There’s a lot of Nouriel Roubini news today.
First, he’s cautioning people against the art market.
CNN Money reports that “Dr. Doom” said at the Milken Conference in Los Angeles, that “some people use art, especially expensive art, as a form of money laundering.”
He said something similar back in January at Davos.
This is probably good advice. Here’s a paragraph from a New York Times story on this topic back in 2013:
It is hard to imagine a business more custom-made for money laundering, with million-dollar sales conducted in secrecy and with virtually no oversight. What this means in practical terms is that “you can have a transaction where the seller is listed as ‘private collection’ and the buyer is listed as ‘private collection,'” said Sharon Cohen Levin, chief of the asset forfeiture unit of the United States attorney’s office in Manhattan. “In any other business, no one would be able to get away with this.”
In other Roubini news, if you like his thoughts on the art market (or any other market, for that matter), you can have lunch with the man himself!
Couple of things: first, the bidding is currently (as of 2 pm ET on Monday) at $US500 — a relative steal of a deal considering the estimated value is $US5,000.
The lunch benefits the Against Malaria Foundation.
Second, the fee to meet Roubini includes neither lunch nor the opportunity to be impolite. ‘Here’s the fine print:
Valid for 1 person. Must be scheduled at a mutually agreed upon time subject to availability. Experience to take place in New York City within 1 year from the close of the auction. Please note that the winner is responsible for the cost of the lunch.
We expect all winning bidders and their guests to conduct themselves appropriately when attending an experience won at BidKind. Polite manners and respect for the generous donor and adherence to any rules or parameters are a must. Travel and accommodations are not included. Cannot be transferred. Cannot be resold or re-auctioned.
The bidding ends at 5 pm ET on Monday.