Financial Crime and the Art Market: A Review of the Literature

• In Event: Carrot or Stick: Regulatory Models, Sanctions, and Offender Responses to Sanctions

Abstract

The art market, a lucrative global industry, may be at significant risk of financial crime, due to factors such as transactional anonymity and regulatory gaps. Existing research highlights a lack of risk awareness and self-regulation among market participants, emphasizing the need for enhanced oversight.

While the illegal trade in art and cultural artifacts is frequently driven by economic motives, both research and regulatory authorities have not adequately prioritized understanding the characteristics and prevention of economic crime within the art market context.

This paper represents the initial phase of a research project examining this issue within the Norwegian art market. It offers preliminary insights derived from a review of the existing international literature, aiming to shed light on the current understanding of this area of criminal activity.

Author

• Siv Runhovde, University of Oslo