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$1.8M is not bad, but the article also brings up a similar case in 2010 where a vase found when cleaning up a house was estimated to be worth $2M but was eventu

by TomVDB 4y ago

$1.8M is not bad, but the article also brings up a similar case in 2010 where a vase found when cleaning up a house was estimated to be worth $2M but was eventually sold for $83M?!? https://www.spokesman.com/stories/2010/nov/13/familys-old-chinese-vase-sells-for-record-83/?amp-content=amp https://www.spokesman.com/stories/2010/nov/13/familys-old-ch... Edit: it gets better. That $83M was never paid by the buyer in what may have been a protest organized by the Chinese government against the sale of looted treasures by the British. Meanwhile, the sellers were in the hook for a $14M estate tax that was based on the auction price. https://www.liveauctioneers.com/news/top-news/antiques/report-83m-winning-bid-on-chinese-vase-may-have-been-a-hoax/ https://www.liveauctioneers.com/news/top-news/antiques/repor...

notyourwork 4y ago
I wonder how seller can be on the hook if the money was never received. That seems odd?
- adolph 4y ago
  >$14M estate tax that was based on the auction price Key phrase: estate tax. This was a taxable transfer of property that someone didn't take to the grave.
- Steve44 4y ago
  In the UK it's called Inheritance Tax and is basically a 40% tax on your estate when you die. They add up everything, the house, vehicles, savings & shares, artworks and that is then taxable at 40% in most situations. This means generally you have to sell a lot of things to inherit anything valuable from your parents. [1] https://www.gov.uk/inheritance-tax https://www.gov.uk/inheritance-tax > Inheritance Tax is a tax on the estate (the property, money and possessions) of someone who’s died. > > There’s normally no Inheritance Tax to pay if either: > > the value of your estate is below the £325,000 threshold > > you leave everything above the £325,000 threshold to your spouse, civil partner, a charity or a community amateur sports club

by TomVDB 4y ago

notyourwork 4y ago

I wonder how seller can be on the hook if the money was never received. That seems odd?

adolph 4y ago
>$14M estate tax that was based on the auction price Key phrase: estate tax. This was a taxable transfer of property that someone didn't take to the grave.
Steve44 4y ago
In the UK it's called Inheritance Tax and is basically a 40% tax on your estate when you die. They add up everything, the house, vehicles, savings & shares, artworks and that is then taxable at 40% in most situations. This means generally you have to sell a lot of things to inherit anything valuable from your parents. [1] https://www.gov.uk/inheritance-tax https://www.gov.uk/inheritance-tax > Inheritance Tax is a tax on the estate (the property, money and possessions) of someone who’s died. > > There’s normally no Inheritance Tax to pay if either: > > the value of your estate is below the £325,000 threshold > > you leave everything above the £325,000 threshold to your spouse, civil partner, a charity or a community amateur sports club