I worked in the building that Christie’s uses and they definitely had very high end clientele. And every building owner I’ve ever worked for or major investor I’ve ever talked to buys art as a way to bury and hide there money tax free and when they need a few mil to buy properties or invest in it they just liquidate a few pieces.
I guess they pay taxes once on purchase and a on sale account for the taxes in the pricing and they feel the art will appreciate in value so it’s like a bond of sorts.
I guess they pay taxes once on purchase and a on sale account for the taxes in the pricing and they feel the art will appreciate in value so it’s like a bond of sorts.