Art + Taxes = The Dirty Truth

86 thoughts on “Art + Taxes = The Dirty Truth”

  • Curiously concerning. I believe a similar market exists for fine musical instruments. For example, none of the best violins in the world are actually owned by musicians because they could never afford them.

  • Thank you for that brilliant video – so informative and thought provoking. I really wish another word would emerge for what is described and going on. Something without the word "art" in it. It really has nothing to do with art but is a scheme and might as well be potatoes in stead of paintings. It brings shame to art as a whole and I secretly cringe when I have to call my works art. Many people today don't see anything other than a bad/good financial investment.

  • I consider what I sell (oh, the dreaded commercial on youtube even though we're watching commercials all day) very much exclusive and the rarest artworks.

  • Imagine that. It's all a con and a scam. Nothing is worth owning anyway except your shelter, your food and your family and friends. And those cost enough already.

  • I love your shows so much that I would love to translate all the subtitles into Chinese so that many people can understand the concept with ease ❤❤❤ I've already submit a translation of "the case for Abstraction" since it's my favorite! hopefully I'll have time to do more.

  • Fantastic video but why so much hatred towards the rich when they've clearly just found a way to earn money. It's the failure of the government if we're looking for a scapegoat. The rich get richer because the poor doesn't imitate.

  • This is such a good and disturbing video. It's so strange to think that the art market in the U.S. is so heavily subsidized by the U.S. government, not through grants to artists but instead through tax writeoffs to the richest Americans. -John

  • Art industry has become a tax fraud and money laundering machine. You talk about here about tax and you are right, but it also used to provide false legitimitate origin of an income.

  • I'm glad people are encouraged to donate art works, but there's clearly something wrong with the current system.

  • What you're talking about here has been mentioned many times throughout history and that is commercialization ruins everything. Just about everything that becomes commercialized is ruined. Art, music, entertainment, etc. was ruined the day it became commercialized. It's been this way throughout history. At least now with the advent of the internet, one can view the works of independent artists whose works would never find their way into a mainstream art gallery.

  • Thanks for the video! Great explanation. Just wanted to say, that there are also thousands of artworks locked away in every museum in the world.

  • 3:09 Why is the tax on capital gain (28%)/income (based on appreciated value) ignored in this video? You can't claim loss without claiming the gain, can you? The whole point about the tax scam is fully valid, the question is, why leave out a critical information?

  • Interesting. It really reminds me of the housing bubble that eventually burst with the financial crisis. I wonder if this bubble will eventually burst. All it takes is one shake in the collective confidence…

  • Thank you thank you for articulating this so clearly! It's a business practice that's closely guarded among the 1% and major financial institutions and it's damn near impossible to break through to see what's actually going on. The idea of all this art sitting in the dark against its whole purpose is definitely nauseating. Keep up the good work!

  • Fantastic video that rings close to home to me… Classical musicians who play string instruments are heavily affected by the market of antique instruments inflating the value of all professional level equipment, regardless of the antique instruments functionality. It is common for affluent collectors/dealers to hoarde wonderful instruments kept in storage for decades without being used in hopes of flipping them once they increased enough in value. Many musicians rely on instruments being loaned to them, since they are so far out of reach for a working musician. While this can be a positive relationship, many times it leads to exploitive behavior (particularly to young women), or the instrument being taken away with little to no notice to be given to someone "more promising" or to pay off a financial obligation.

    I'm very lucky to have been able to bypass the brunt of this market by playing a less-desirable instrument, but it is a pervasive part of classical music culture that I am extremely dubious of.

  • I like to think I wouldn't become such a greedy SOB under any circumstances, but who knows..? It's a terrible financial system we're immersed in, and it preys on human weaknesses.

  • Replace all that talk of "art auctions" with "stock market" and I feel like it rings just as true. Regulated or not, it's all just a shell game for rich people. Lame.

  • And if the artist is dead that cuts out the "middle man" of the transactions. That's why artists become famous after their death.

  • One of the biggest challenges we do face at the AGO is that our collection is largely contributed by donors. Thus our collection is heavily Eurocentric. While there has been an effort to increase diversity among the collections over the last few decades it has also grown increasingly difficult to do so. I try to point this out to visitors on highlights tours. I still think we have a great collection and many works in the European collections are still interesting to explore, but I think it's important to point out the uncomfortable realities in our institutions, and maybe use this as an opportunity for discussion with visitors.

  • That five million valuation thing is a massive cheat for this video. It's unlikely that would hold up under an audit."Fair market value" does not mean whatever someone you can find says it's worth.

  • I like what you said about it affecting the art that gets made. This is an important point. Artists get affected by the art market too.

  • Maybe we should deregulate other areas as well instead of making it worst for everyone, more people could have the opportunity to free themselves from financing the Government. Less taxes for every citizen doesn't sound bad.

  • It's frustrating I have trouble seeling a painting for something like 100$ but there's some selling for billions. It's just a little frustrating. I just want to pay for my time and material so I can keep painting.

  • i'm on the same wavelength, sarah, i'm not a big fan of the art market either.. maybe that's the part that always pushed me away from fine arts and more toward illustration

  • I wonder if some mechanism is on offer to somehow gaurantee ensure that art that is sold does not wind up in a freeport?

  • This is why so many artists mix their shit in with their paint knowing full well it'll inevitably be treated with the same regard.

  • hardness is good for wealth retention and ensuring that heard earned profits aren't soaked up and siphoned off, but not so good for penetrating new territory maybe. What new territory when you have everything you need where you are right? But forever? That's when being hard may backfire once again. Cheers

  • The nexus of art and money will always be weird. It will always bother some people. I think if you try to fix it, it's just going to be weird in some other way. There's just too much subjectivity and emotional force involved.

  • What an eye-opener, I understood there was eye watering amounts of money in the art market. However, never knew how it worked to benefit the already wealthy! Here in the UK where 'austerity' measures have been put in place, the government is withdrawing funds from art. So art in the UK too will be dictated by what the art market stipulates. Not sure whether this has always been the case ever since artists in Europe were 'liberated' from having to work for patrons and hurled into the art market.

  • Thank you for posting this topic, something that I’ve only begun to understand recently, although from a less detailed description. It’s shadier than I thought. Kudos on the red bucket clip. Was it your idea? I think so. 😏😊😂

  • An auction is corrupt because people bid? Dumb… also, if it's not guaranteed to be a tax deduction than it's not a SCAM, you just think it's a scam be abuse it can be treated like any other investment and becomes tax deductible… dumb logic

  • the more money rich people invest on art, the most artists will have benefit from it, Never mind the reasons why they invest in art, one can use this money to do the better that one can do.

  • Cool video. 

    Can you have an essay that shows all the good collectors and Capitalism does for the market. Didn't Madonna buy the entire show of Cindy Sherman? I believe a lot of that money went to the artist and also brought awareness to her work. It also has that liberal "Girl Power" angle that this channel loves.

    Put the puke bucket down. LOL.

  • These are the the circumstances whereby artists like Cy Twombly or Gerhard Richter can sell ridiculous garbage for vast amounts of money. They are gaming the system too.

  • It sounds like once paintings become financial capital.
    Those financiers might end up supporting it as cultural capital so that it can be worth more.
    Art critics and appraisers need to learn to divorce the cultural aspects of the art to the financial aspects of the art. I forget the name but there was a movie written about the guy who was pretty much a homeless heroin addict, though most artists are pretty similarly characterized. Its seemed to me that that might be the case.
    I mean patrons where the original supporters of artists were they not?

  • Excellent video. There is too little public discussion of these issues. Nobody interested in art is completely free of the effects of the market in artworks. It's long past time that the market was regulated.

  • Why is this bad again? Minus the fact that most of those flipped and paraded paintings are modernist crap and deserve to be stored away anyway – what's the problem with this model? Sell, resell and deduct all you want. P.S. This is still a well made video.

  • That Leonardo is fake. It was coincidentally discovered by a da Vinci expert capable of producing forgeries (she restores his work). The composition is a mess, she stole details from other paintings and Leonardo was obsessed with anatomical proportion, something that painting's painter clearly doesn't care about one bit. If you look his head looks caved in at the top and he's looking down, popular from 19th century art on but during the Italian Renaissance, Jesus was looking UP unless on a cross! They mess up the shadows (neck sides), something Leonardo specialised in!

  • What are these Goddamn Freeports, are these like Swiss bank accounts or the Cayman Islands? (also….sorry God, did not mean to offend).

  • So….really cool if we could get over this. The nut; I believe is that Art is more important than Money.

  • This is awkward, but I am Canadian. 3-4 years back the city I live in spent over 50000 on a giant blue circle. A blue circle. Thats all it is. Its like if you took a hoola hoop 20ft high and stood it up. I guess cities have to spend so much on art. Buuuuutt Im an artist and like wtf. Im sorry I hate looking at it. So lame.

  • Wow, just wow. I mean, I kinda knew all this already, but you laid it out so perfectly that I have to… wait… baaaaarrrrrf.

  • As I understand it an artist who donates an art work to a charity sale can only deduct the price of the materials it took to create the art work from their taxes not the value of the work.

  • Bullshit, rich people have hundreds of ways to evade taxes, it is not news, even worse than using art to evade taxes is to create foundations that promise to help poor children or with cancer lol …..

  • Your videos are worth more than the irrelevant art that you talk about most of the time. Came to my mind when the red spiral painting came up.

  • “Grown-ups like numbers. When you tell them about a new friend, they never ask questions about what really matters. They never ask: ‘What does his voice sound like?’ ‘What games does he like best?’ ‘Does he collect butterflies?’ They ask: ‘How old is he?’ ‘How many brothers does he have?’ ‘How much does he weigh?’ ‘How much money does he have?’ Only then do they think they know him. If you tell grown-ups, ‘I saw a beautiful red brick house, with geraniums at the windows and doves at the roof…,’ they won’t be able to imagine such a house. You have to tell them, ‘I saw a house worth a thousand francs.’ Then they exclaim, ‘What a pretty house!” – Antoine de Saint-Exupéry, The Little Prince

  • Liberals want everyone to be equal, as long as it's equally poor. More billionaires? Good for them, and good for all the jobs they create. Ps……someone should have fact checked your first 5 minutes for ya. Just saying.

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