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Last year, Christie's said its global sales of impressionist and modern art were $1.2bn, an increase of 19 per cent over the previous year.
Stefan Edlis was looking at a tax bill of more than $20 million when he sold his Andy Warhol “Turquoise Marilyn” painting to hedge fund manger Steve Cohen, but ended up paying nothing. How did he do it? Half of Edlis' earnings were deemed part of his private foundation, meaning they were tax-exempt, and the other $40 million was parlayed into more artwork through a 1031 exchange, or like-kind exchange. According to Bloomberg, such an exchange "allows investors to defer capital gains by buying similar property of equal or greater value," but "sellers must show that the art was purchased as an investment instead of for pleasure."
I get that wealthy people want to purchase something no one else has. But, most of these super wealthy purchasers are anonymous.
originally posted by: OtherSideOfTheCoin
Because rich people have to spend their money on something.