I hate to break it to Joe, but the entirety of the art market is used for money laundering, and he knows that…
That’s why it exists. Art is primarily used as a store of value, to launder money, and to seek favorable economic incentives like tax cuts…It has always been this way, and will likely always be this way.
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This has gone on for several hundred if not thousands of years now.
The high art market is really no different than a cryptocurrency exchange; specifically, these pieces function like a non-fungible token.
Unless an artist is selling each painting between several hundred to several thousand USD, you can be sure that the art is being used as either a medium of exchange, a store of value, or as a token for favors.
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Hunter Biden is selling his ‘art’ pieces for $500,000 and more, yet he is no Picasso.
Even if he was, there is no justification for any piece of art to sell at those inflated prices, unless it is being expressly used for any of the purposes I just listed above.
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