The fine art market is one of the most fascinating ways the ultra-rich game the system to save millions of dollars in taxes each year. To understand this you need to have basic knowledge of taxes and capital gains. The premise is that art prices are inflated by industry “insiders” and corrupt museum, studio, gallery,Continue reading “Why Billionaires actually buy art”
People love to lampoon a credulous art world, but the reaction to the fake invisible work of ‘Lana Newstrom’ shows just how repelled we are by its marketplace. The invisible art of Lana Newstrom is in fact a hoax, perpetrated by professional radio parodists Pat Kelly and Peter Oldring.
The global art market was valued at $67.4 billion in 2018, the second highest year ever. The United States, United Kingdom and China are the three largest art markets in the world. Their sales combined make up 84% of the global art market. The auction house is one of the biggest drivers of the artContinue reading “How Two Companies Dominate The $67 Billion Art World”