see, good, i will put them in as will dot more saw me by short road tool tool able offer. zach leila. lesson opinion polls show that over 70 percent of italians are against military support. the ukraine allowed to can confront with the day. don't laugh, don't you thought it was yet a skid on and blissful mental today about the daily dazzling plug with miles swimming pool a lot you they've got been a food and was wanting fun theater that might help them out there seems to be a growing movement calling for the return of stolen artifacts to their homeland, especially when a nation with a claim to these artifacts, requests or demands it. i'm christy i and you're watching the cost of everything.

where today we're going to be examining the art world and whether or not artifacts and artwork should be repatriated, as well as the role of modern art in today's world. ah, moody art and precious artifacts of defeated people by war has been common practice in ancient times. and these treasures are taken back to the victors capital to be displayed as trophies of war and conquests. museums today, now how many of these looted treasures? and while they're no longer displayed as trophies of war, there still displayed for educational and cultural purposes so that all the public can enjoy these national treasures. however, today, debates around the colonial context of these acquisition by western museums has centered around arguments in favor of repatriation. we page ration refers to

returning cultural property or looted artifacts back to their country of origin. and the pace of repatriation has accelerated in recent years. the getty museum and l i returned 3 terra cotta figures to italy. the denver are museum, shipped for antiques, back to cambodia. this nathan connie and return 29. been in bronze is back to nigeria and the london horn and none museum said it would return $72.00 treasured artifacts. back to nigeria in 2020 the museum of the bible in washington, d. c. returned nearly 11500 looted objects back to iraq and egypt including 5000 pirate 5 minutes and 6500 clay tablets. so what is the point of all these repatriation and why are museums so against it? museums are against the repatriation because the purpose of these museums is to showcase things of cultural value from around the world. especially as some people

are not fortunate enough to travel all the top 10 most visited museums yearly. all the one are located in europe or north america, with the exception being in beijing, china. these countries have museums that are subsidized well enough to care for and display historical artifacts that can be viewed by possibly millions of people. however, some people feel that museums should return artifacts to their original countries because they're the remnants of colonialist ideologies and regimes. however, there are questions regarding who owns the artifact, and where is the documentation to prove that many ancient or historical kingdoms from which many objects originally came from no longer exist or spread across many contemporary national borders, such as those of the ancient roman empire. another point to consider is the question of whether or not the artifacts will be properly care for,

or if the origin country has the security to even protect them. financially, museums will be in a lot of trouble with the loss of precious artifacts. for example, the british museum made an estimate of 4000000 pounds in 2020, from their vast collections of artifacts during the colonial period. hence, the main reason for withholding repatriation of artifacts does not fall under disrespect or ignorance, but rather the risk of inefficient maintenance and economic loss. joining us today is attorney leila. i'm in de la. how much have museums gained with art that doesn't belong to them? and how much value has the countries last because of the theft of their cultural art. i think it's really hard value to one to 5 because really the art is priceless . it's not just about the monetary value in terms of tourism and revenue and sales from the gift shop. i think a lot of the value is cultural,

so it's really hard number to quantify. but these values really, i would say high, are really important for he, for just mankind and for people enjoying are inherited. but on the other hand, should all are be repatriated. if all artifacts were to be repatriated, many museums would actually sit empty. so what's the point of even having a museum when the purpose was to bring in things from all corners of the world so that people can enjoy them in a central location without ever having to travel? so i don't think all art should be repatriated. i think that we should be examining the circumstances under which these objects were brought to the news, dan. so if the objects were stolen from a country, if they were taken during times of violence, then i think those are should be treated. but i even think that those orange and countries countries that want their work spec aren't looking to have every object

returned. i think they're looking for specific pieces that are symbolic of their people or objects that help to tell a story that those countries can't tell. i had read a statistic that about 90 percent of our from africa has been looted from africa. so these nations can't even tell their own stories of their other past. so i think that i don't think there's a real danger of that museums are going to be emptied because countries want all their works back. but i think countries are mindful on selecting certain pieces. and i think there is a lot of value to the we con, cyclic p, that museums, museums like the british museum in the metropolitan museum of art. it's wonderful that we have works in one place where we can see the objects kind of in the context of world history. and there is a lot of value there. but that doesn't mean that object should only be in those museums. and that these origin countries don't have access to their own art. now,

many source countries do not have adequate facilities or personnel, whether due to poverty or armed conflict. so many artifacts are actually safer, where they're actually housed. now, should these pieces be repatriated where most likely they'll end up getting destroyed or damaged? it's a really difficult question. and i think we have to look at those circumstances as well. so there have been programs, for example, in the u. s. where u. s. museums could hold on to objects that were taken from iraq and syria. and if there was an objects, wouldn't be returned until it was safe to do so. this is done been done historically as well, even during world war 2, objects were moved from you see and put away and safe keeping and then didn't return to museums until it was safe to do so. so i think we can continue with that type of and that kind of problem solving when you have objects that aren't

safe returning home. and you know, there are some situations or specially complicated, like if you're considering objects from afghanistan, natal, on perhaps as object shouldn't be returned now, while the telephones and roles. so i think you have to look at specific specific circumstances. but i think the danger there is that a lot of western museums will say that it's not safe to return work to the middle east in general, or to african countries in general. kind of just making these blanket statements so that works will be returned. would you say that modern art is simply a product of marketing and that if an esteemed collector or gallery where to endorse it, similar to any consumer good that's being endorsed by celebrity, that's enough to justify a high ticket price. so i don't think all modern aren't is just, or the prices attached to modern are just a result of marketing. i think marketing has been around for centuries. there's

always been trends of who the hot painters are. we think about even think of like leonardo, michelangelo is like hot painter. so i think there's always been a marketing aspect for aren't i think there's a lot of merit in modern art as well. but there are definitely trends. and there are definitely there are celebrity endorsements, to, and galleries themselves that know how to market artworks by using social media account and placing works with high profile customers. but there is still a lot of merit in modern art, but i think this with any type of are or any type of good, you're not necessarily necessarily getting the highest quality all the time. and i think different brands market. so i think it's the same in the art world as well. when we come back is art specifically modern art, a way to wander money?

is there any real value in it? don't go away. ah ah, ah. ah . ah, do i believe the mag goes? if dad bitching me today, no,

that is all i was on my own. i barely. yes because of the you in the ukrainians things that they're fighting for them on independence. an existence then of course there should be death indefinitely. that's no good news data sporting them if they're thinking that they're fighting, what the defense of the liberal democratic was. i think they will be the losers. ah ah

ah ah, because they already asleep here because they could just throw for a future store. greater finland to the euro's, the nazi theory of racial superiority, finish style. for years of caribbean ss, occupation, 14 concentration camps. 30 full prisoner of war, labor camps. 10 prisons, any will give you a little school level. she's the media finished on the scene and i needed in the chest. maybe to get all and i could, elephants been listening. it was going to be an approximately $25000.00 people when through the occupant of go finish camps, according to official figures,

his most stuck dumbly low tech. if the ship did you toil legged medina, shashika, now you're a sorcerer again. caucus for i mean here was famine disease forced labor, torture by the warden. so for mutual was even up on the water that also need, you know, i thought so deep you got that. it's if you remove it off with those it is 9 pushing the season, but give her what she only do duty, but he doesn't go to school for the thousands of testimonies of crimes and the impunity of criminals. not war when you've got here, you know, wanted to thank you to speak loudly in the good idea if what a good i feel, if not why me did it. because i lose. you got to really for the senior just because i it, but there's a dang yet. that was but it belong the

the, our world is very opaque and unlike industries like real estate where buyers and sellers are vetted and known and recorded, transactions are typically masked. art typically accommodates those who want to anonymously by high dollar paintings. and the industry actually allows for large cash deals are dealers are not obligated to disclose identities of their buyers. that means that anyone who has some money to buy art, ken no questions asked. so for those looking to launder money, art is a very attractive vehicle. the united nations office on drugs and crime estimates that the underground art market, which includes that fix illegals import, an organized looting may bring in as much as $6000000000.00 annually. the portion attributed to money laundering and other financial crime is in the $3000000000.00 range. now this is a significant chunk as approximately 300000000000 longer through the u. s. each

year. and especially compared to other things like crypto currency in which only $2800000000.00 was launder in 2019 art was more than double that of crypto currency. when mexico passed the law and the 2010 to require more information about buyers and how much cash is spent, the market cratered as sales to 70 percent in less than a year. many believe that this was because mexican cartel rings had previously been the biggest buyers in the market. so now what is modern art and how much is a really work? well, as a tough question, because the value of modern art is entirely subjective. it is easy to see why a historically significant painting is worth a lot of money. it is feel for detailed and stands, the test of time. the artist is not alive anymore, which as to the value, the piece as there is a finite number of works available. however,

compare that with a modern work of art. something like side won these untitled and it is just baffling how this big red scribble on canvas is valued at $46000000.00. another piece like the comedian, which is essentially a rotting banana duct tape to a wall sold for a $120000.00. many speculate that a blend of money laundering and a constant boundary disintegration in the modern art world has given birth to this ugliness, as we now know as modern art. because it actually doesn't matter what the art looks like, because it's not about making good art anymore. it's about covering a dirty money, an artist. now our focus more on creating what will sell easily versus objectively high quality or beautiful art. modern art doesn't have to have a clear and set market value like other industries. money laundering is rampant and

art is also very easy to smuggle and move around. the economist estimated in 2013 that the geneva freeport might hold more than a $100000000000.00 worth of us art sitting, tucked away in a space that also functions as a tax haven. art collectors also have creative ways to use artwork as ways to defer paying taxes as well, including the establishment of private museums and foundations, storing art and offshore free ports and loop holes in the tax code, such as like kind exchanges. lila is here with us again, are some of the famous works out there in reality, just forgeries that nobody knows about. are there some forgeries that can never be detected? that's a really fun question. i mean, you're brings of some of these conspiracy theory ideas as well that some of the great works we're looking at, or just forger use. and in fact, that's just

a theory that's been circulating about the mona lisa. that the more lisa is just way too valuable to actually have on display and that the real one is hidden somewhere and some type of ball or bunker. ah, there are a lot of word to reason out there. oh, and i think it's hard to detect one's like works at our ford or used there are potentially worse that we've been looking at for decades. were maybe even century is that are forgeries. but it's really hard to know which works are unless that work is really scrutinize. and that scrutiny can be done with forensic science by the work of kind of sores, by looking at the history of a work. not so for finding are and antiquities as well. there's often documentation that sports to company a work for sale. so you may think that'll work came from an artist studio or that it had this really prestigious past this history. but in fact, it could be

a modern forgery that as a company by forge documents. so there are a lot of forgery circulating, so it's important that people purchasing are very mindful of that and actually take the steps to ensure that they don't by forgeries. so people will come to my law firms some times with questions about work that they're interested in buying. and the last guess if we can help authenticate a work. so we don't, we are not experts and authentication, but we'll advisor clients to use experts and to use reputable experts who can examine the work and give an opinion about the style of the work. so these would be our kind of words that can give you an opinion on the stylistic features of a work. we also sometimes recommend clients use a forensic scientist to test the pigments to test the materials in the works to make sure that that they're correct. for the artist, and then of course,

we'll also sometimes use researchers to dig into the past of the work to see if the work had ever appeared on the art market. if it had gone to auction, you know, with their receipts information about the works and catalogs or exhibitions and we say that those 3 aspects of authentication are like a 3 legged stool. so you kind of balance all of those considerations for that client, can make it better determination about whether the work is authentic or a forgery. and as lawyers, if a client does want to proceed with the purchase, as lawyers will prepare the legal documents and write those contract so that there is a problem down the line and the buyer could get his or her money returned. i think people are becoming more aware of, so they're doing a little more due diligence and the price is on the art marker. are really

skyrocketing, so it's essential to protect your, your purchases. but we don't just do work with forgeries and authentication. so our market hot right now, so i think a lot of lawyers is who are practicing in our law, are busy. how is the forgery market? what percentage of the art market is made up of forgeries? and can you give us a dollar amount of how much art per year is forged? so they're like estimated to on how large the market is for forgery is, are with the percentage of works out there. if they're ford or not. and i think those estimates go from 20 percent of the market is foraged to 50 percent of the market. and looking at those numbers the off to offset. consider what worked for looking at. so i would say a lot of kind of lower market to middle market. there are more foraged,

work in those markets, so works that are perhaps around $150000.00 and below. the more valuable or works that are sold for half a 1000000 or more people will conduct more due diligence. so it's less of the work or less expensive. there's not as much scrutiny and it's easier to pass those works on the market. so i would say probably the lower end of the market has more ford threes than the upper end. so the works, we're seeing an auction houses that are selling for multimillion for many millions of dollars. those are the ones that are probably less likely to be forged and how so our market use to longer money. yes. so order is a really valuable commodity that's easy to us. so the example that i'll give to my students is that if you're trying to transport $10000000.00

worth of cocaine as a really difficult thing to do, right? i mean that feel legal. ah, you'll get caught at customs. that's a very difficult or criminal to actually accomplish whereas transporting and $10000000.00 painting is much easier to do. in fact, some people will not declare those works. roll canvasses, roll up campuses and their luggage, or get smaller pieces that are a value can seal them and cross the border with the, with these objects that are incredibly valuable. so are, has been used to launder money. it's a way to clean money if there are proceeds from illegal acts. that money can then be put into, or someone who is involved in organized crime, could then invest that money proceeds from drug trafficking or human try taking and

put that money into an artwork. and then legitimately be able to, to sell it. now, our world is the largest legal, unregulated industry in the world with global sales reaching over $64000000000.00 in 2019 and about 82 percent. a global sales of the art in that year were made in the u. s. the u. k. and china. the winners of this are obviously the criminals who treat the industry like a watering hole. artworks are faked, sold on the black market, and used to finance, enlisted activities or launder ill gotten gains. they are easy to move as a painting smuggled into the united states was actually worth $8000000.00 for the shipment invoice, stated that it was only a $100.00. so the customs officer let the shipment through where it was hit it away at a secure warehouse for almost a decade before and resurfaced again. but now the industry is changing. there are

a call to transparency to the art world, control that auction houses and art dealer's on how to avoid doing business with sanction individuals or acquiring the treasury to collect beneficial ownership information for companies formed or registered to do business in the country. in 2020 the e u and the u. k. adopted the 5th european m l directive and became the 1st section in the world to regulate the art trade. art traders are not perceived as financial institutions and must follow the am l requirements, including due diligence checks. art dealer's must also report both wire and cash transactions above $10000.00. however, the international market was not sore throat about this, especially our dealers who argued that the regulation would bring about too much bureaucracy and eliminate the culture of privacy. while this is a step in the positive direction,

the art market is an international segment and requires a coordinated global approach to combating money laundering for organized criminals . i'm christy. i thanks for watching. and we'll see you back here next time on the cost of everything with awe on cheap energy coming from last year. russian gush shape. and she bows. affordable and ship u r. stable, which has been proved, not the case, did use it will that there's no longer there a

it's a so for meant by campus on yesterday, i need to pick the water bottle of them. uh, mostly football, need you to me when you're both musical instruments and you can probably skills clicking like lead in the middle of your career. who are you? why do you decide on sanctions your sanction country or section the person? because you want to change the behavior of the government because cruise them why that hasn't happened, that's actual test and function with ah, us is

a danger to the world as it is. and cuz it has all this economic power that it uses for the military. these are sick and twisted people. they care about nothing but money empower i. it's not even hey, i think i think they're indifferent. they just want want to empower and they don't, they're indifferent to who dice and as long as they can get that money empower. ah, ah, i will ensure that joe biden does not receive for more years. do you believe trump, as a general rule? no, never. we must conduct a top to bottom overhaul to clean out the festering rod and corruption of washington dc abided as pushing us to world war 3. i mean,

i a you have to consider that. that is the worst. i mean, we should never be in a position the u. s. has no business in ukraine. a blue blue with a with

with the stories that shape the week. we recall the terror attack in saint petersburg which killed prominent russian war journalists, bloodlines, had starsky, wind being at least 44 people. also ahead of protests against judicial reform, the spread across israel, despite soaring tensions in the region and made recent steadily to terror attacks. and also with women, the elderly and children as young as one who has shot multiple times at close range .