The gallery, which is run by his daughter, also focuses on American art. There has long been a debate in the art world about how susceptible the trade is to money laundering. The value of art is also subjective, and easy to inflate or deflate, which can create a path to move large amounts of money. But many in the art world have strongly denied that illicit deals take place, insisting that a dearth of examples show that the perception of the art market as a place infested by a shadowy underworld is just a myth. The Treasury Department disagrees.

Source: International New York Times December 13, 2019 19:18 UTC