The fallout from the Panama Papers scandal will not help the art auction market as some buyers try to avoid having their investment scrutinized, Jean David Malat, art dealer and director of the London Opera Gallery, told CNBC.
Therefore, private collectors would rather buy from a gallery, where their investments can be more discreet, he explained.
Although owning art has always been an attractive investment, the art market has seen mixed fortunes in the last year – with global sales falling 7 percent to $68.2bn, according to the European Fine Art Foundation.
However, art sales in the $1 million-plus market have grown 400 percent in value in the past decade.
Malat said that 2015 was still "a very good year for us internationally." The Opera Gallery, which counts 12 locations worldwide including London, Paris, Dubai, and Miami, among others, also recently opened galleries in New York and Aspen.