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Kenneth Rogoff: The art of capital flight

Kenneth Rogoff

What impact will China's slowdown have on the red-hot contemporary art market? That might not seem like an obvious question, until one considers that, for emerging-market investors, art has become a critical tool for facilitating capital flight and hiding wealth. These investors have become a major factor in the art market's spectacular price bubble of the last several years. So, with emerging market economies from Russia to Brazil mired in recession, will the bubble burst? Just five months ago, Larry Fink, Chairman and CEO of BlackRock, the world's largest asset manager, told ...