boy was that a mistake. If there's a hobby you like, ,its always best to keep it niche, lest the mainstream completely ruins it and the hobby's communities as well
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Snobs gonna snob. Kincaid isn't bad; just boring.
Apparently bananas taped to a urinal is what excites them. I never deal with this crowd IRL. I have explicitly moved away from where they are.
A lot of art is just tax evasion anyways.
It’s money laundering. Unnamed foreign cash buyer, bribe an auction house, sell it for 100x, claim the 99x as legit washed cash income.
For sure.
Or, you buy a painting for (eg) $10k. You hype up that guy. His art's value goes up. You donate it to somewhere and write off $50k. It's also part Ponzi scheme since eventually someone will get stuck with this worthless art like a hot potato. Right now they're all just using it to ends.
As for the auction house thing, I saw a YT about people bidding on their own auctions to drive up the price of classic video games.
The final donation in the chain is to a non-profit, usually a hospital, who puts the art up in a wing somewhere for a month or two, then quietly discards it. Since they're non-profit, it doesn't matter if they were holding a high-value asset or not.
You could probably even sell art to a charity. Claim that it's worth $50,000, you paid $100, and you sold it to them for $20,000.
Don't they have to sell it and report the price, though? That's why I thought someone gets stuck with the art.
Or else what do they give the IRS for value?