Daniel Schnapp was quoted in the Blouin Artinfo
article, "Does the Art Market Need Regulation?"
Full text can be found in the February 3, 2015, issue, but a
synopsis is below.
When one of the world's most high-profile economists called
for the art market's regulation, as Nouriel Roubini did last
month at the World Economic Forum in Davos, Switzerland, people
listened. Roubini denounced the use of art "for tax
avoidance and evasion."
Daniel Schnapp, noted that "Perhaps what Roubini is calling
for is greater regulatory oversight of the art market itself
— so, for example, an administrative agency that will be
tasked with overseeing transfers of art — but with other
Congressional priorities that may be a stretch right now. It
seems to me that the art market for the time being is going to
continue to be either self-regulated or governed by laws that
already exist, for example tort or contract laws that already play
into the typical sale between an auction house and
