For starters, you can purchase and store art in an airport storage area where it never goes through any customs. [0]
Presumably, this is art that will accrue in value, but is (rarely) ever viewed, so is purely a financial vehicle for maintaining and transferring ownership of wealth outside any taxation jurisdiction.
Another game is the ultra rich and famous getting richer. Art is valued not just for its objective aesthetic appeal (ha ha! As if!!) but based on its providence. Meaning who created it, and also its history. Included who has owned it.
If you are Oprah Winfrey, and you purchase some art that only the top 1% of 1% can afford. It is likely that when you sell it, not only will the exclusivity of the particular artifact itself have gained value, but now that his has been owned by Oprah, it will be worth even more. And by modeling the value she places on art, she validates these extreme price levels both when buying and selling, which benefits the whole art world. [1]
Which, in full circle, makes art even more useful as a financial instrument.
Presumably, this is art that will accrue in value, but is (rarely) ever viewed, so is purely a financial vehicle for maintaining and transferring ownership of wealth outside any taxation jurisdiction.
Another game is the ultra rich and famous getting richer. Art is valued not just for its objective aesthetic appeal (ha ha! As if!!) but based on its providence. Meaning who created it, and also its history. Included who has owned it.
If you are Oprah Winfrey, and you purchase some art that only the top 1% of 1% can afford. It is likely that when you sell it, not only will the exclusivity of the particular artifact itself have gained value, but now that his has been owned by Oprah, it will be worth even more. And by modeling the value she places on art, she validates these extreme price levels both when buying and selling, which benefits the whole art world. [1]
Which, in full circle, makes art even more useful as a financial instrument.
[0] https://en.wikipedia.org/wiki/Geneva_Freeport
[1] https://news.artnet.com/market/oprah-sells-famed-gustav-klim...