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We have reached the writing stage of our report, and we make sure to make progress wherever we are!

📍Ayia Napa, Cyprus (2-week hotel quarantine!)

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Work work work work work @home

The last phase has started. We are busy writing the final report for our client. Good luck to all the other teams with this last part of Premium!

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During the Corona crisis we stay in touch via online meetings, it is not the same as meeting in person but we try to make the best of it. First it was difficult to get used to these new circumstances and we had to adapt to this new online setting. Nevertheless, we are all truly motivated to bring the project to a good end! 😊

#keepcalmandcarryon

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Unfortunately we weren’t able to meet with other groups to present our progress so far. However, here is a video version of our presentation instead!

We look forward to your feedback :) 

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As our final product, we’ll be delivering a report. It will include information about: 

- The Financialisation of Art

- The key stakeholders in the art world and otherwise

- Money laundering in the art world

- The role of free ports and their risks 

- Current legislation and the reactions to it 

- Suggestions for future regulations

- How to initiate a dialogue between the police and the art world

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After spending the first few weeks getting though the current literature and the legislation on the topic - we’ve now started interviewing important stakeholder to build a more complex image of the issues and potential solutions.

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Here are our key objectives for the project! We’ve started making some headway on the first one and now we’re planning how to tackle the second one.

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Money, money, money...

So you ask, what is the financialisation of art? 

First of all financialisation in general means that real goods, services, and risks can be more easily exchanged for currency. This makes it easier for people to rationalist their assets and income flows.

The financialisation of art means that artworks are increasingly being treated as an asset class.

Nowadays you can find art funds (funds that invest in artworks), obtain art-secured loans, and even buy a ‘share’ of an artwork and (hopefully) benefit from the sale of the work. These are just a few of the things we are investigating as part of our project! 

Image: Andy Warhol’s Dollar Sign Series, 1982

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Meet Oliver! 

Oliver Bossert is an MA student studying Business Intelligence and Smart Services. Despite his focus on business, he is also passionate about art and looking forward to having the opportunity to learn more the art market.

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Meet Vinciane!

Vinciane Jones is studying towards a Masters in Arts and Heritage. She previously studied History of Art and has worked in the online art world and is excited to learn about a different facet of the art world!

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Meet Ellen!

Ellen Cantraine, law enthusiast and second master in European Law and Market Integration. Ellen is excited to get the chance to get involved in a project that she would never encountered in her normal curriculum and to get more knowledge of the art world!

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Meet Georgina! 

Georgina Hadjifrangiskou is a Masters student in Forensics, Criminology and Law and passionate about analysing criminal behaviours. Georgina sees this project as a one-off opportunity of working with the police and working with an interdisciplinary team towards uncovering art-related crime.

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Meet Margaux! 

Margaux Nonclercq is a double degree master student in Strategy and Innovation at Maastricht University looking for meaningful, challenging and one life opportunity project!

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Evaluating a high-profile money-laundering case regarding Basquiat’s 1981 painting: Hannibal

The painting arrived in London from Kennedy Airport in a package as an unnamed painting and with claimed worth of $100 whereas its true value is $8 million. The painting was shipped to the US in 2007 as part of a Brazilian embezzler’s plan to launder money, by smuggling it from Brazil. The smuggling took a route from Brazil to the US via the Netherlands by falsifying shipping invoices throughout the journey for its value. It was only discovered later in a Manhattan ware-house. This painting links to Brazilian businessman Edemar Cid Ferreira, a former banker who created a billion-dollar fraud and money-laundering scandal by converting some of his “dirty money” to a 12,000 piece art collection. He is known as one of Brazil’s foremost art collectors as well as the former owner of Banco Santos (Brazilian Bank). When the bank went bankrupt in 2005, he was left with debts of more than $1 billion. He was convicted of money-laundering and bank fraud, and while being sentenced to prison, the Brazilian Court also ordered a seizure of $20 million to $30 million worth of his art since it was claimed that this was bought by illegal schemes; Hannibal however was missing from this seizure. The discovery of Hannibal was a ground-breaking case as it brought light to the activities of the Brazilian money-launderer and stands as a great example of how financial transactions with art can lead to money-laundering. Additionally, it also emphasises the lack of transparency in the art-world and the significance of free-ports in illegal activities.

(Source: New York Times, 2008, 2013)

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This weekend we will go to TEFAF to get to know more about the art world. TEFAF is the world’s premier fair for fine art with prestigious dealers of more than 20 countries. We are extremly excited to attend!

#Tefaf #Artfair

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Preparing the mid-terms!

#teamwork #videoconference #library #Premium #ArtPolice

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Second fruitful team meeting!

#wallofworries #brainstorming #gainingmoreinsight