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Like, in what way is Number 17a worth 200 million? I don't know if you mean this painting specifically, or paintings in general, but obviously, art is worth wh
by dfxm12 7y ago
Like, in what way is Number 17a worth 200 million?
I don't know if you mean this painting specifically, or paintings in general, but obviously, art is worth what someone is willing to pay for it. Now, there are many reasons a person might pay a lot for a piece, or how a piece might end up selling for more than an expert would expect. Here are just a handful:
1. Someone buys expensive art and donates it to a museum for a nice tax deduction. The more the painting is, the more the deduction. The person who bought Number 17A immediately donated it to a museum.
2. Two collectors are both really rich and both really interested in a piece and get into a bidding war. It only takes two, but sometimes there are many people who want a particular piece or a piece from a particular artist.
3. A collector (or dealer) might try to spur interest in an artist by overpaying for a piece to try and reset the price for said artist.
4. You can launder money by buying or selling art at auction.
- v0x 7y agoJust wanted to point out that point 1 is very rarely valid; while you do get a tax break from donating to charity, what you save in taxes is not offset by the cost of the donation. The only case I can really think of where that is the case is if you have some property appraised at a value significantly higher than what you can actually sell it for on the market.