REPLAY: Fighting corruption in the global art market
This session is organised by the Antiquities Coalition, Knowledge Partner of the virtual 2021 OECD Global Anti-Corruption & Integrity Forum - please scroll down for the recording.
The global art market, valued at an estimated USD 64.1 billion, is a rapidly growing trade with weak regulations. Gaps in regulations have threatened the integrity of the market, leaving it increasingly vulnerable to corruption and criminal use. This discussion, featuring speakers from the Antiquities Coalition’s Financial Crimes Task Force, will explore the documented risks facing the art market. Speakers will examine how the Covid-19 pandemic has changed the landscape of the legal art market — particularly the rapid growth in art lending and art's attractiveness to ultra-high-net-worth individuals during periods of market volatility — as well as the pandemic’s impact on market stakeholders, governments, and policy makers. Presenting case studies, the panelists will address what was learned from historical use by corrupt actors to manipulate the art sector as a means to store and move value through art, coming regulations and impact, and what remains to be done.
Liz Fraccaro, Project Manager, Antiquities Coalition
Tess Davis, Executive Director, Antiquities Coalition
Michael Loughnane, President, Loughnane Associates