AC Organizes Panel at OECD Forum on Fighting Corruption in the Global Art Market
March 25, 2021
The Antiquities Coalition, a Knowledge Partner of the virtual 2021 OECD Global Anti-Corruption & Integrity Forum, organized and hosted a panel on “Fighting corruption in the global art market.”
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 featured speakers from the Antiquities Coalition’s Financial Crimes Task Force, including Liz Fracarro (AC Project Director), Tess Davis (AC Executive Director) and Michael Loughnane (President, Loughnane Associates), who explored the documented risks facing the art market. Speakers examined 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 addressed 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.
Watch the full discussion here.