Thursday, January 2, 2014

New York (And The World's?) Dirty, Big Secret

By Christian Viveros-Fauné

A year-end wrap-up of art in Gotham would be meaningless without mentioning the single greatest transformation to have struck the visual arts globally: namely, that the art market has turned into one big corrupt casino, a place where price fixing, market manipulation, bribery, forgery, theft, and money laundering have become as popular as risky mortgages were in 2007. The evidence of this transformation is everywhere. According to one major art investor: "In regular finance, if you have insider information about a stock, it is illegal to invest in that stock. In the art world, it is not only legal, it is done regularly. Peter Hort, along with his wife and family, are the people who create the insider information..." More>>