at issue here. Many opportunities for tax evasion, money laundering, and bribes. And not much the government can do about it.)
Some 3 years ago the Swedish legislation made it taxable to profit from a private buy-sell art transaction (above a certain profit-percentage, around 50). Art prices fell to 0.25 but that included the general recession of the time (that has not yet recovered, art is still bad business - or a buyers market). See how easy it was to launder money in the 80's: buy a piece of cheap art - 'give' your dirty money to an 'art collector' who then buys it from you at an inflated price and just stores it - who is to tell the value of art? - and the 'collector' is of course a fall-guy with his office in his pockets and no permanent address (except the racing track). Funny, even now I always see a lot of art dealers at the tracks...(trotting is the big thing over here). Buying a winning coupon is still very safe. For a $10000-range one you pay an extra 10%, for bigger ones 5%. //mb