The Jeff Koons thing is all money laundering. Art selling for tens of millions of dollars. Many examples of how this is done. Per Quora, here is one:
How to launder money with expensive art pieces:
You start with a sum of dirty money, say, 1 million dollars in cash.
You look out for an auction for some art masterpieces to bid for.
You use up your 1 million dollars dirty cash in exchange for a number of art masterpieces.
You bring those art masterpieces to the bank, take up a loan amounting to 900,000 dollars (or even 1 million if you have good connection), using the art as collateral.
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The Jeff Koons thing is all money laundering. Art selling for tens of millions of dollars. Many examples of how this is done. Per Quora, here is one:
How to launder money with expensive art pieces:
You start with a sum of dirty money, say, 1 million dollars in cash.
You look out for an auction for some art masterpieces to bid for.
You use up your 1 million dollars dirty cash in exchange for a number of art masterpieces.
You bring those art masterpieces to the bank, take up a loan amounting to 900,000 dollars (or even 1 million if you have good connection), using the art as collateral.
How to launder money with expensive art pieces:
You start with a sum of dirty money, say, 1 million dollars in cash.
You look out for an auction for some art masterpieces to bid for.
You use up your 1 million dollars dirty cash in exchange for a number of art masterpieces.
You bring those art masterpieces to the bank, take up a loan amounting to 900,000 dollars (or even 1 million if you have good connection), using the art as collateral.
You now have clean money loaned from the bank.
https://www.xe.com/currencyconverter/convert/?Amount=0.01&From=USD&To=VEF