What goes into the determination of art value? What differenciates an skilled amateur price from say something from Picasso – assuming the viewer doesn’t know the artist
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One thing about contemporary art is it’s very valuable for wealthy people who want to hide their wealth. There’s a loophole which can basically be exploited by paying someone to value a piece of art you own as very valuable (let’s say a million). Now, because they said so, you own a million dollar asset. If you donate that to a museum, you can write that off as a million dollar charitable donation, and you don’t have to pay any taxes that year.
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