The agreement includes a unique provision that involves the use of Hunter's paintings as a means to pay part of his child support.
According to the paternity agreement, Hunter Biden has agreed to assign a certain number of his paintings to his child over the next few years. The paintings will vary in size, with a minimum size of 24x24.
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The child will have the opportunity to select a painting, which will then be either sent directly to the child or to a gallery designated by Lunden Roberts.
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Any proceeds from the sale of these paintings will be wired to an account specified by Roberts.
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While this arrangement may seem unconventional, it raises concerns about the potential for shady business transactions in the art industry.
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A Senate subcommittee report from 2020 highlighted how the art market can be used as a vehicle for money laundering.
Unlike financial institutions, the art industry is not subject to the Bank Secrecy Act's requirements, which aim to prevent money laundering and verify customers' identities. This lack of regulation creates an environment that is ripe for illicit activities.
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The report also revealed that the art market operates under unwritten rules, with many transactions occurring through intermediaries known as "art advisors."
In these transactions, purchasers often do not inquire about the ownership of the artwork or the source of the funds used for the purchase.
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Similarly, sellers may not ask about the buyer's identity or the origin of the money. This lack of transparency and due diligence makes it easier for individuals to launder money or evade sanctions.
While some of the major auction houses have voluntary anti-money laundering programs, the majority of art sales are private transactions that lack such safeguards.
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The Subcommittee's investigation found that even in cases where the ultimate owner of a piece of art was known to be someone other than the art advisor, the auction houses still considered the advisor as the principal purchaser.
This lack of scrutiny and reliance on financial institutions to ensure the integrity of funds further highlights the vulnerabilities in the art market.
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Adam Thompson, a prominent artist from Miami, expressed concerns about Hunter Biden's involvement in the art market.
Thompson believes that Hunter is capitalizing on his infamous and scandal-ridden history by using an unregulated market. Without his notoriety and the shady industry, Thompson argues that Hunter's art would have little value, resulting in an unfair deal for his daughter.
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Thompson stated, "Scandal on this level is great for the value of an artist's work. But if a regular person were to sell Hunter Biden's form of art, they would never be able to command the outrageous dollar amounts the pieces generated without the Biden last name."
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According to the Washington Post, Hunter Biden has anonymously sold approximately 12 paintings for less than $500,000.
The exact amount generated from these sales is unknown, but estimates suggest that he earned at least five times more than the average American artist.
This significant financial gain raises questions about the true value of Hunter's art and whether his connections and family name played a role in the prices his paintings commanded.
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