THE ART INDUSTRY AND
U.S. POLICES THAT UNDERMINE SANCTIONS
TABLE OF CONTENTS
II.
BACKGROUND16
1. The U.S. Treasury Department
16
2. Sanctions Following the Russian Federation’s Invasion of Crimea
20
1. Money Laundering in the Art Market
35
2. The Art Industry is the Largest Legal, Unregulated Market in the United States
36
3. The Applicability of the Berman Amendment to High-value Art
38
4. Shell Companies
39
1. Sotheby’s
41
2. Christie’s
43
3. Phillips
45
4. Bonhams
46
5. Online Auctions during the COVID-19 Pandemic
46
1. Sotheby’s
50
2. Christie’s
55
3. Phillips
58
4. Bonhams
59
5. Private Art Dealer
61