4 ms·
The Boom Is Over. Long Live the Art
- wallflower 18y agoI was at a gallery with $10k+ paintings and sculptures. I asked the owner in a tactful way - why is the painting/sculpture worth $25,000 - who buys these? Her answer was the people who buy these pieces of art are buying them as investments (e.g. they would like them to appreciate in value, like fine wine). Kind of like discovering a cool band before they're hot. It's not totally gambling/investment and it's not solely personal appreciation of the artist's work.
- c1sc0 18y agoAnother reason is that it is a very convenient way to avoid taxes and cheaply transfer some of your wealth to your offspring. Art appreciation is hard to quanitify hence hard to tax.