Art thieves around the world can be stopped by identifying weak links in supporting industries– insurers, auction houses, storage specialists, foundations and high net-worth buyers– and using stringent oversight to reduce crime, says a new study. Researchers formulated a strategy to target temporary markets, shipping activity and financial transactions with regulatory policing efforts. Recent estimates value trade in fine art and antiquities at over €40 billion (est. 51 billion USD annually), with works estimated to be worth over €50,000 (high-value art) accounting for 5% of transactions and 81% of the value of sales reported, the study reported, with most of the transactions happening in person between dealers. Most global art sales happen in just a few major global cities New York, Geneva, Paris, researchers argue so pinpointing corrupt areas can be achieved.
Read the report here.