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How can anyone drop xx million on a painting and not be a money launderer? They're probably a robber baron or tax evader at the very least.
by snypher 5y ago
How can anyone drop xx million on a painting and not be a money launderer? They're probably a robber baron or tax evader at the very least.
- pushrax 5y agoThere are art investors/speculators, museums, etc. who obtained money through legit means. Art in the millions is definitely an exclusive market though, and I'm sure draws various unsavory people.
- snypher 5y agoI didn't really consider museums and public institutes. Thanks for the insightful reply.
- tluyben2 5y agoStore of value? A 10m$ painting is easier than 10m$ in cash. Also because they tend to appreciate over time.
- pushrax 5y agoBuying a $10M painting is a lot more work than holding $10M in cash, but it does make sense as a store of value given fiat inflation. Buying gold is also easier than buying paintings, and buying gold ETFs is even easier. As is buying stock, bonds, etc. It's easier to hedge societal collapse by buying high value necessities (though who can truly predict how a collapse will unfold). I think there's a certain kind of person who can be a great art investor by having a good idea of what art is going to retain interest (and thus value), but I would not call it easy compared to index funds or most other popular stores of value.