4 ms·
The fine art world also falls under these various categories; zero-sum, greater-fool theory. Why pay $100m for a Basquiat? Because "number go up" of course; Y
by supernt 4y ago
The fine art world also falls under these various categories; zero-sum, greater-fool theory. Why pay $100m for a Basquiat? Because "number go up" of course; Yet no one is predicting its imminent demise.
- simonsarris 4y agoArt has the immense advantage that, if everyone is in on the game, and prices keep rising, then someone can acquire a work at 2 million, value it 6 years later at 15 million, and donate it to a non-profit/foundation/etc for the 15 million value, to get a massive tax write-off. The chump in this case is the US Gov. No other Art player is hurt, only the taxpayer.