
The Boom Is Over. Long Live the Art - robg
http://www.nytimes.com/2009/02/15/arts/design/15cott.html?_r=1&em=&pagewanted=all
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wallflower
I was at a gallery with $10k+ paintings and sculptures. I asked the owner in a
tactful way - why is the painting/sculpture worth $25,000 - who buys these?
Her answer was the people who buy these pieces of art are buying them as
investments (e.g. they would like them to appreciate in value, like fine
wine). Kind of like discovering a cool band before they're hot. It's not
totally gambling/investment and it's not solely personal appreciation of the
artist's work.

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c1sc0
Another reason is that it is a very convenient way to avoid taxes and cheaply
transfer some of your wealth to your offspring. Art appreciation is hard to
quanitify hence hard to tax.

