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I think your summary misses a main point of this article. Entrepreneurs set up a very high-security art warehouse in Harlem (New York) with a main selling poin
by schoen 8y ago
I think your summary misses a main point of this article.
Entrepreneurs set up a very high-security art warehouse in Harlem (New York) with a main selling point that it enjoys a formal exemption from Federal import taxes on fine art. However, no such taxes exist in the U.S. The author believes that the tax exemption provides a kind of cachet for the warehouse even though there is no practical benefit, and that customers may not even realize that they don't get any financial benefit from storing artworks there.
- dsfyu404ed 8y agoRelevant xkcd https://xkcd.com/641/ https://xkcd.com/641/
- bmpafa 8y agoThis reminds me of something I read once about pain reliever marketing. 'no other pain reliever acts faster' == 'they all act exactly the same speed' Lies, damn lies, damn damn lies, and marketing.
- maxxxxx 8y agoIt's like duty free stuff that you can often buy cheaper at the store even considering taxes and duties.
- homero 8y agoPeople with that kind of money just believed him? Surely they have accountants that plan this stuff for them.
- lathiat 8y agoThe article does however make one concession which is that while art is duty free, other items such as antiques (e.g. a lamp or desk) are not unless they are over 100 years old. So there is some possible use still. But largely it's a status symbol for the high security storage location.