Roundup: How the Government Might Make the Art World More Transparent
Rupa Bhattacharya

The era of opacity in the art world might well be coming to an end soon. Reports over the last few months have indicated that the shift to online galleries has meant a turn away from unlisted pricing, and now, new regulations (and liabilities) mean that galleries will soon have to keep more public track of who has been buying what. 

Last week, the US Department of the Treasury’s Office of Foreign Assets Control issued an advisory suggesting that the art market’s loose regulations and general lack of transparency could lead to financial crime (like money laundering and evading sanctions). 

Artnet explains the relevance: earlier this year, a congressional report found that art dealers and auction houses had been used as intermediaries to move money around on behalf of people who’d been sanctioned. 

Per the report, the use of shell companies and intermediaries to buy, hold, or sell art is a huge risk for galleries and dealers, and the Treasury Department is suggesting art dealers and galleries create compliance programs to scrutinize their transactions and know who they’re working with. A lawyer Artnet spoke to explained that while he wasn’t sure what prompted this particular advisory, “Further scrutiny and further regulation in the US art world is coming.”

Of Interest

• Interactive art meets happy trees at the ‘Bob Ross Experience.

• After backlash (and backlash-to-the-backlash), the delayed Philip Guston exhibition will open in 2022.

• A low-graded Honus Wagner card just sold for $1.4 million.

• ...While Rob Kardashian scored a 6-figure Tom Brady card

• Inside Cheech Marin’s 4-decade collection of Chicano art

• An extremely rare, stolen-then-recovered collection of Batman comics is going up for auction.

• The rise of direct-to-consumer art

• We could have had Matthew McConaughey play the Hulk

• Is this the end of contemporary art as we know it?

• The new Nets jersey pays homage to Basquiat.

• More details on the forthcoming Supreme x SB Dunk Low.

News From the Otis Collection

Business Insider profiled a number of artists recreating cartoons, including Shelby & Sandy.

• Jeff Staple talked to Hypebeast about his love for AJ3s

• A new book includes DIY art projects from KAWS, Rashid Johnson, and others

• Virgil Abloh tells Complex about his sneaker inspiration

• Tracey Emin’s cancer diagnosis ‘hasn’t stopped her from being an artistic dynamo.’

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