Chapter 265: Bet. The Murky Dealings of the Black Market

“Bet, how are under-the-table deals usually done in the black market?”

“Once the piece is appraised and confirmed to be genuine, the payment is made according to the seller’s preference. Large sums are usually wire transferred, otherwise, it’s cash.”

“What about contracts?”

She scoffed, as if my question was foolish.

“It’s the black market, plain and simple. There’s no way there would be contracts.”

I thought about my grandmother’s way of doing business.

She was a grandmother who ran forgery experts and smuggling rings. It was uncertain whether she would create forgeries this time as well, but to bring the painting to New York, smuggling would be unavoidable.

Bet Porter widened her eyes as she watched me deep in thought.

“Don’t tell me you think the Soonyang Gallery would trade like a black market?”

“Yes. That’s why they’ll agree to almost any condition.”

“No way! Why would a place like Soonyang Gallery do something like that…? I can understand not making things public and keeping contract details secret, but there’s no reason to make the deal itself illegal, right?”

How could a woman who had lived her whole life thinking only about art understand our family, a chaotic mess if there ever was one?

“Bet, even if you’re curious, don’t pry into unnecessary things. Just focus on what you’ll gain from this deal. Three million dollars in sponsorship every year. And perhaps masterpieces that can be exhibited forever. You wouldn’t want to miss out on this because of curiosity, would you?”

I said it with a smile, but Bet Porter, realizing it was a stern warning, shut her mouth with a stiff expression.

“Now, about the conditions we’ll propose. We’ll make some concessions to make things easier for their side. We can even concede on the amount, but the one thing we absolutely cannot back down on is the contract.”

“But based on the current situation, it seems impossible?”

“No contract, no deal. Furthermore, that contract must have the handwritten signature of the top person in charge at Soonyang Gallery, not just the formal gallery director, but the actual owner.”

“The actual owner? Who is that?”

“The chairman of the Soonyang Art Foundation.”

She must have felt like holding her head in her hands. Demanding the foundation chairman’s signature on an illegal deal was equivalent to saying they wouldn’t make the deal.

Before she could say anything, I raised my hand and stopped her.

“They will. Six hundred million dollars will come in from this one deal. The chairman of the Soonyang Foundation isn’t someone who would pass up an opportunity like this.”

“Do you know them? Oh, a family member…?”

“I told you. Unnecessary curiosity is forbidden.”

Speaking cautiously, she closed her mouth again.

“Let me give you a tip. Say this: Asian companies, especially Japanese and Korean ones, are known for their employees not having authority. We need direct confirmation of the top person’s decision to believe it. Of course, the contract will be kept strictly confidential and never made public. We can even specify the non-disclosure clause in the contract. They should accept this.”

“What if they refuse?”

“Make it clear there’s no deal. Don’t back down. Then you’ll be able to get the contract.”

My grandmother, who undoubtedly knew that Vice-chairman Jin Dong-gi and I had promised joint voting rights, would pour all her available funds into acquiring even a few more shares of Soonyang.

However, rejecting a whopping 600 billion won was hard to imagine. Though reluctant, she would pick up the pen and clearly write her name on the contract.

* * *

“Six hundred thirty million.”

“Six hundred million dollars. This is a fair appraisal. If you want to get more than that, entrust it to Christie’s or Sotheby’s. You’ll definitely get more than six hundred thirty million. But considering the enormous commission the auction houses will take, six hundred million dollars is the more practical option, wouldn’t you say?”

Secretary Song looked at Bet Porter’s confident expression and could tell her judgment was correct.

“Please excuse me for a moment. It seems difficult for me to make a decision… It seems like a matter that requires approval.”

“Take your time.”

Bet Porter smirked as she watched Secretary Song hurriedly take out his cell phone and leave. Jin Do-jun’s words were spot on. He had flown all the way to America but had no decision-making power.

It was hard for her to understand by her standards. If you didn’t have the authority to decide, wouldn’t there be no need to come all the way on a business trip? Even if you weren’t the decision-maker, wouldn’t it be common sense to hold meetings and negotiate when you were delegated that authority and responsible for everything?

As she was thinking this, Secretary Song returned with a smile.

“Okay. Let’s go with six hundred million dollars.”

Bet Porter barely held back her laughter at the man’s attitude, acting as if it was his own decision to be generous.

“Thank you for the difficult decision. Have we overcome the first hurdle?”

“Huh? What do you mean…?”

“Oh, I just have a feeling that there will be many difficult hurdles to overcome to close this deal.”

Bet Porter took a breath and spoke to Secretary Song.

“Based on what Mr. Song said last time, I don’t think this is a normal transaction, so let me state the terms of the deal first. It seems I’ve been in this business longer than you, after all.”

She spoke, recalling Jin Do-jun’s thoughts and words.

“The payment for the artwork will be wired to the account you specify. I’d like 10% as a down payment first, and the artwork delivered to the gallery’s storage here. Of course, it will have to go through our experts’ appraisal. Once the appraisal is complete and the artwork is confirmed to be genuine, we’ll send the remaining balance immediately. Of course, this is a confidential transaction. What do you think?”

Secretary Song’s face brightened.

“You’re very perceptive. That’s exactly what we want.”

“Since you’re doing what you want, I trust you’ll agree to my very minor condition.”

“Please, tell me.”

“We need to draw up a contract that reflects exactly what I just said, including the payment method and the delivery schedule….”

“A co, contract…?”

“I’m not finished yet.”

Secretary Song closed his mouth at her firm tone.

“Lastly, please have the owner of the artwork sign the contract. We need confirmation from the owner for such an uncertain and confidential deal.”

“The owner of the artwork is Soonyang Gallery’s….”

“No. I’m talking about the real owner. The very person Mr. Song spoke with on the phone just now. The chairman of the Soonyang Art Foundation, Madam Lee.”

Secretary Song could not think of a reply and just blinked.

“Of course, I will receive the signature myself. If Madam Lee finds it inconvenient to come to New York, our people will go to Korea.”

“That seems difficult, no, impossible.”

He barely managed to open his mouth, but Bet Porter spoke with a gentle smile.

“This is about wiring six hundred million dollars to an untraceable account. I don’t think I’m making an unreasonable request, am I? And I’ve accepted all of your difficult demands. If you can’t even do this basic contract signing, what am I supposed to trust and make this deal?”

“N, no…. That’s not what I meant….”

Bet Porter waved her hand briefly, cutting him off.

“Forgive me for saying so, but doesn’t Mr. Song lack decision-making authority? Wouldn’t it be better to call and get approval again now? Oh, and please be sure to tell them this. If they don’t accept my conditions, this deal is off.”

Secretary Song, his complexion turning ashen, took out his cell phone again and went outside.

* * *

“Seriously? Are you crazy? You’re aiming to take down Grandma altogether!”

“Why do you put it so dramatically?”

“The moment she signs the contract, it’s illegal export, nominee accounts… no, wait. If she’s getting 600 million dollars, it’s definitely an overseas account, which is a violation of the Foreign Exchange Control Act. Lastly, she’s embezzling foundation assets, which is embezzlement. With that amount of money, a suspended sentence is impossible, right? Even with the best lawyer, it’s five years.”

Oh Se-hyun, who was enjoying another vacation in New York, clicked his tongue after hearing all the details.

“That’s about the level it would take for her to be forced into retirement, wouldn’t you say?”

“Forced retirement….”

Oh Se-hyun still looked doubtful.

“But Do-jun.”

“Yes.”

“If the shares are held under nominee names, they’ll be hard to find. What if your grandmother grits her teeth and serves her time? She can still move nominee shares from prison.”

I chuckled. Oh Se-hyun still didn’t know our family well.

“Uncle.”

“Yeah?”

“Our grandmother can’t stand even the prosecutor’s office interrogation room, let alone prison. She’s lived for over thirty years without lifting a finger. She can’t even sit on a chair in the interrogation room when she can’t rest her backside on anything other than a several-thousand-dollar Barcelona chair.”

“But… will she really sign the contract? Your family members don’t sign anything except for personnel matters to avoid responsibility.”

“It’s six hundred million dollars. For someone who needs money, that amount is a huge temptation. It’s selling all thirty of those expensive paintings at once. It would take years to sell them safely one by one. She absolutely can’t refuse.”

My guess would not be wrong. If she wouldn’t sign it herself, she would have to use another method. Plan B is a rough method that isn’t refined, but so what? It would be fun to show my grandmother, who pretends to be elegant, the 모습 of a grandson who is ignorantly reckless.

* * *

“She does her job well.”

“She’s known as a capable woman in that field. The New York Art Center tried to scout her as a director, but she disliked being bound by tradition and customs, so she took over a small gallery where she could operate freely.”

“Why do I have to listen to stories about how great that woman is?”

“My, my apologies.”

The man who was reporting to Lee Pil-ok bowed his head hastily.

“No matter how capable she pretends to be, she’s just a painting dealer in the end. That gallery is just a middleman. Why would a gallery whose purpose is exhibition pour six hundred million dollars into works they can’t even display?”

Lee Pil-ok was certain. This was a wealthy American collecting.

“An individual is buying all our paintings. That woman is putting in all her effort to get a hefty commission from this deal. If she loses the trust of her wealthy sponsor, her money-making is over. The reason she turned down the director position at the New York Art Center is because she can’t make this kind of money there.”

Lee Pil-ok believed that the reason a skilled person who was recognized for their skills would refuse a prestigious position was solely because of money.

The man who was bowing his head cautiously opened his mouth, watching her reaction.

“What should we do? Should I call the Insadong Magician and instruct him to start working?”

“Forget it. When would he finish working on thirty pieces? He wouldn’t even be able to finish it this year. Contact Young-gi and tell him to prepare a private jet. It’s been a while since I got some New York air.”

“Yes, Chairman. Will this one also be done the same way…?”

“Yes. Oh, tell Secretary Song to arrange a dinner with the Korean Consul General in New York. We’ll need their help, so I’ll have to say a few humbling words.”

“Understood. I will prepare to have the New York apartment cleaned up.”

“No. There’s no need for that. I want to stay in a hotel this time.”

“Yes, Chairman.”

As the man left, Lee Pil-ok put on her reading glasses, opened her notebook, and examined the densely written content before picking up the receiver.

When she heard a polite voice on the other end, she spoke in a rapid voice that didn’t sound like an old person’s.

“Soonyang Electronics, Soonyang Heavy Industries, Soonyang Life Insurance…….”

After reciting the names of Soonyang affiliates for a while, she closed her notebook and took off her glasses.

“Find out the stock prices and market volume changes. Also, find out which institutions can make large-scale acquisitions.”

After ending the call, the thought of the shares she could buy with 600 million dollars made her heart beat faster for the first time in a while.