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Save Taxes by Investing in Art || bekifaayati #shorts
To avoid paying taxes, many collectors use freeports (offshore companies) for storing art. If you send the art you purchased directly to a freeport, you’ll avoid paying Sales tax (Sales tax has to be paid in the country in which the sale occurs).
Once the painting is in Freeport, nearby art gallery hypes up the price of the painting. This can be done by sheer influence in the art circles on how the artist was a forgotten genius.
Owing to subjectivity in Prices of Painting, the prices could be jacked up even by 50-100X. Once the prices are jacked, the painting is “Donated” to a museum to avail a tax write-off for charity.
This is how the value of painting gets blown out of proportion.
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