What Changes Are Coming In Art Market That Can Even Close It

Art market is very big and offer variety of art pieces, but due to explosion of demand of private and public collector’s greed has been aroused. Bouvier affair is in news these days; it is named after Swiss intermediary which was suspected of overcharging number of canvases with some wealthy Russian client. This does not show only greed but also shows lack of scruples by certain players in art and artistic market just for the sake of enriching themselves.

What is bouvering?

Many art collectors use services like art middlemen for acquiring new work. There are many such collectors and one is Yves Bouvier, who is a Swiss entrepreneur and made fortune through free ports, such commercial areas which are not subject to taxes and even opened business in Singapore and Geneva. The agreement which was made by him was very simple and bind that intermediary will have to pay commission of 1% or 2% of total sale price of work he helped in finding one on behalf of client.

For Da Vinci paintings Russian gave him $2.55 million. But a year later, problem came in light and that is Dmitry Rybolovlev discovered an article in New York Times that seller of Salvator Mundi might have received 75 to 80 million dollars only. Even it was also published that Yves Bouvier might have pocketed about fifty million dollars without providing details to Russian client. As soon as this case break down Swiss intermediaryconvinced his client about this and said that it is just media manipulation and that seller touched far more than price released in press.

When the client of Swiss intermediary discovered that Yves Bouvier is working since year 2003 for Russian businessman; a collaboration which have yielded nearly one billion dollar to art dealer before Dmitry Rybolovlev come to an end in year 2015. For information magazine stern, Bouvier used knowledge in medium to acquire and do reselling work of art nearly 50% more cost and applying standard fees of 2% to 5%. In fact, according to many other sources such overcharges can amount around 80% of initial price. The system was so systematic and well prowled that it dubbed bouviering and since then Yves Bouvier is been investigated in Monaco, France and the United States. You can even know more about this article by visiting the following link 24heuresactu.com.

Swindlers and counterfeiter having great fun

With so many things happening in market, international art market is not able to meet with same requirements and transparency as trade of other goods. In past few years, number of scandals has taken place involving scammers working as middlemen, deceiving the art market, inflating odds of some important work and extorting rich customers. In fact, number of such machinations has exploded recently along with financial scale. In question extreme opacity prevailing in the sector and facilitating non compliance with rules has brought some actions in force themselves. So, if you want to run art market for long time period then it is important to preserve its nobility.