Art values
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1Liner
: How art valuations can work. Not all of them work this way, but certainly, some do.
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Onement VI is a painting that sold for a price of $43.84 million.
- Millionaire makes $43m in 2022
- He hires an artist to make "art" for $25k
- Artist puts one streak on canvas.
- Millionaire thanks artist, and has art appraised by an appraiser who is in his same circle of friends.
- Appraiser values artwork at $43m
- Millionaire donates $43m artwork to the museum to get $43m tax written off
- Millionaire pays no taxes in 2022.
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- Observer at the museum: This is literally stupid, it's just a line on a canvas.
- Person next to me: No, you just don't understand it because you're uncultured...
(This was paraphrased from Mark Vicente on FB).
The thing is that the point is art is pure capitalism. It is worth what someone will pay for it. But there are ways to scam the system -- especially if you trade within a closed subculture, with incentived to inflate values based on ego or tax incentives. It's based more on hype of true believers than pure corruption/abuse, but there is obviously some of both.
