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Prominent economist calls to bring world market of works of art under control

January 23, 2015, 13:17 UTC+3 DAVOS
Because of the lack of control works of art have been used for purposes of money launderiung and tax evasion, the head of the Roubini Global Economics Group told the Davos World Economic Forum
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© EPA/ANDY RAIN

DAVOS, January 23. /TASS/. Prominent US economist, Professor of New York University Nouriel Roubini has called to bring the world market of works of art under control because it is vulnerable in some aspects, in particular, in the aspect of insider information, Roubini told the Davos World Economic Forum which he is attending as the head of the Roubini Global Economics Group.

Because of the lack of control works of art have been used for purposes of money launderiung and tax evasion; one might buy things worth half a milion without producing any passport, and many take advantage of the opportunity to launder their money, Roubini told the forum.

Last year the Christie's and Sotheby's auction houses sold works of art for a record high price: Christie's raised 5.1 billion pound sterlings ($7.58 billion), which was 12% up its earnings in the previous year. Sotheby's earned a little more — six billion pounds sterling ($9 billion), which was 18% up its previous earnings, according to Financial Times.

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