7 ms·

They estimate that and wealthy know all about it. There is no equation for calculating value of a piece of art.

• dane-pgp 5y ago
  What would happen if a country decided to ban the sale of any piece of art for more than $1 million? An exception could perhaps be made for sale on the death of the registered owner, and sale to public galleries.
  • comboy 5y ago
    Some real estate is no different than art. Such arbitrary limits only create loopholes for those with most expensive lawyers.
• rkk3 5y ago
  > They estimate that and wealthy know all about it. There is no equation for calculating value of a piece of art. They calculated "Wealth" for this article. There are many many valuation methods for assets, including art, and each has its trade offs (yes they can be gamed). Unless you want to take this to its philosophical conclusion of no observation being able to be an objective truth.
  • comboy 5y ago
    My point is that for taxation or legislation you need exact numbers and the same number should be the result for two different people in the same situation. I agree that even huge margin errors could be perfectly fine (because some value + margin error still give you lower bound) but I think we're not even close to that. Plus as much as I want it I just don't see how would you ever implement anything practical. Pure sophistication and obfuscation helps hide the wealth. Somebody rick can easily spend 10% of their wealth doing that (we're talking millions here) and tracing back these paths can turn out to be more expensive. Gov is at huge disadvantage here despite laws already helping it in a very questionable ways - like your need to prove where did you get some money from instead of gov proving that you got it illegally.