How Contemporary Art Became a Fiat Currency for the World’s Richest

Re:How Contemporary Art Became a Fiat Currency for the World... by simonh on Friday May 17, 2019 @03:38AM (#19937233)

Aside from the tracking issue, many assets are extremely difficult to price at market value. Even if you could suppose the value goes up, they pay tax, then the value goes down? There would be horrendous market distortions from a scheme like this, and a flight of capital from the jurisdiction implementing it.

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Re:How Contemporary Art Became a Fiat Currency for the World... by nutjob2 on Friday May 17, 2019 @04:42AM (#19937539)

The Netherlands has an asset tax, and it doesn't seem to have that much difficulty with it economically. I suspect your difficulties are overstated and it's roughly no more bothersome than other forms of taxes.

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Re:How Contemporary Art Became a Fiat Currency for the World... by simonh on Friday May 17, 2019 @08:13AM (#19938740)

Interesting, it seems to only include fairly easily valued assets which can generate an income such as property and equity. Actually art works under such a scheme would be even more attractive as stores of value, not less, which could be seen as one of the market distortions I was talking about.

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Re:How Contemporary Art Became a Fiat Currency for the World... by B1FF_PSUVM on Friday May 17, 2019 @05:07AM (#19937694)

Just use the insurance value. Make insurance companies report it, done.

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