Visible Riches, Hidden Flows: Tackling Persistent Illicit Finance in Today's Global Art Market

In 2025, the global art market recorded an estimated US $59.6 billion in sales (McAndrew, 2026, p. 11). But with its lack of transparency, valuation manipulation, and weak regulation, this market has become a favored channel for illicit financial flows, including money laundering, tax evasion, sanctions evasion, and terrorist financing. This essay acknowledges that such flows have existed for a long time and asks why they continue to endure. It argues that their persistence is rooted in an art market that is structurally designed around opacity. As long as secrecy is treated as a cultural norm and even a competitive advantage, reforms will remain partial. The most effective path forward is to dismantle anonymity through worldwide enforcement of mandatory beneficial ownership disclosure, supported by global provenance standards, international cooperation, and oversight of emerging digital platforms and NFTs. Protecting the art market from illicit financial flows protects cultural heritage, supports fair and transparent commerce, and ensures that art contributes to sustainable development rather than undermining it.