So I was listening the news about a new art exhibition and paintings reached 80 millions of dollars, I can understand that if you have a lot of money you can afford that but let’s be honest, millionaires are millionaires because at least some of them are smart, me as normal person don’t believe buying a paint for 50-80 million is a smart move, is there something that I’m missing? Something that is not widely shared about those art subast?
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For more modern works (i.e. The Armory Show or Art Basel), I say there are three possibilities:
1. Genuine patronage of the arts to support big up and comers.
2. As an investment. If an artist is suspected to become an ever bigger deal, you want to buy their work early so that it serves as an investment.
3. Smuggling. I know that sounds ridiculous, but it’s become fairly common knowledge in the current art world that large sums of untaxed money can move about fairly inconspicuously at large art events.
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