Time: 8:00 pm
Location: Proteus Gowanus (543 Union St., Brooklyn)
“…art is a way to clean up dirty wealth. You might buy a painting for $7 million, paying $2 million in cash (helping the seller to avoid taxes), so the transaction is listed as $5 million. You put it in a warehouse for two years, let it predictably appreciate, and then sell it for $9 million. You’ve not only made $2 million, but you’ve cleaned another $2 million. Nobody the wiser.” *
Would you be shocked to learn that sometimes a painting isn’t purchased just for love? The art market is a niche sector of high finance with a uniquely irrational character. Tomorrow night attorney and art world insider Franklin Boyd will help us all – but artists especially – to better understand how this market works and why once traditional investors are moving in on these so-called “treasure assets”. What benefits or risks does the more loosely regulated art market offer? Why would an international bank want to be associated with an art fair? Should we worry about market manipulation? Is the whole market “overpriced” and ready to pop?
Ms. Boyd works at the intersections of contemporary art, finance and law. Following her presentation, she will take questions and conduct a conversation.
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