4 ms·
I think artwork also works this way. I have 10 piece of art drawn by Mr. Artist. My friend buys a piece for 1 million dollars, I now have ~9 million dollars of
by waynesonfire 4y ago
I think artwork also works this way. I have 10 piece of art drawn by Mr. Artist. My friend buys a piece for 1 million dollars, I now have ~9 million dollars of "assets".
These shenanigans have been going on for a long time in wealthy groups.
- smsm42 4y agoThat's why you see all kinds of fintechs trying to push art investment into the masses nowdays. They want the stupid money.
- pseudo0 4y agoAnd then you donate the art to a foundation or charity and pocket a fat tax credit, thus avoiding the problem of having to actually find a sucker to pay $1 million. Some jurisdictions have cracked down on this, but for a long time it was a popular way to game the system.