Panama Papers show how the very rich use art to get richer

FUSION | Felix Salmon and Fusion Investigative Unit:

“Whether we like it or not, art is used for tax avoidance and evasion,” said NYU economics professor Nouriel Roubini last year. “Plenty of people are using it for money laundering.” It hardly comes as much of a surprise that amid the high-profile scandals and tales of political corruption in the Panama Papers, art is something of a constant: Mossack Fonseca was constantly helping to shuffle billions of dollars’ worth of art in and out of shell companies based in tax havens around the world…. Read more

Image: Amedeo Modigliani, Seated Man with a Cane (1918)