One reason for this story’s significance is that Knoedler was for decades one of New York City’s premier art galleries. It enjoyed a rock-solid reputation. Rarely mentioned in stories about fraud, scams and greed is the role rents play in New York City’s business life. They exert constant pressure on businesses, they inflate prices, and they’re an incentive to resort to corrupt practices to survive. The press, as is so often the case, is reluctant to present the whole story, the story in this case of confiscatory rents, because the press derives advertising revenues from real estate interests. This is not to say that rents played a role in the Knoedler story, but merely to seize the opportunity to point out the pressures brought to bear by high rents.
Posted on: Tue, 22 Apr 2014 16:31:24 +0000
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