#29 Sotheby's CEO: Art World Money Laundering Claims Are Misguided

About this episode

Charles Stewart discusses the art market's challenges, including money laundering claims and the impact of geopolitics.

Charles Stewart, chief executive of Sotheby's, joins the Big Boss Interview and discusses the scrutiny facing the art market over money laundering, the growth of digital art and NFTs, the expansion of sports collectibles, and how the conflict in the Middle East could affect the industry. Stewart, who previously served as chief executive of a small bank before joining Sotheby’s, describes the characterisation of the industry as working with illicit money as a “misjudged notion”. He argues the company’s client base consists largely of established collectors, museum trustees and philanthropists who buy works to live with them rather than to obscure wealth. Russian buyers — often cited in discussions about opaque art transactions — represented less than 1% of Sotheby’s global business when sanctions were imposed following the invasion of Ukraine, he says, challenging assumptions about the role of Russian money in the market. Geopolitics is also shaping the art market. The Middle East has become an increasingly important region for Sotheby’s, with auctions in Riyadh and Abu Dhabi reflecting years of market development across the Gulf. Stewart says the company’s immediate priority amid…

People in this episode

Guest: Charles Stewart

Topics covered

• art market
• money laundering
• digital art
• NFTs
• sports collectibles
• geopolitics
• cultural infrastructure

Keywords

• Sotheby's
• money laundering
• digital art
• NFTs
• sports collectibles
• Middle East
• geopolitics

Mentioned in this episode

Organizations: Sotheby's

Places: Middle East, Riyadh, Abu Dhabi, United Arab Emirates, Qatar, Saudi Arabia

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