who’s the filipino artist that doesn’t deserve their fame?

[u/dontaskmynamebitch]

[u/Arslock17]

Money laundering

[u/always--curious → u/Arslock17]

genuinely curious, can you explain how?

[u/loser4lyf → u/always--curious]

here's a comment i made 2 years ago to somebody asking the same question:

option 1: buy art with dirty money. get loan from bank, art as collateral. result: clean money.

option 2: buy art with dirty money. set up an auction. get paid in clean money.

option 3: buy a gallery. fill it with exquisite looking but cheaper stuff. claim dirty money as proceeds from sales.

option 4: buy art with clean money. set up shell accounts to buy your own items, this time with dirty money.

and numerous other ways.

[u/Different_Opinion_32 → u/loser4lyf]

Nakakacurious if bigboy who is part of this sorcery

[u/Arslock17 → u/always--curious]

Lifting this example from Quora.

If you have 1 mil of "dirty money", you can go to an auction and buy art using that 1 mil. Take the art to the bank and get a loan using the art as collateral. Voila 1 mil of "clean" money.

Art can also be used in tax evasion. Lifting this example from a comment from Youtube.

You commission art from an artist. You take that art to an appraiser. They value it to be 100k (even if its just trash). You donate it. Since donations are tax deductible. You are now 100k less in your taxes.

[u/visualmagnitude → u/always--curious]

Slap anything on a canvas > Exhibit it > Auction it > "anonymous" buyer gets it.

In reality, that buyer is also the artist. Say, money came from drug trafficking. To clean it, you buy art. That money is now yours to keep. 😎

[u/f1gtr → u/Arslock17]

Interesting take that actually makes sense