Art insider trading gets prosecuted
No market is more opaque or riddled with inside information than the art market. Dealers keep vital information to themselves — even such basic things like what's for sale and how much it costs — and there's never any hint that all buyers pay the same price.
Why it matters: After thousands of years of trading in the art market, the first major prosecution for insider dealing has now landed — and it's for inside trading in NFTs, an asset class that barely even existed a few years ago.
Be smart: The prosecution doesn't mean there's more criminality in NFTs than in the art world. It's more that NFTs feel a lot more like securities than artworks do.