The speculative nature of Nahmad Gallery’s investments, Madison Avenue neighbours, is not a new or surprising idea. But gambling and money laundering is a lot of more fun. As my other neighbour, Asher Edelman, puts it, this raid of the gallery by Federal agents will be a first step for the regulation of the art market.
“Art and art-related transactions have remained relatively untouched by either Federal or local governments. The raid on Nahmad Gallery is the first significant step in what will evolve our industry into one regulated in a similar fashion to financial institutions. Nahmad is simply the first such action surely to be followed by many more.”