Collectors buy cheap art from up and coming artists. The industry directs this cheap art to buyers who can be counted upon to buy a few pieces at high prices. This “marks up” art from previously unknown artists. Collectors donate marked-up art to museums for tax write offs.https://twitter.com/LifeMathMoney/status/1048632339063099393 …
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More likely market mechanisms independently converged on a pathological outcome. Every actor in the market is oblivious, well intentioned, and blinded by incentive. Easy way to test this is to reduce the charitable deduction for illiquid assets to cost basis or transacted value.
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Fascinating
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There’s no fraud involved and it’s much easier to launder money this way if you buy legitimate artists. If you just buy Cousin Tony’s paint by numbers no one believes it’s worth what you paid for it. That part of the market that are sincere are necessary 1/2
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Think of it as sponsoring art. No better way to distribute income.
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no, an incentive to fund young artists by buying up their art
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Or you could just say that there’s more money in the art market, more people employed and more art created because some people are using it as a tax write off. No fraud on the part of gallerists or artists. They’re making art and selling it. 2/2
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