Dark side of the boom : the excesses of the art market in the twenty-first century

This book scrutinizes the excesses and extravagances that the 21st-century explosion of the contemporary art market brought in its wake. The buying of art as an investment, temptations to forgery and fraud, tax evasion, money laundering and pressure to produce more and more art all form part of this story, as do the upheavals in auction houses and the impact of the enhanced use of financial instruments on art transactions. Drawing on a series of tenaciously wrought interviews with artists, collectors, lawyers, bankers and convicted artist forgers, the author charts the voracious commodification of artists and art objects, and art's position in the clandestine puzzle of the highest echelons of global capital. Adam's revelations appear even more timely in the wake of the Panama Papers revelations, for example incorporating examples of the way tax havens have been used to stash art transactions – and ownership – away from public scrutiny. With the same captivating style of her bestselling Big Bucks: The Explosion of the Art Market in the 21st Century , Georgina Adam casts her judicious glance over a section of the art market whose controversies and intrigues will be of eye-opening interest to both art-world players and observers. "This book scrutinizes the excesses and extravagances that the 21st-century explosion of the contemporary art market brought in its wake. The buying of art as an investment, temptations to forgery and fraud, tax evasion, money laundering and pressure to produce more and more art all form part of this story, as do the upheavals in auction houses and the impact of the enhanced use of financial instruments on art transactions. Drawing on a series of tenaciously wrought interviews with artists, collectors, lawyers, bankers and convicted artist forgers, the author charts the voracious commodification of artists and art objects, and art's position in the clandestine puzzle of the highest echelons of global capital. Adam's revelations appear even more timely in the wake of the Panama Papers revelations, for example incorporating examples of the way tax havens have been used to stash art transactions--and ownership--away from public scrutiny. With the same captivating style of her bestselling Big bucks : the explosion of the art market in the 21st century, Georgina Adam casts her judicious glance over a section of the art market whose controversies and intrigues will be of eye-opening interest to both art-world players and observers"--Amazon.com. "This book lifts the lid on some of the excesses that the 21st-century explosion of the contemporary art market brought in its wake, notably at its very top end. The buying of art as an investment, temptations to forgery, tax evasion, money laundering and pressure to produce more and more art all form part of this story, as do issues over authentication and the impact of the enhanced use of financial instruments on art transactions. Drawing on a series of revealing interviews with artists, lawyers, dealers, law-enforcement agents, tax specialists and collectors, the author charts the voracious commodification of artists and art objects, and art's position in the clandestine puzzle of the highest echelons of global capital. Adam's revelations appear even timelier in the wake of the Panama Papers disclosures, for example incorporating examples of the way tax havens have been used to stash art transactions - and ownership - away from public scrutiny. Georgina Adam casts her judicious glance over a section of the art market whose controversies and intrigues will be of eye-opening interest to both art-world players and observers."--Publisher's description A sharp-eyed assessment, from the author of bestselling Big Bucks, of the negative impact of the excesses at the top of the contemporary-art market in the 21st century, covering forgery, fraud, money-laundering, over-production and tax evasion, and drawingon a series of revealing interviews with artists, lawyers, dealers, law-enforcement agents, tax specialists and collectors. Introduction Prologue Part One: Sustaining the "Big Bucks"Market Chapter One: Supply Chapter Two: Demand Part Two: Price, Authenticityand Forgery Chapter Three: Price Chapter Four: Authenticity Chapter Five:Fakes and Forgery Part Three: Money, Money, Money Chapter Six: Investment ChapterSeven: Speculation Chapter Eight: The Dark Side Epilogue Appendix Notes Bibliography Index Prologue : Le Freeport, Luxembourg Sustaining the big bucks market. Supply ; Demand : China wakes A fortune on your wall?. What's the price? ; The problems with authentication ; A tsunami of forgery Money, money, money. Investment ; Speculation ; The dark side.