Welcome to DU! The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards. Join the community: Create a free account Support DU (and get rid of ads!): Become a Star Member Latest Breaking News General Discussion The DU Lounge All Forums Issue Forums Culture Forums Alliance Forums Region Forums Support Forums Help & Search

pnwmom

(109,000 posts)
Tue Nov 20, 2018, 05:06 PM Nov 2018

Just one more odd coincidence? Guess who was the seller on the $450M DaVinci painting

that was purchased at auction a year ago by a Saudi Prince who is a friend of Prince bin Salman? A sale that more than doubled the previous record for a piece of art sold at auction.

The same Russian who purchased a Trump Florida property for far more than Trump had paid for it a few years earlier . . . leading to questions about money-laundering.

https://www.nytimes.com/2017/12/06/world/middleeast/salvator-mundi-da-vinci-saudi-prince-bader.html

LONDON — He is a little-known Saudi prince from a remote branch of the royal family, with no history as a major art collector, and no publicly known source of great wealth. But the prince, Bader bin Abdullah bin Mohammed bin Farhan al-Saud, is the mystery buyer of Leonardo da Vinci’s painting “Salvator Mundi,” which fetched a record $450.3 million at auction last month, documents show.

The revelation that Prince Bader is the purchaser, according to documents reviewed by The New York Times, links one of the most captivating mysteries of the art world with palace intrigues in Saudi Arabia that are shaking the region. Prince Bader splurged on this controversial and decidedly un-Islamic portrait of Christ at a time when most members of the Saudi elite, including some in the royal family, are cowering under a sweeping crackdown against corruption and self-enrichment.

As it happens, Prince Bader is a friend and associate of the leader of the purge: the country’s 32-year-old crown prince, Mohammed bin Salman.

SNIP

“Salvator Mundi” represented a major prestige purchase in the art world, if a controversial one. Some experts questioned whether the painting was a true Leonardo. Some were simply unimpressed. The painting’s previous owner, Dmitry E. Rybolovlev, is a Russian billionaire who bought a $95 million Florida home from Donald J. Trump nearly a decade ago. Mr. Rybolovlev had paid $127.5 million for the painting in 2013 — less than a third of its sale price last month — and he is still locked in litigation with the dealer who sold it to him over that lofty price, among other transactions.

11 replies = new reply since forum marked as read
Highlight: NoneDon't highlight anything 5 newestHighlight 5 most recent replies

superpatriotman

(6,253 posts)
3. Big money equals dirty money
Tue Nov 20, 2018, 05:20 PM
Nov 2018

It's covered in blood.

Why would a Wahhabist want a painting of the Christian messiah?

Wounded Bear

(58,726 posts)
4. At the root of all great fortunes is a great crime...
Tue Nov 20, 2018, 05:22 PM
Nov 2018

not sure who said it first, but I know I've heard it.

mitch96

(13,926 posts)
5. So how does this work?
Tue Nov 20, 2018, 09:50 PM
Nov 2018

The Russian who owned the painting paid $127.5 million for the painting in 2013. Sells it to a Saudi for $450 million in 2018 netting a tidy $322.5 million in profit less fees.
Is this a way of paying off the Russian? Is this a way of laundering his money? Did the Saudi's owe money to the Russians?
Seems like a legitimate deal to me.. Buy low, sell high... I don't get it...
m

pnwmom

(109,000 posts)
7. Legit except no painting has ever sold for this much money before. Also,
Tue Nov 20, 2018, 09:59 PM
Nov 2018

a Muslim wouldn't ordinarily want to buy an image of Christ, much less pay half a billion for it.

But it would make sense as an example of money-laundering.

mitch96

(13,926 posts)
11. "no painting has ever sold for this much money before. "
Wed Nov 21, 2018, 02:47 PM
Nov 2018

So just b/c it's over priced means something is wrong? What I'm seeing is the difference price, or over payment for the painting is the way of paying off somebody and make it look like a legitimate transaction... The Saudis paid too much for the painting and that overage is the payoff... Payoff for what ever reason, I get that. But how does this make it money laundering?
To my simple mind if you have $1 of dirty money you give it to somebody and they give you back $1 of clean, earned money. Less fees of course. So maybe the fee is 25¢ so I give you $1 of dirty and you give me back 75¢ clean..
Or is this deal backwards.... I give you 75¢ clean money for $1 dirty money but it looks like a transaction? The Saudi's paid the Russian 450 million of dirty money for a painting worth 125 million? So would the Saudi's be cleaning their money? I don't think so.. Prolly the Russians gave the Saudi's the 450 million dirty money to buy a 125 million painting. Therefore the 450 million dirty now comes out 322.5 million clean. The 125 million was the cost of the transaction, about 25%..
oy, I've got a brain cramp....
m

TeamPooka

(24,262 posts)
10. they sold it through a big auction house who takes a commission on both ends from buyer and seller
Wed Nov 21, 2018, 01:16 AM
Nov 2018

AnnieBW

(10,465 posts)
8. I thought that sale was a little fishy
Tue Nov 20, 2018, 11:18 PM
Nov 2018

I thought that the sale of that painting was a little fishy at the time. I was wondering of some of the money from the sale was going to wind up in DOLT 45's legal defense fund.

TeamPooka

(24,262 posts)
9. good. he bought a fake Da Vinci
Wed Nov 21, 2018, 01:14 AM
Nov 2018

many/most experts in the art community believe it to be by one of his students.

Latest Discussions»General Discussion»Just one more odd coincid...