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Your comment reminded me that there is a lot of art and artifacts simply kept in warehouses, and treated mostly as investment assets: https://www.nytimes.com/20
by leto_ii 6y ago
Your comment reminded me that there is a lot of art and artifacts simply kept in warehouses, and treated mostly as investment assets: https://www.nytimes.com/2016/05/29/arts/design/one-of-the-worlds-greatest-art-collections-hides-behind-this-fence.html https://www.nytimes.com/2016/05/29/arts/design/one-of-the-wo...
As far as I understand it, this even includes da Vinci's Salvator Mundi... how sad is that?
- viggity 6y agoI don't know about the tax laws elsewhere, but IIRC, in the US gains from art are taxed as income, not as capital gains, which would seem to reduce their attractiveness as investment vehicles dramatically.
- kritiko 6y agoThere are ways around this. Art collectors have started building museums on their properties with limited, often onerous public access: "Wealthy collectors, of course, have long saved millions of dollars in federal taxes by donating art and money to museums and foundations. But what distinguishes Mr. Brant’s center and a growing number of private tax-exempt exhibition spaces like it is that their founders can deduct the full market value of any art, cash and stocks they donate, even when the museums are just a quick stroll from their living rooms." https://www.nytimes.com/2015/01/11/business/art-collectors-gain-tax-benefits-from-private-museums.html https://www.nytimes.com/2015/01/11/business/art-collectors-g...