Art – “The Most Unregulated field of financial operations”

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This was more or less the theme of Luiz Augusto Teixeira de Freitas’s keynote address on the third day of the CIMAM Conference.

A lawyer and an art collector since the last 20 years, I believe it was the lawyer in him, that led to this inquiry. The questions were justified and should be treated with seriousness, if not with a sense of urgency.

Who is keeping an eye on the Art Market? Who are the regulators or the gatekeepers? With an industry touching the ceiling of over 50 billion Euro (that’s a lot of zeros), there are serious implications and for sure a need for regulations.  Continue reading