Submitted by waitingforthesun92 t3_zzdv17 in todayilearned
But of course, one guy owns 80% of his work in order to control the value.
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.
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…
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
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.
>He must have been very high during that interview
He was also a bullshitter extraordinaire, so that too.
Manual photoshop.
Tbf he must have been to sell a painting of tins of soup
Makes no sense. A tax write-off does not magically get you your money back. Just a fraction of it.
TIL Warhol was American. Always thought of him as a Pom
The Marilyn Monroe portrait was sold by the estate of Paul Allen, to pay estate taxes.
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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Very nice. Now let's see Paul Allen's estate taxes.
waitingforthesun92 OP t1_j2azt2m wrote
Source for the second comment in title.