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A comment on The Sotheby's trial revealed the art market's unsavoury practices. Parent comment

Re:The Sotheby's trial revealed the art market's unsavoury p... by itsoktocry on Tuesday February 06, 2024 @09:09AM (#39274300)
>The rich person donates the work to a museum, a non-profit. The donation gives them a $75 million tax write off. The rich person just saved $25 million that would have otherwise been taxed.

So you're asserting that rich people and appraisers and insurance companies and museums are all conspiring to commit tax fraud?

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Re:The Sotheby's trial revealed the art market's unsavoury p... by sparsely on Tuesday February 06, 2024 @09:11AM (#39274319)
Conspiring is maybe strong, but it isn't in any of their interests to stop it happening.
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Re:The Sotheby's trial revealed the art market's unsavoury p... by itsoktocry on Tuesday February 06, 2024 @09:15AM (#39274354)
>but it isn't in any of their interests to stop it happening.

It isn't in the insurance company's best interest to ensure they have an accurate assessment of the value of the item they're insuring?

What is being described above is fraud.

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Re:The Sotheby's trial revealed the art market's unsavoury p... by thfuran on Tuesday February 06, 2024 @09:52AM (#39274786)
Tax fraud isn't really accurate either.
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Re:The Sotheby's trial revealed the art market's unsavoury p... by Schiendelman on Tuesday February 06, 2024 @09:12AM (#39274321)
Not conspiring. It’s a natural outcome of the way this market works though.
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Re:The Sotheby's trial revealed the art market's unsavoury p... by CPLX on Tuesday February 06, 2024 @09:28AM (#39274532)
Michael: My father’s no different from any other powerful man. Any man who’s responsible for other people. Like a senator or president.

Kay: You know how naïve you sound? Senators and presidents don’t have men killed.

Michael: Oh. Who’s being naïve, Kay?

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