Fine Art: the world’s most secret tax scam

Comments · 1.9K

• AB

  @Abundantiaco · 4 years ago · pinned

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• MU

  @Muddy_Marine · 4 years ago (edited)

  As someone who used to do taxes, this makes so much sense. I also agree that it&apos;s super unethical and am in no way saying this is a good thing, but they basically came up with a way to essentially donate millions to charity without actually spending that amount. It also explains why a lot of &quot;modern&quot; art goes for such stupidly high prices; I had always wondered the reason for that.

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• OZ

  @ozne_2358 · 4 years ago

  Excellent video. One thing is missing from this : not only these people get to save heaps on their taxes, but, unlike other tax evaders, &nbsp;they also get to pass as philanthropists in the media.

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• 10

  @1001musings · 4 years ago (edited)

  As much as I love art, this just re-affirms my hate for the art world. There are always people who can corrupt the beautiful things of the world.

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• KA

  @kalilavalezina · 4 years ago

  I went to art college and always felt they didn&apos;t at all prepare us for the art world. There wasn&apos;t even one lecture on connecting to galleries. Now I wonder if they just didn&apos;t want to tell us that this is part of the deal of being involved in this industry: shady insider deals and tax scams. Oh and by the way, your art might just end up in a warehouse if you make it big.

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• HA

  @haroldcruz8550 · 4 years ago

  I am both impressed and appalled on how creative they are in scamming us.

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• TI

  @timon20061995 · 4 years ago

  As a practicing artist myself, for whoever watching it, I can give some inside view. One of the big no no for fresh artists are not increase the price of your art too fast because price your art ideally should never go down but up. So when situation in video mentioned happened, the gallery and collector basically try to squeeze as much juice as they can from the artist until the price of artist work no longer get higher and no longer can sell.Both of parties get profit from the work and they will just abandon the artist. Since your art can’t get low but high, you basically stuck in this situation that no one will buy your work because of high price and there’s nothing you can do.

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• SO

  @SorelleAmore · 4 years ago

  This is actually pretty insane. I never knew...until I made the video about it.

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• CM

  @cmwHisArtist · 4 years ago

  As an artist, I was walking out of the Lyme Art Association last week after dropping off a few pieces for jurying. &nbsp;As I gazed at the hundreds of gorgeous works sitting there, done by local, mostly unknown artists, I was blown away by the vision and talent just in our small area of the world. &nbsp;Tears came to my eyes because of the wonder of man’s giftedness, and the limited access to the beauty that is produced. &nbsp;We used to know that in order for a human to develop successfully, he must be able to function with both sides of his brain. &nbsp;The right side, creativity, has been systematically allowed to atrophy for the last 80 years , by first taking art and music out of the schools, which actually are an important form of recreation for the human and gives him appreciation for personal accomplishments. &nbsp;Children are discouraged from the arts by parents who pronounce “there is no money in it”. &nbsp;BUT the hobby should be maintained, as most people end up in a job that does not fulfill on many levels. &nbsp;Even our architecture has become square mostly boring boxes compared to the large ornate structures from hundreds of years ago.<br>We spend our time watching other people being “creative “ on tv. &nbsp;Our halls and buildings should be covered inside and out in beauty. &nbsp;Our children should be encouraged to express themselves and have joy and spread it to others. &nbsp;Art and music are food for the soul, whether we are able to make it or appreciate it.

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• YU

  @yurrintinckelsonn812 · 4 years ago

  I worked for a woman who ran an art magazine. She found artists, bought their work &nbsp;then promoted the hell out of them. The art goes up. Donate inflated shit to charity and write it off. Rinse and repeat. However much she said it was worth was 100 % her call. Literally printing money by decree.

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• GR

  @greenmedic88 · 4 years ago

  This was indirectly brought to my attention at an art gallery during a trip to Las Vegas when I struck up a conversation with one of the sales reps. The pitch wasn&apos;t so much to sell me on buying a $30,000 painting for an up and coming artist who had more buyers for his work than he was capable of producing paintings for, but that I could use the painting as a business tax write off by putting it on display in my work office. That was literally the pitch.

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• FA

  @FalcoDeLupvs · 4 years ago

  It always boggled my mind on the prices paid for &quot;art&quot; by the rich.. Now I know why they do it!

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