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30mil t1_j2b0eto wrote

But of course, one guy owns 80% of his work in order to control the value.

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Midori_Schaaf t1_j2b7xc5 wrote

Rich guy auctions painting. Buys it back for a ridiculous sum, then donates the painting. Instant tax writeoffs, and a national think piece about the art to inflate its value. This is tax avoidance. This is not art.

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yeshia t1_j2bdbk6 wrote

Makes no sense. A tax write-off does not magically get you your money back. Just a fraction of it.

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AgentElman t1_j2cb6ea wrote

I sell you a painting for $100 million. Then I buy it back for $100 million. I have no established the value of the painting as $100 million and I get to write that off on my taxes when I donate it. The painting might only be worth $1 million in a real market.

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jcd1974 t1_j2c9ldf wrote

The Marilyn Monroe portrait was sold by the estate of Paul Allen, to pay estate taxes.

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fresh_gumbo t1_j2b1kj0 wrote

Don't all artists'work go up in value after they die? This isn't exactly Nostradamus level prediction skills so much as guessing if you touch fire it will hurt.

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waitingforthesun92 OP t1_j2b2ewx wrote

Read the title closely, as Warhol stated that he thought his artwork would not go up in value after his death. The irony of this, is that one of his artworks is now the most expensive American artwork ever sold…

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fresh_gumbo t1_j2b2n5p wrote

Oh wow, that's completely different... He must have been very high during that interview then... I shouldn't go on Reddit before finishing my morning coffee haha, that's totally on me

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InterPunct t1_j2b9sce wrote

>He must have been very high during that interview

He was also a bullshitter extraordinaire, so that too.

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fresh_gumbo t1_j2bbrae wrote

Tbf he must have been to sell a painting of tins of soup

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thorpie88 t1_j2bq8ui wrote

TIL Warhol was American. Always thought of him as a Pom

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