March 10, 2016
The secret world of multimillion-pound art deals is facing a US inquiry into allegations of money laundering. Federal investigators have opened an inquiry into Yves Bouvier, a Swiss businessman described as “one of the art world’s consummate insiders”.
The US Department of Justice is examining the sale of paintings by artists including Leonardo da Vinci, Modigliani, Gustav Klimt and Mark Rothko, according to Bloomberg News.
Authorities in Monaco are investigating claims by the Russian oligarch Dmitry Rybolovlev that Mr Bouvier defrauded him by inflating prices on painting acquisitions and keeping the difference.
US prosecutors are said to be concerned by the lack of transparency in the international art market and by its vulnerability to money laundering. Law enforcement and art experts are warning that the market is increasingly being targeted by criminals and even terror groups keen to exploit its secrecy. Belgian and Swiss regulators have also started investigations.