Fine Art: the world’s most secret tax scam

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How fine art is used to evade taxes, and how the fine art market is a scam. In this video, I'm uncovering one of the least well known things in the global tax evasion scene: how fine art is used by people to evade taxes.
You might think that whenever you hear of some painting selling for a ridiculous amount of money, that it's just a collector wanting to buy something nice for their wall. And yes, sometimes it is... but sometimes, it's an elaborate scheme used to dodge taxes in a big way.
Fine art has been used for a long time to manipulate the way the ultra-rich pay tax, hide their money, as well as even launder cash. And hopefully, I'm going to reveal a little of that to you in this video.
I'd love to hear your thoughts below!
0:00 - One of the most manipulated industries on Earth
0:31 - A quick disclaimer
1:27 - How art is used to evade taxes
2:02 - Find yourself an artist
2:43 - Promote the artist
3:58 - Skillshare insert
4:58 - Appraising your new art
5:57 - Donate your art for a tax break
7:03 - The big club of the art world
8:37 - How freeports are used to evade tax
10:26 - Final thoughts
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Sorelle and Leon.
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This video was sponsored by Skillshare.
#FineArt #Taxes #ArtEconomics

Пікірлер: 1 800

@Abundantiaco 2 жыл бұрын

The first 1000 people to use the link will get a 1 month free trial of Skillshare Premium Membership: skl.sh/saf02221 ✉️ OUR NEWSLETTER: www.abundantia.co/

@TheFifthWorld22 2 жыл бұрын

💗💗💗🙏🏽✨

@MMMM-sv1lk 2 жыл бұрын

This scam is as old as time, but it was used on people, you take a nobody from the streets, put him through good schools or the right circles and get him elected as president, than you can re write the tax code in your favor or history for that matter... get a country to start a bunch of stupid "social" programs, increase spending thus borrowing, then bankrupt a country from within... Medici family for instance took a pirate and made him their puppet pope that's how they grew so much...

@daikayll1897 2 жыл бұрын

That saying is for the lazy and the talentless !

@daikayll1897 2 жыл бұрын

Two words : Hurst & Saatchi ? Look up on KZfaq. " The Art Damien Hurst Stole" Eye opener. Bubble burster for me.

@mimo1767 2 жыл бұрын

An artist is not an everyday person. They are rare. Any one can be trained to create existing masterpieces. Trained to paint what a photo can paint now. So how is valuing an artist who may create something most rare and hard to reproduce a crime? Or unfair? To hold such a high value on something created by an individual who may not ever create that same piece again shows intelligence. Each flower is different, but each have qualities that make it a flower. One who appreciates a flower sees the miracle of life, thus understanding no pile of money can replace the miracle of existing. Existing to see and feel what art expresses to the individual. For most art may be a scam and id bet they rarely have good art in their homes. Art should be valued At the highest level for creating something to envoke a feeling or to release a feeling and then having an impact on another is one of the highest orders of magic humans can experience. What a trove of magic those hidden galleries, those safety deposit vaults. If art or humanity should be lost, these vaults of art hold the key to our glorious humanity rising back to a creative and godly state of being. Instead of all the other ways humans can be that are not creative.

@ozne_2358 2 жыл бұрын

Excellent video. One thing is missing from this : not only these people get to save heaps on their taxes, but, unlike other tax evaders, they also get to pass as philanthropists in the media.

@UnbeltedSundew 2 жыл бұрын

That's not all, they also foist their terrible "art" on whatever charitable institution of choice they have, and then that's what goes up on the walls and the public goes to see at museums. Thereby people think that this is the best that current artists can do and lament the state of art and how garbage it all is. While in addition forcing out artists with actual developed skills and beautiful art, this is an important part, because you don't want to deal with the costs and difficulties of finding such a person, nor do you want those works to stand in comparison to the garbage which would start to give lie to the whole set up.

@goodgoyim9459 2 жыл бұрын

taxation is theft, no one should pay taxes.

@ericalorraine7943 2 жыл бұрын

Right! Investing so frustrating here, i keep losing

@lezliewhicker8450 2 жыл бұрын

@@ericalorraine7943 Look up Christine Lynn Saitta, she is God sent to us

@davidhudson3001 2 жыл бұрын

It's fascinating to hear that someone here employ madam Christine's services

@Motoboo_Marine 2 жыл бұрын

As someone who used to do taxes, this makes so much sense. I also agree that it's super unethical and am in no way saying this is a good thing, but they basically came up with a way to essentially donate millions to charity without actually spending that amount. It also explains why a lot of "modern" art goes for such stupidly high prices; I had always wondered the reason for that.

@Abundantiaco 2 жыл бұрын

The thing is, because they've artificially inflated the price, doesn't mean whoever they donate to will be able to sell it for that price. Sometimes, the charity is left with a painting that on paper is worth a lot, but they may not ever be able to sell.

@Royster931 2 жыл бұрын

If a gallery or auction room has many works by an artist ( 20- 30 paintings by an emerging Aboriginal artist ) They stand to make a fortune.

@CollectiveConsciousness1111 2 жыл бұрын

You have missed the point, the artwork is worthless. Intent to deceive, jail.

@daikayll1897 2 жыл бұрын

Catherine , not quite. As they can be used later down the track too. Its when that artist is dropped cos of a lack of talent or experience. That artist then cannot sell as those initial works are set at such a price that they may never sell again.

@clydekimsey7503 2 жыл бұрын

@@CollectiveConsciousness1111 but, likelihood of jail time is near zero because art is subjective

@kalilavalezina 2 жыл бұрын

I went to art college and always felt they didn't at all prepare us for the art world. There wasn't even one lecture on connecting to galleries. Now I wonder if they just didn't want to tell us that this is part of the deal of being involved in this industry: shady insider deals and tax scams. Oh and by the way, your art might just end up in a warehouse if you make it big.

@kalilavalezina 2 жыл бұрын

@Melvin the Magnificent I agree, art is meant to be seen.

@burnttoast1076 2 жыл бұрын

NFTs enter the chat

@000bullets 2 жыл бұрын

Ya art schools care more about teaching you to express your emotions through finger painting and throwing paint splatters on canvas rather than actually teaching technique.

@kalilavalezina 2 жыл бұрын

@@000bullets That wasn't my experience. Their teaching was more about facilitating and developing your ability to talk about your work. At degree level they're not going to teach technique because you learn that in the Foundation year and you work more independently. That's how it was for me anyway. :)

@cmwHisArtist 2 жыл бұрын

As an artist, I was walking out of the Lyme Art Association last week after dropping off a few pieces for jurying. As I gazed at the hundreds of gorgeous works sitting there, done by local, mostly unknown artists, I was blown away by the vision and talent just in our small area of the world. Tears came to my eyes because of the wonder of man’s giftedness, and the limited access to the beauty that is produced. We used to know that in order for a human to develop successfully, he must be able to function with both sides of his brain. The right side, creativity, has been systematically allowed to atrophy for the last 80 years , by first taking art and music out of the schools, which actually are an important form of recreation for the human and gives him appreciation for personal accomplishments. Children are discouraged from the arts by parents who pronounce “there is no money in it”. BUT the hobby should be maintained, as most people end up in a job that does not fulfill on many levels. Even our architecture has become square mostly boring boxes compared to the large ornate structures from hundreds of years ago. We spend our time watching other people being “creative “ on tv. Our halls and buildings should be covered inside and out in beauty. Our children should be encouraged to express themselves and have joy and spread it to others. Art and music are food for the soul, whether we are able to make it or appreciate it.

@bearkowlbama6352 2 жыл бұрын

"Children are discouraged from the arts by parents who pronounce “there is no money in it”." We discourage pursuing the arts for our children because it's filled with pedophiles and sex predators.

@cmwHisArtist 2 жыл бұрын

@@bearkowlbama6352 ….I have been a dancer and visual artist in my life, and have only had to deal with a few situations, luckily nothing serious. Some of my family were devious, so I learned to know and avoid certain situations. I think the top artists may have to compromise if they are dealing with the big guys in the field. No one is completely safe anywhere, we have to develop discernment.

@bearkowlbama6352 2 жыл бұрын

@@cmwHisArtist You are right, no one is completely safe anywhere. However, when one is trying to avoid ant bites, standing on an ant nest isn't the best choice.

@trustwithin7188 2 жыл бұрын

Yes its sad they've takibg creativity out of schools...even Einstein said creativity or more important than knowledge!

@bearkowlbama6352 2 жыл бұрын

@@trustwithin7188 What's worse is they've replaced creativity with pederast grooming.

@SorelleAmore 2 жыл бұрын

This is actually pretty insane. I never knew...until I made the video about it.

@nfvjgrofgjvoldlkgvlo 2 жыл бұрын

thanks Sorelle for teaching Sorelle

@shakastaily 2 жыл бұрын

I never knew it was this corrupt but always had an idea. As someone who grew up around the art world it never made sense to me how an artist that can paint essentially a banana was deemed more marketable than someone with more profoundly obvious talent. Thank you for making this video. Love your new journalistic approach to your content. Subscribed to newsletter and shared.

@bluesondrums 2 жыл бұрын

Hi Sorelle, you should do a video about how churches are also used for tax evasion, one example is Kris Jenner who founded a church and all her daughters "donate" millions of dollars to this church which they use to write off their taxes, I'm interested to know if this is done worldwide by the ultra rich.

@coryda 2 жыл бұрын

This makes sense, Sorelle just curious how you uncovered this, through research.

@nfvjgrofgjvoldlkgvlo 2 жыл бұрын

@@coryda obviously. what else? through divinations?

@deb.e.9787 2 жыл бұрын

As much as I love art, this just re-affirms my hate for the art world. There are always people who can corrupt the beautiful things of the world.

@revrevreviews 2 жыл бұрын

@Yanami 873 Yeah, it's very similar to the puppy market. A friend of mine finds puppies that are undervalued, buys them and then convinces a few of his "friends" that they are really valuable, then gets an "expert" to tell everyone: "this is a really valuable puppy" and then he sells it for a huge profit. He then takes that profit and buys more puppies. He currently has about 1000 puppies and doesn't pay any tax.

@MyName_Jeff 2 жыл бұрын

@@revrevreviews Where the hell is he keeping 1000 puppies

@trustwithin7188 2 жыл бұрын

Definitely it makes me sick but explains why most modern art is rubbish 🗑

@PurpleReign2222 2 жыл бұрын

@@MyName_Jeff puppy mills, dog farms, whatever ppl call them n their areas.

@sharinganeye9755 2 жыл бұрын

@TrustWithin That's what pisses me off the most. The most garbage art is some of the most expensive art and the people in the "art world" are the most snobby and clueless people when it comes to art.

@timon20061995 2 жыл бұрын

As a practicing artist myself, for whoever watching it, I can give some inside view. One of the big no no for fresh artists are not increase the price of your art too fast because price your art ideally should never go down but up. So when situation in video mentioned happened, the gallery and collector basically try to squeeze as much juice as they can from the artist until the price of artist work no longer get higher and no longer can sell.Both of parties get profit from the work and they will just abandon the artist. Since your art can’t get low but high, you basically stuck in this situation that no one will buy your work because of high price and there’s nothing you can do.

@delawariand9860 2 жыл бұрын

You don't save any tax dollars in your example. Because you earned 10M - 275K - 10K = 9.7M and donate 10M, so your total loss is just 285K. You can't offset the tax losses with this example. Because you gained the value of the painting which shot up from 10K to 10M. You have a taxable gain (when you sell) in 10M. If you had sold the painting you would owe (10M - 275K - 10K) * (federal tax + state tax + commission to auction house). If you donate 10M again you have not offset any other gains since you made about 10M on paper.

@haroldcruz8550 2 жыл бұрын

I am both impressed and appalled on how creative they are in scamming us.

@Abundantiaco 2 жыл бұрын

It's insane the creativity that goes into this stuff!

@terencestamp3225 2 жыл бұрын

I kind of view it the other way around. The only people scamming us is the government. It’s a literal armed gang. Naturally, said gang wants your money, you know, since it doesn’t actually produce anything of wealth. These “art investors” are just trying to protect themselves from being robbed. Here’s a radical idea: let’s get rid of taxes and these things will disappear.

@citomp1240 2 жыл бұрын

Because we are their farm animals.

@josiahwyncott7519 2 жыл бұрын

They aren't scamming "us" they are scamming the tax collector's. This is why tax laws should be as simple as possible, because it leaves less room to maneuver around.

@TheEmanep 2 жыл бұрын

@@terencestamp3225 perhaps we need broad discussions about the definition of ‘government’. Currently, the government is said to be full of big business cronies who set laws that favour the wealthy with their ever-expanding pockets and proportionately decreasing tax contributions with the remaining ‘fools’ (You, me and Bob The Builder) footing the bill. Is that bill for us larger because we’re covering the shortfall the rich have dodged? The concept of fair and just governance is what civil society means. Perhaps the key is ensuring that genuine democratic government is in place with effective balances and checks in order to keep the playing field level. Alternatively, eradicate taxes for those on salaries and tax property ownership? I’m not sure the idea of ‘the rich are just protecting themselves’ is a good excuse when these rules for the wealthy can’t be used by ordinary people unable to pay substantial backhanders for what is nothing more than a legal ruse.

@yurrintinckelsonn812 2 жыл бұрын

I worked for a woman who ran an art magazine. She found artists, bought their work then promoted the hell out of them. The art goes up. Donate inflated shit to charity and write it off. Rinse and repeat. However much she said it was worth was 100 % her call. Literally printing money by decree.

@biancacamacho8718 2 жыл бұрын

@Dave did you watch the video? It explains exactly this. They're donating a piece of art worth much more than what they paid in order to claim a tax write-off. This means that they "profit" by not having to pay taxes on the amount of money they "donated". They are lowering their overall taxable income without actually giving away that money. AKA legally evading taxes.

@biancacamacho8718 2 жыл бұрын

@@JamesPhillipsOfficial well it must be significant enough that it’s worth it, or else they wouldn’t do it. Also I’m sure there’s more at play here that we don’t know.

@benvalentine1316 2 жыл бұрын

@@JamesPhillipsOfficial That's the scam though, no one's actually going to pay that inflated "valuation" from the "appraiser", it's a fake price but the valuation is considered valid by the governments, once it's donated

@itstheweather642 2 жыл бұрын

This is how Salvador Dali became "famous" too. His wife Gala promoted him in the NY art world. Dali was so outrageous......photographers took many pictures of him with models, at high end social parties, and even walking his cheetah down to the subway station. It's all so crazy.

@nataliecapp7360 2 жыл бұрын

Right!!! I mean it goes to show that material things (including paper money) mean nothing unless someone else agrees on it's worth.

@marcusbillings1644 2 жыл бұрын

This goes even deeper. The ENTIRE world of fine art is predicated on one individual or institution reinforcing an opinion of another in a reinforcing loop. As to witch artists are successful and who are, usually based on who you know and who you blow, to use the vernacular. It's an entirely fictitious world created out of whole cloth, and the quality of the art is never a factor.

@VanezArt 2 жыл бұрын

I’ve been into art my whole life. I agree. Trying to break through if you’re no one seems like an impossible task. And in so called ‘art community of love and rainbows’ it feels so revolting to me. That’s why all the good things are always in the dirty underground, hehe.

@dingusdingus2152 2 жыл бұрын

As gore Vidal once said: "not having any talent is no longer enough " ..

@FC-ku4ez Жыл бұрын

The local museum in the large city I live in has a contemporary art curator who only gives opportunities to young male artists who are willing to have affairs with him. It's not even a secret. Everyone knows (including his wife), but there's nothing anyone can do about it. He's the "authority" with the degree and connections.

@madeconomist 2 жыл бұрын

In the US (I can't speak about other countries) a tax deduction does not work quite like she seems to describe at 6:50 in the video. What she is describing seems to be a tax credit. In her example, the deduction reduces the taxable income by the $9 million she mentions, not the tax liability, which is the amount owed. Since the top federal income tax rate in the US is currently 37%, the savings on federal taxes would be more in the range of $3 million. A caveat here is that some states have high income taxes as well. In California, it's about 12%. So a person living in Los Angeles might be facing a total tax rate of 49% and the tax saving would be about $4.5 million.

@Cimreau 2 жыл бұрын

So glad to see this comment, exactly what I was thinking while watching that part of the vid. I think it's the same way in Canada too. Charitable donations deduct from taxable income, not directly from taxes owed.

@thepotbellyninja 2 жыл бұрын

THIS comment needs to be pinned. I know of nowhere where income is taxed at 100%, which is what would be required for the scenario to be correct.

@TheRandomDave 2 жыл бұрын

Thanks for posting this comment. It's more accurate than the premise in the video.

@UnbeltedSundew 2 жыл бұрын

I think she understands that, it just wasn't presented clearly in the video. It's why the final numbers have to be so high.

@billb945 2 жыл бұрын

C'mon man, if you really want to make money, get lots of views on youtube videos. On things anyone and everyone can do. Tomorrow.

@HausOfWenzel 2 жыл бұрын

I work in this industry, low level.. this explains so many weird things I’ve encountered! Similar things are done in High end real estate to launder lol

@osirusj275 2 жыл бұрын

So the house wasn't really sold but was pretended to be sold to increase price value?

@Solarman1964 2 жыл бұрын

As an artist who lost the use of my right arm from overwork doing 400+ mostly sizable detailed fine art pieces in my life, with 4 solo exhibitions at our Central Bank etc. I always knew of the fraud in art prices, yet it's nice to hear this 'how it's done' description.

@gilgamesh310 2 жыл бұрын

Was the loss of use of your right arm a gradual thing or did it just randomly happen? I never heard of something like this happening before.

@katielowen 2 жыл бұрын

Post some of your past art on your channel

@anonymous_protagonist 2 жыл бұрын

@E A It happens all the time. Look up: repetitive stress syndrome.

@revrevreviews 2 жыл бұрын

I have a friend who also lost the use of their right arm due to painting too much. They actually used their left hand to control the brush but would "touch themselves" with their right hand at the some time. I guess that is just one of the unspoken risks of being an artist.

@robertpaulsin6109 2 жыл бұрын

I'm not sure this works the way you're saying it does. In order to book a 10m loss, you'd need to increase the book value of the asset to 10m, therefore having a capital gain you'd have to carry. Without the cap gain, you'd only be able to write off the 250k. So essentially, you'd be spending 250k to receive a write-off of 250k. Also, your deductible donations are limited to a % of your gross income. I can't remember what the limits are though.

@tomislavjelic7444 2 жыл бұрын

... and those limits are very low as well! So all this is BS, it doesn't work like it was explained it does (which could take 1 min instead of 10)

@reuben8912 Жыл бұрын

This is what you get when the ignorant try to find reason for high art prices

@nalvarado65 2 жыл бұрын

This has been around forever. I remember when Van Gogh's Irises sold at auction for about 50 million to a billionaire in the late 80's. This was over 30 years ago and set a record for a Southbeys auction sale. Alot of the details in the deal were hidden and turns out he actually didn't have the money, was lent about 27 million by Southbys, and eventually the painting winds up in the J Paul Getty museum. One of the most important paintings of the post impressionist period stamped with the "None of the publics business" heading. Art world in a nutshell. I graduated with an art degree and had discussed some of the bizzare exhibits at the Chicago art Institute with friends. I told them they were there as tax write offs for rich people. While people stood in front of a giant black canvas for an excruciating amount of time trying to connect with the artist the gallery waited patiently for the day they could pull the garbage off their walls after satisfying the donors requirements. At the time it was mostly known artists who could convincingly be justifiably overvalued by the museum appraisers. A one million painting being valued at 15 million. My friends were incredulous. The entire concept too far fetched. Yet, there are the perplexing exhibits, the stores of paintings in the museums basements that will never be seen, and the otherwise self centered selfish uber rich falling overthemselves to donate priceless works to museums who just don't have the wall space to exhibit them. You bet. Has to be something else.

@InkandFish555 2 жыл бұрын

It's only 'one of the most important paintings of the post impressionist period' for reasons described in tbis video.

@nalvarado65 2 жыл бұрын

@@InkandFish555 OK. While everything is realative, not everything is worthless. Was it worth over 53 million? Of course not. What fifty million can do to relieve the needs of those in want is immeasurable. The fact that rare historical things appreciate in value is a fact. The fact that old masters sell for less than some modern art is a good reason for cynicism. It just hurts a little to see poor ol Van Gogh dragged into it.

@InkandFish555 2 жыл бұрын

@@nalvarado65 The point is, he's only historical and important because a conspiracy of people in the art world made him so. He was a failed and forgotten artist in his own time and by his self assessment. Like a lot of the artist from the late 19th and early 20th centuries that have been dug up and deified by the art establishment and constitute a lot of the content of university courses.

@growlith6969 2 жыл бұрын

And that is why I can't be bothered with art culture. Much like politics, it's a den of vipers.

@InkandFish555 2 жыл бұрын

@@growlith6969 It's completely manipulated and fronted with a facade of people that take it completely serious.

@artconsciousness 2 жыл бұрын

ART Consciousness Excellent presentation. As an artist myself, I was both horrified and disgusted by how this scam works when I first discovered it. I realised that the rich had essentially highjacked the world of art, and by doing so had corrupted the natural evolution of art itself. If money becomes the main motivation of art then it becomes something else, not art. It becomes a commodity and thus a product. That is not why I went to art school and university in the first place. For me art is not a product. Art is not about selling, it is about having something to say that's worth telling. The moment money gets involved it will automatically corrupt it. Therefore I decided some time ago to make sure my art never gets into the hands of someone playing this tax scam game. I only sell to those whom I can see genuinely love the work. What is interesting in all the art scam game of art collectors, is that the collectors are now complaining that the art of today has become boring and repetitive. They say the artist must do something about it. They say they are waiting for the next Picasso but there is none in sight. What these greedy manipulators fail to see is that it is they who have created the environment in which a new Picasso can not emerge. Art evolves because the artist responds to something that affects their psyche not because how much someone pays for their art.

@isabellamusulo9190 2 жыл бұрын

Art Consciousness: The myth that Picasso was a great painter was created by the same so called modern "elite" (social engineering/ugly is beautiful, etc.). Mockery of true art. It reminds you of the fairy tale "the emperors new clothes". A new Picasso can´t emerge? Look at the paintings and drawings of very small children, they are no different. But can you call it art?

@vulturewaterbug 2 жыл бұрын

@@isabellamusulo9190 I call it fart = fake art.

@carygibson9826 2 жыл бұрын

It always boggled my mind on the prices paid for "art" by the rich.. Now I know why they do it!

@Littlemangomama 2 жыл бұрын

You deserve more views and followers. I was just having a conversation about this with my husband last Sunday. I will send it to him now! Thank you for making this video!

@sazmeros 2 жыл бұрын

This is the sad reality. So much talented art goes unnoticed, while garbage gets the spotlight because the artists have sold out and are in the same circles of these tax frauds

@suzie4211 2 жыл бұрын

Banksy.. a sold out pawn.

@dingusdingus2152 2 жыл бұрын

Sazm G you too would sell out if enough cash were waved in front of your face

@soheilghafurian4671 2 жыл бұрын

Please more on this topic! It has always intrigued me. What makes it a perfect scam is the beautiful shroud it is wrapped in. You are supposed to love art and pretend you appreciate it, otherwise you’ll be accused of not having either a heart or a brain. Few people have the self-confidence so profess they just don’t get why a certain piece is a big deal. If they did, this wouldn’t have been as easy of a scam.

@adamlennon2282 2 жыл бұрын

Excellent, thank you. I listened to an interview with an art critic about 10 years ago. The host of the show asked " What makes one artist great and another one not" The critic who was as smug as they come, responded "Hot air"

@josediogo1015 2 жыл бұрын

great answer

@josediogo1015 2 жыл бұрын

@E A?

@anonaccount6357 2 жыл бұрын

Using art to free humanity from the slavery and bondage of taxation and government, while also launching the careers of undiscovered artists all around the world? Unbelievably based.

@vickanden7816 2 жыл бұрын

Wow…where was this channel this whole time!!!?! So glad I found this video and the channel! ❤️ thanks for making these videos

@noelg3384 2 жыл бұрын

Makes perfect sense to me. I always thought certain artists were well over priced..

@Andysfishing 2 жыл бұрын

Does it not seem very coincidental that crypto has very similar qualities? There is nothing tangible in crypto, it only has value as long as the next sucker wants it. The prices are ridiculous… Just saying.

@TyrosToby 2 жыл бұрын

This is one of the most interesting videos i've seen the last year. Please keep going with such amazing insights!

@angela_somanythings5670 2 жыл бұрын

Wow, an Eye-opener for me!!! I knew it was wrong to have these super-inflated art markets, but never looked into anything! It's a good feeling to have real people enjoy your work for a realistic market value!

@tatianabanassevitch2939 2 жыл бұрын

Wow, such a cool and eye opening episode! Thank you Sorelle! I’m an artist, and now it makes so much sense why a crappy painting that doesn’t take too long to produce can worth millions of dollars! However, I would like to be discovered by one of those billioner art collectors 😂

@parteibonza 2 жыл бұрын

you will.

@tatianabanassevitch2939 2 жыл бұрын

@@parteibonza haha, thank you:)

@barryhercules6486 2 жыл бұрын

Tatiana you may need to start licking or sucking up to specific people in the so called art world then. You need to be as cunning, deceptive and conniving to get in. Even then you won't ever get into the inner circle of corruption. As Sorelle states in the video multi-millionaire Radcliffe had a "hard" time as stated in the video, but I reckon he's right in there now. He's absolutely been schooled on how to keep his millions away from the taxman via fine art.

@tatianabanassevitch2939 2 жыл бұрын

@@barryhercules6486Agree, I guess this is a valid suggestion, but it totally goes against my moral values!!!! So, no thank you.

@barryhercules6486 2 жыл бұрын

@@tatianabanassevitch2939 It's against most of our values - but at least we know the scam behind the ArtWorld now... Thanks Sorelle...

@frostshock13 2 жыл бұрын

My art history told us about this at college while some of us that were working on projects after class. It was very eye opening about how a lot of the art world works in the "high end". Great video laying it all out.

@MIOLAZARUS 2 жыл бұрын

I love your channels Sorelle. You are killing it !!!

@cameronbartlett6593 2 жыл бұрын

You are oozing with personality. A pleasure to watch and listen. Great videos. Thank you.

@china100 2 жыл бұрын

Hi Sorelle, loving your videos. This is why I got so disillusioned at Art School, that and being terrible at art... You should do a show on NFTs, the not-so-secret art scam.

@haidner 2 жыл бұрын

Agreed! Something on NFT's would be fantastic. 👏

@internettoughguy 2 жыл бұрын

Dude, she's pushing her own NFTs on IG and FB trying scam her own followers into shelling out money for them.

@haidner 2 жыл бұрын

@@internettoughguy Wow! That is something else... I guess people will do damned well anything to make money, regardless of the morality of it. That's too bad.

@internettoughguy 2 жыл бұрын

@@skyeblu817 What?

@iplaymanygames69 2 жыл бұрын

Mate she's pro nft. Also in the scamming business herself, her courses sell for 800$ per year.

@kalidwapur 2 жыл бұрын

You forgot a few things in my opinion. First a lot of art these days is bought by foundations and not directly by the billionaires themselves. This helps with legitimacy, public opinion and you can base your foundation in another country than the one you live in. I am missing a lot here but there could are whole theses about the use of art foundations. About freeports let's not forget two things, first most famous art appreciates over time so it´s a great way to turn new money into old money wile avoiding the depreciation of currency. Moreover it produces artificial scarcity so the more pieces from an artist are hidden in a freeport the more his avialable pieces might appreciate. Finally private sales within freeports can help the art pieces appreciate without ever going to the open market, preserving the scarcity. Expensive and/or famous art gets bought stored in whatever warehouse in geneva, gets traded a few times between collectors and foundations, comes out 10-20years later and gets auctioned for 5-10x the price it was bought for.

@TheVagolfer 2 жыл бұрын

Sorelle, you are a work of art yourself, and you are also priceless.

@nocturnus009 2 жыл бұрын

Here for the elevation of Sorell’s Pedagogical [art of teaching] skills. Sending you all the positive vibes, May your creative reservoir always be in the path of the deluge.

@Abundantiaco 2 жыл бұрын

Hahah... that's such a nice way to put it!

@nocturnus009 2 жыл бұрын

I remain teachable @@Abundantiaco , best to Leon also. 🕉🧘‍♂️

@bobcrane2720 2 жыл бұрын

First, if you donate $10 million in art; that's 3-5 million in tax savings (not 10 million like she claimed in her example.) Second, you can only reduce taxable income by 1/3. So, if you have a $15 million dollar tax bill; donate $10 million in art and you'll only have $10-12 million in a tax bill. Second, her claim that you can't buy a picasso at auction because Daniel Radcliffe couldn't buy a painting from a dealer; Radcliffe called the artist and got the painting and anyone with cash can buy at an auction (they might check bank balances if everything is $50 million and reporters are trying to sneak in, which would take up seats that buyers might want.) Finally, I'd love to interview publicists and find out if they can make a nobody into a star for $100k/year. I do know that OJ must have a good publicist as he seems like a nice guy who killed his ex wife, but anyone who knows him has nothing nice to say about him when their friends ask what he's like (again, he must have a good publicist; but people are already asking in that case.)

@lordbunbury 2 жыл бұрын

Plus there are legions of easier ways to dodge taxes. This ArT iS a TaXsChEmE is such a meme.

@reuben8912 2 жыл бұрын

@@lordbunbury It's a bit ridiculous: language of a conspiracy theory on a level

@cchavezjr7 2 жыл бұрын

What people also don't get about it is that, you also lost the money you donated. It's not like it made you money, you're OUT $10 million dollars. People always love to say how rich people can just "write it off" like it means it's something that is the greatest benefit. Many times, you have more money in the bank paying after just paying the taxes vs some large donation or business loss.

@akherashepsutera2013 2 жыл бұрын

@@cchavezjr7 you're not doing the math. In this scenario, the buyer is not losing $10MIL because they bought the painting at only $10K so they're "only" losing $10K PLUS what they paid to have it promoted (a couple $100K). So they're GAINING money in tax write offs from the donation. And as the person above said, the amount they get from tax write offs is not exactly $10MIL, it is a portion of that. But STILL they are GAINING money not losing it.

@ferdinandkraft857 2 жыл бұрын

@@cchavezjr7 The painting is essentially worthless. No one is going to pay 10 million for it. The only way to milk some money out of it is to donate and write off your taxes.

@bfowler1000 2 жыл бұрын

Geez……I’m just amazed at how well Sorelle is able to grab your attention and keep you engaged, and simplifying the message. No question that she’s an attractive woman, but she’s charming and communicates in such a way that there doesn’t seem to be a trace of a negative attitude (jealousy, judgment, etc.), although she is still able to call dishonesty what it is, but with total objectivity. Fun to watch and learn….definitely must subscribe!

@TroubledLoner 2 жыл бұрын

This is, no exaggeration, the most 'OMG' video I've ever seen on KZfaq, and, sadly, I've watched untold thousands of videos. Seriously, this is an excellent exposure of a subject that I thought I knew of but actually had no clue as to the reality of it. Wow. Thank you.

@aohamer 2 жыл бұрын

As an artist entering the 5 figure price range for my originals, I'm reminded by videos like this that I still need to raise my prices!! 🤣 The shady depths of tax scams are deep, but I think any artist can admit to the desire of wanting a millionaire as a collector. Hopefully, they would actually display it, instead of it growing old in a storage warehouse. Great video, you might like the Netflix documentary called "Made You Look" 👍🏾

@barryhercules6486 2 жыл бұрын

You should know that it's who you know then. The quality of the art is actually irrelevant. Which explains why the majority of expensive art is literally rubbish and the critics spout waffle in praise of it. High profile Tax Scams.

@marionlecrayon7357 2 жыл бұрын

They are turning art into an elite thing, and are making the artist become a product. One of the big question raising here is: what is art? What is it for? None of that nonsense, that's for sure!

@barryhercules6486 2 жыл бұрын

@@marionlecrayon7357 It's been that way for decades Marion, if not Centuries... Do you think the Mona Lisa was created for the enjoyment of the "so called" peasants of that Era ? There are many down to earth examples, but the Elitest aspect of art has existed for centuries...

@aohamer 2 жыл бұрын

@@barryhercules6486 Yup, the net worth is in your network 🙌🏾 Totally agree, it's about who you know! 💯

@kalilavalezina 2 жыл бұрын

Just watched "Made You Look" - really interesting!

@adamblackman6660 Жыл бұрын

My friends Dad, was the painter Wayne Theibaud. His paintings are pretty valuable, and he was sickened by this whole racket… during his late years, he started painting clowns, as he knew they would be a hard sell in the gallery world. 😂

@mechanicjobs 2 жыл бұрын

I just found this channel and watched several of her videos. She does a great job.

@mauriceorayii2964 2 жыл бұрын

Thank you for covering so many parts of the financial world.

@Abundantiaco 2 жыл бұрын

No problem! I do my best.

@LucretiaYeh 2 жыл бұрын

It actually gets worse… ghost artists are a thing. I’ve met one who shared how she was paid a set amount to create a piece of art for a famous artist

@KTigr3 2 жыл бұрын

That's existed forever. Take a look at the Renaissance masters and how much some of their "assistants" did.

@ivankrushensky 2 жыл бұрын

And there's also Hunter Biden..................... funny how he became an "artist" at exactly the same time his overdue tax bill was going to be paid. I'm curious how many of his pieces were "donated"

@garydinowitz6608 2 жыл бұрын

As an art appraiser I can tell you that a major thing you are missing is that the irs audits any donation over 50,000 and a group of three experts are on this panel. The irs is well aware of these schemes and appraisers do net get paid six figures to appraise a painting and there is also no such thing as a certified appraiser

@anonymouswhite352 2 жыл бұрын

You miss the fact that these people get paid off or a actually involved in the whole scam

@EricaNernie 2 жыл бұрын

And here's me thinking rich people genuinely liked art. Thanks for exposing the scam.

@aubnuwelja 2 жыл бұрын

Thank you! As artist and curator I know exactly what you are talking about, but.. This happens in many industries, but in Art it is very blatant indeed.

@katherinehunter4838 2 жыл бұрын

Famous art collector buys pieces from art school graduates, meaning that they instantly become notable artists and the pieces are now worth millions. Some years later, the warehouse in which this "art" is stored mysteriously burns down. Hello, insurance payout that could buy you a nation. Not at all suspicious!

@meandmyboat5264 2 жыл бұрын

This explains so much! Thank you Sorelle 😊

@anastasiakarabicka7488 2 жыл бұрын

Im hearing this for the first time... Thank you for sharing.

@DMNiss 2 жыл бұрын

Sorelle, you are my idol! You are an absolute ICON. Your journey has been so inspiring. Thank you so very much for everything you've done, for sharing your life & insight, and the truth you bare. Also, those overalls, girrrrlllllll🔥💖 Much love from New York🗽

@Abundantiaco 2 жыл бұрын

Aw thank you, that's so lovely to hear. Much love from Iceland!

@73elephants 2 жыл бұрын

Oops, you just let the cat out of the bag. This has been going on for at least a century, and it's the main explanation for modernism.

@trevorsoh2130 2 жыл бұрын

Nice work exposing this. Keep it up!

@YellowKing1986 2 жыл бұрын

As a person who spent some time dreaming sweet illusions about this whole scene, thinking about being part of it - I felt something stinks and changed direction of my life. I found out years later what it was about, and I must say I am grateful for that gut feeling.

@NK-nw9di 2 жыл бұрын

Incredible. Thank you. Please keep this going.

@Abundantiaco 2 жыл бұрын

Will do! We're aiming to do a lot more videos like this in future.

@sirebrawl2404 2 жыл бұрын

This has to be the same type of scheme driving the NFT BS! I know these celebrities' "millions" spent on NFT's could just be relatively small to their "fortunes." But I also have the suspicion that these celebrities aren't stupid enough to spend these "millions" on such ignorance.

@JohnSmith-id4ut 2 жыл бұрын

Too funny. Same thought occurred to me about halfway through. Sad really.. the origin of crypto was too free people from the banking system but in the end it just became a scam.

@internettoughguy 2 жыл бұрын

Sorelle is trying to get in on the scam by pushing her own NFTs on IG and FB. She's trying to profit of her followers. Did you know this?

@kevinkelleher9323 2 жыл бұрын

This is a new concept; '...celebrities aren't stupid.' Where did you get that information - we usually see just exactly the opposite.

@sirebrawl2404 2 жыл бұрын

@@internettoughguy provide link. Otherwise I don't believe it. I just checked her IG...nada about NFT's.

@OU81TWO 2 жыл бұрын

@@sirebrawl2404 She's deleting comments. I saw ITG's other comment in another thread a few days ago and now it's gone.

@robgau2501 2 жыл бұрын

Thank the gods for you. I've learned so many things from you that I would definitely have not learned elsewhere at any time.

@sasazurkic2805 2 жыл бұрын

I watched like four of your videos by "mistake" ... Subscribed right away! One comment: YOU ARE BRILLIANT!!!

@francescadiana 2 жыл бұрын

I finished a scam series that's hot on Netflix today and now I'm sad about art too. This was super interesting and so well and easy to understand explained! 👏👏

@makingcookingfixing 2 жыл бұрын

What’s the name of the series?

@TheWtfnonamez 2 жыл бұрын

You speak truth. I used to house share with a group of very hard working, very intelligent artists. None of them made it, and they all went into other careers. Its a rigged system where arbitrarily investors and galleries will pick people and propel them to stardom. It is entirely non-meritocratic. One female artist mysteriously got very successful after spending some "quality time" in the toilets with a famous art buyer at a gallery show. Becoming a super famous artist probably has more in common with the casting couch and onlyfans, than any romantic fantasy about living the life of an artist. Btw did you realise you and the Turkish actress Beren Saat look like siblings?

@ophanimangel3143 2 жыл бұрын

I don’t see the resemblance. Beren Saat resembles more of a young Catherine Zeta-Jones to me, though.

@dyrectory_com 2 жыл бұрын

Thanks for the enlightenment 💡👏🏻 I have shared this video.

@bernardwind1633 2 жыл бұрын

The candid unpacking of the process is revealing. As a genuine art lover it's disgusting to learn about the scam.

@joschmoyo4532 2 жыл бұрын

That is a very simplistic version of a scam that is much broader and deeper. The artist's that get recognition do so because they are complicit in the racket. Fine art auctions benchmark and set the value and convert canvas in to a transnational non taxable Liquid asset that can be stored, used in lieu of cash currency and liquidated, borrowed against with just a discreet phone call. Shares without the cares, to use an insider expression. The museums only get a framed copy to validate the asset and claim the deduction. The originals stay with the owner. But the real value of the art is hidden beneath the paint. Information. Very valuable Information. Incriminating, technical, blueprints etc.

@cmoor8616 2 жыл бұрын

VIOLA!, the saddest of the string instruments because it isn't spelled Voila :

@Abundantiaco 2 жыл бұрын

Hahahaha... yes. Indeed.

@sicshop 2 жыл бұрын

Brilliant comment.

@SheriDin 2 жыл бұрын

Haha! I thought the word looked strangely unfamiliar when it flashed! 😅

@gstlynx 2 жыл бұрын

Great video and endearing delivery.

@tassie7325 2 жыл бұрын

This is a live replay of the classical fairy tale "The Emperor's New Cloths" and explains why something that is at best is mediocre gets classified as "fine art". The "experts" need only declare that the art is outstanding for the gullible that don't want to be seen as the only ones that can't see the Emperor's cloths, to swallow it hook, line and sinker.

@TraderJazz 2 жыл бұрын

Thank you Sorelle for clearly explaining the truth and showing what is really going on in Finances! I always thought is was weird how art could be valued so highly, as it is so subjective. This explains the massive price tags for mediocre art.

@artytomparis 2 жыл бұрын

Some art really is worth a great deal. It's just that it's mixed in with utter rubbish. The last thing the current system wants is new creativity of a high standard as it would show up the valuations that have been put on the bad art so they keep the good artists locked out and promote the works of people who don't challenge the paradigm.

@artytomparis 2 жыл бұрын

@E A Yes, all true. I work in figurative art and know a lot of artists. It's pretty tough unless you are in the US and I have no desire to move there. They don't want new artists who have traditional skills and knowledge to challenge anything whether it's old or new. A slow, steady drip leaks out but there is no philosophical incentive bubbling beneath the surface. I like Banksy's work because it's very human not because it's brilliant. He had a tough time of it at the very beginning. Tried pushing a grape along the road with his nose to get attention. He's actually a very talented and skilled traditional painter though he trained in animation. There's a hotel in NY with quiet a few pieces on the walls and they don't look like his work. Anyway, when he focused on simple and did loads of marketing he took off. There are lots of much better street artists in Paris but they have no theme and no philosophy. There's no meme.

@RachelDoji 2 жыл бұрын

Okay but Mr Bean is legitimately a great artist 🧐😆

@Abundantiaco 2 жыл бұрын

Damn right!

@OurTheoremBow 2 жыл бұрын

Nice video! Informative and well made. If you don't mind me asking, what camera did you make this with? The images are beautiful, particularly the ones in the snow and inside the greenhouse. Thank you!

@maryallisonmusic615 2 жыл бұрын

Ooooo so glad you are speaking on this!

@NYKIRA 2 жыл бұрын

powerful, especially how you said someone aka the general public has to pay that tax that's being avoided being paid...

@ShahrzadStories 2 жыл бұрын

This was very eye-opening. It also makes lots of sense on why sometimes "art" doesn't make sense😅😐 I'm connecting the dots to the publishing industry. It'd be really cool if u could talk about that as well. All the big publishers and bestsellers,etc.

@bmmaaate 2 жыл бұрын

Bestselling books are a way different game. People are made to feel they are missing out if they don't read the top sellers right now but a charity shop can't sell a copy of The Davinci code for 10p nowadays. Would you buy a print of a photo of a snotty hanky that fell out of Tracy Emin's bed? I certainly wouldn't.

@rainmaker6970 2 жыл бұрын

So happy to see you are doing well ; I have averaged over seven figures annually for almost two decades and I found your channel teaching SUCH valuable money mindsets to people ; I realized my goal was never to be a million-aire but to build a business that was netting a "million a yr" so close but so far away ; I think you need to look into Kerry Cassidy on Project Camelot the OG of you tube from 2006 ty for this you are helping alot of people

@Littlemangomama 2 жыл бұрын

It is all about who you know in the industry😤 thank you for sharing light into this

@alexandrabregman1558 2 жыл бұрын

Great video. I would love to speak with you further about this. 8:47 - Many works of art are stored in freeports (particularly in Europe) to avoid VAT, Value Added Tax. But there are also political and personal reasons a collector may not feel safe having their assets known to their country, or to their greedy family. 9:00 - I recommend my own book (shamelessly) - The Bouvier Affair: A True Story, which talks about the real people who use this world. 9:32 - The reason the Geneva Freeport is the largest is because it's the OG. It's the model that informed the others, originated from the need to store shipments like grain across European countries overnight without paying tax. It's also state subsidized, and in full view of the outside world. Plus, there is a section that has non-VAT items. 9:40 - The collector in my book stored his own artworks in Geneva. His collection actually included Klimt, Da Vinci, Renoir, and Van Gogh all at once. Buy my book kthnx

@lucasben5068 2 жыл бұрын

This is very Sad - because there are a lot of very talented artist that never see the light of day in the market - because of these gatekeepers- /the real cost is the culture and richness for humanity that will never be appreciated because of the greedy a holes 🕳 trying to save on taxes 🤬🤔

@greenmedic88 2 жыл бұрын

This was indirectly brought to my attention at an art gallery during a trip to Las Vegas when I struck up a conversation with one of the sales reps. The pitch wasn't so much to sell me on buying a $30,000 painting for an up and coming artist who had more buyers for his work than he was capable of producing paintings for, but that I could use the painting as a business tax write off by putting it on display in my work office. That was literally the pitch.

@nanosecondtomidnight7774 2 жыл бұрын

I know a very famous Asian artist here in Paris, he's in his early 80s now. He came from a very wealthy family. He studied philosophy in Japan and in Germany, so he knew how to talk up some good bullshit (he is not Japanese). When he started making conceptual / minimalist "art", he organized exhibitions in galleries, gave money to his friends to sell out the shows, bribed art critics to write positive reviews. As his reputation grew, so was he able to bribe higher and higher grade of critics. And because he comes from a powerful family, eventually the very powerful friends of his family bought his work (that he didn't have to give money to), and important museums in America, Europe, and Asia bought his work for their collections. An example of his "art", which I saw when visiting his studio, is a huge white canvas with a single black brush stroke. There is a long waiting list of collectors for these "paintings" which sell for around half a million, but the "artist" only produces about 20 of these per year. The "real artists" in this con game are the dealers, museum curators, collectors and the art critics who conspire in making highly effective conceptual art.

@nataliecapp7360 2 жыл бұрын

I was JUST talking about this yesterday with my family- my dad has worked in the art industry forever and has gotten almost no gold that he was promised, after years nad years of work. I'm sure only 1% of the art in circulation is legit. There's so many interesting documentaries about this.

@cafe.cedarbeard 2 жыл бұрын

None of this was ever spoken of when I went to art school. I went in with sincere art devotion, got out with severe art damage. Sincerity is verboten when the big money holds the chains. This why mainstream art sucks, especially the music.

@presenceofeden2949 2 жыл бұрын

Is all controlled, and they don’t want or care about real talent.

@dingusdingus2152 2 жыл бұрын

Art schools are in on the racket, monsieur de la Cafeorama. Everyone in the industry is essentially a parasite. Think of it like this: artists are like a team of mules, harnessed to a wagon, upon which are riding hundreds of interlopers--- curators, gallery owners, museum administrative personnel, appraisers, consultants, art history academics, book and magazine publishers, publicists, agents, etc. etc. etc. Exit through the gift shop...

@Silverpicker Жыл бұрын

This was super interesting. One question, though: If artificially turning these "up and comers" into famous artists is all a scam, why are people later on buying their work for tens of millions of dollars. Surely folks that spend that kind of money on art are aware of this, right?

@domenictersigni999 2 жыл бұрын

well shared fellow being for sharing awareness and insights out loud they also use arts to send message with in the art and cost to show to the known about other worlds future happening like wars and economics drops and raise

@RichardEnglander 2 жыл бұрын

Absolutely! And art is used to hide illegal cash, as tokens for shady deals etc. Great way to pay somebody money for something off the books is to let them buy art from you for more than it is worth. Afterall it's worth what somebody will pay, who can argue?

@robertpaulsin6109 2 жыл бұрын

Won't work. The buyer will want the deduction and so they'll be sure to report the purchase. They'd be a fool to not report their purchase (because then they'll be paying taxes on those dollars). Also, an art piece's value in the eye of the beholder holds true for everything else that exists. You can literally sell a bottle of water for 5x the price so long as it you place it in front of the right people. It's no trick. It's just another day at the business office.

@blogusvox 2 жыл бұрын

"... so this is the part where we make the artist famous and we have to boost the value of the art to feed that." Now I know how a "con artist", like Damien Hirst, became "famous". 🤣

@artytomparis 2 жыл бұрын

Okay, I'm an artist and I have been all my life & even ran two art galleries in Paris, on the Isle Saint Louis. The owners of the galleries had no clue about this but they were small galleries. I also know a lot of good artists who make an average income however I also know those who make a lot. The ones who make a lot are not necessarily plugged into this system, they just work hard and do great art & consider themselves very fortunate to be picked up by the people you are describing. It does exist, it's real and it's unfortunate that the very rich bring art into disrepute by doing this. However there are tax benefits to normal people who buy art too if they do it through a company. Dentists in Paris have caught onto this as there is a law that gives them a reduction in taxs if they buy art and display it in a public location, their reception area. In Ireland there are also benefits though I'm out of touch with that now. I will share this on facebook. I don't think it really helps real artists in a practical way but it might start a constructive conversation. The artists who follow me won't be thanking me for it, even though they don't benefit from this craziness but they might hope to :) Which is foolish, as this actually undermines the real value of art.

@artytomparis 2 жыл бұрын

It didn't take more than an hour for the vitriol to start. Name calling and insults on facebook. I actually had to block someone whom I know is 'attempting' to be recruited.

@lucibloom5966 2 жыл бұрын

@@artytomparis Wow interesting 🤔 I shared this a few minutes ago so curious to see the reaction from some of my arty friends and others…I’ve been doing a business course in art that a very ambitious artist I know created and has made six figures from in the past year and she encourages us all to basically shoot for this but spins it in a good way as if it doesn’t really matter that it’s a huge manipulation as long as you get the bag!

@artytomparis 2 жыл бұрын

@@lucibloom5966 Yes well that's like suggesting that someone goes out and buys lots of lottery tickets and sleeps with the shop keeper too. That's the problem with the art world today. It's completely normalized to behave that way.

@MhloboSin 2 жыл бұрын

This is crazy, very insightful

@eriktempelman2097 2 жыл бұрын

Thanks for your work.

@christylou28 2 жыл бұрын

I basically know nothing about art, but I love going to galleries and have been fortunate enough to go to some of the great ones around the world to see some amazing pieces.... knowing that there are many wonderful pieces that nobody will ever get to see and enjoy because they are forever hidden away in vaults is incredibly sad and disappointing. I'm sure many of those artists would not want that for their work. Just another by-product of rich people's greed I guess.

@bmmaaate 2 жыл бұрын

You say you know nothing about art but surely visiting a gallery and enjoying it is what art is all about in its purest form. Would you buy a local artists work for $50 and display it in your hallway? You would be essentially hiding it away from everybody except close friends and the occasional plumber.

@christylou28 2 жыл бұрын

@@bmmaaate yes it is, which is why I'm sad that all these valuable masterpieces are locked away so nobody can see them. And displaying a $50 piece of art at home is far different to locking away a centuries old masterpiece so that nobody can ever see it, it's not like they are on display in the vault for even the owners to enjoy them is it? They are locked away in storage.

@jroettger1 2 жыл бұрын

I find it hard to believe a deduction could be taken that exceeds the actual cost of the painting. You’re out $250K how is the IRS gonna allow you a $10M deduction? You are giving the appreciation away not experiencing it as income at any point. You would first have to claim the $10M as income to then turn around and deduct it as a charity expense.

@ChristophTungersleben 2 жыл бұрын

May this construct of a nichè the VAT back on expected gain may :(

@tomislavjelic7444 2 жыл бұрын

Because it doesn't work like this. Besides it not counting as 10m write off (as in expense, not as in "I now don't owe 10m in taxes), you are also limited by how much you can donate and write off (and the number is pretty low)

@bebophippie1781 2 жыл бұрын

great information thank you.

@JohnnyBritishEnglishClasses 2 жыл бұрын

Correct. I have known this for at least 20 years. Very good 👍🏻

@Mike-qg1we 2 жыл бұрын

You forgot about NFTs ;) fine arts scam compared to buying few procedurally generated pixels for stupid amounts of money is whole new level.

@johnnymidas5879 2 жыл бұрын

YES!!.. OUR PRESIDENT HAS A VERY TALENTED ARTIST NAMED HUNTER!! 🤣🤣🤣

@Abundantiaco 2 жыл бұрын

Hahahahaha!

@4TheLoveOfThriving 2 жыл бұрын

Haha this!! 🤣

@johnnymidas5879 2 жыл бұрын

@@4TheLoveOfThriving 😃👍❤

@johnnymidas5879 2 жыл бұрын

@@skyeblu817 WHAT?? YEAH, OK, YOU'RE IN CHARGE, YOU'RE THE "ONE" !! LETS NOT MAKE A JOKE, LETS LIVE BY YOUR RULESL!!... WOW WTF ARE YOU RESPONDING TO??

@GS-zc4sk 2 жыл бұрын

Com'on man 🤡

@czero1243 2 жыл бұрын

having studied art and known genuine talents it is obvious how many talentless or extremely weak talents with connections are the ones with a career nice to see the financial reasons and to have confirmation of shallowness of so called experts

@claursen1 2 жыл бұрын

Great video. well made and well said.

@philipgmetcalf 2 жыл бұрын

There is also the phenomenon of faking famous antiquities and just displaying the fake in a museum, while the wealthy benefactor gets to keep the original in his own collection. Any thief would discover this to their cost.

@Abundantiaco 2 жыл бұрын

I think sometimes this is also done to protect the original, right? But I bet a lot of sneaky stuff definitely happens in this regard as well.

@bertbuschbertbusch 2 жыл бұрын

Wow I've never heared someone articulate this so simple and understandable. There are so many scoundrels with different tactics and scams in the art scene world, I'm flabbergasted!