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> I can't make myself outraged about rich people throwing money at each other. If there was no art, they'd find another excuse. It's not like that money would g

> I can't make myself outraged about rich people throwing money at each other. If there was no art, they'd find another excuse. It's not like that money would go to saving lives. What if they're throwing money at each other so that down the line they have the plausible deniability when they, um, "donate" $10m pieces because they need a tax write-off? What if its manipulated to inflate costs for a very hilarious game of tax evasion? Is that worth any outrage?

matt4077 9y ago
That's not how this works... If you buy something for $10m you're out $10m. Yes, when you donate it you can write off those $10m, or present value at the day of the donation. But you're only saving the taxes on those $10m of income, so you're still down $5m (assuming a 50% tax rate). And you could just as easily donate those $10m directly, and get the same tax write-off.
- monocasa 9y ago
  But the appraiser is part of the game too.