A Swiss Businessman was arrested in Monaco this week, on charges of reportedly manipulating art prices and money laundering.  Yves Bouvier, the owner of several “freeports,” where art is often sold without duties, was detained this week, after authorities uncovered an alleged plot to defraud several clients, including Russian billionaire Dmitry Rybolovlev. (more…)

New arrests are expected in the ongoing investigation into the Knoedler Gallery, the New York Times reports.  The news comes after the indictment of dealer Glafira Rosales, in which the prosecuting attorney, Jason P. Hernandez, stated that he was contemplating further arrests.  The news comes after the announcement that Mr. Pei-Shen Qian, the artist who created these works, has left the country for China.  Both the prosecutor and defense attorney in the trial have also forecasted that the case will be resolved soon.  (more…)

Long Island art dealer Glafira Rosales was arraigned this week in court, pleading “not guilty” to charges of selling over sixty fraudulent art works claimed to be by post-war masters Mark Rothko, Jackson Pollock and Willem de Kooning, among others.  The prosecution also accused Rosales of hiding the proceeds (over $12.5 million in undeclared incomes) of the sales in foreign sales accounts. (more…)

The sale of Pablo Picasso’s 1909 work Compotier et tasse has been blocked by U.S. authorities at the request of the Italian government.  The painting’s current owners, Gabriella Amati and her late husband, Angelo Maj, are being charged with embezzling $44 million from the city of Naples, and the work is suspected to have been purchased with the stolen money.  Immigration and Custons Enforcement director John Morton said: “Restraining this valuable artwork is an effort to help recover some of the estimated $44 million that this couple stole from the tax-paying citizens of Naples.” (more…)

Following the week’s record-setting contemporary art auctions, CNBC analysts weighed in on the current setting of the contemporary art market, criticizing the easy classification of the market as a bubble set to burst, and noting the ongoing theme of art market commentary asserting a link between money laundering and the increasing speculation on the art market. (more…)

Cell Phone records released in the money laundering and illegal gambling case against Helly Nahmad have put his family’s art dealing business in the public spotlight, particularly one conversation:  “Sometimes a bank needs a justification for a wire, right?” Mr. Nahmad said in a government account of a 2012 conversation. “We can just say, Oh, you are buying a painting. If they need justification, you know what I mean? You just be like, Oh yeah, I bought a, you know, Picasso drawing or something.” (more…)