Why do billionaires buy very expensive fine art?
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Why do they pay millions for paintings and sometimes for antique items? What I am curious to know is exactly why they buy these items? Is it prestige? Or is it that feeling that one ...show more
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Answer:
They may buy the art for aesthetic appeal, however they buy the as investments. When that do their balance sheets they can list them as assets. They may also be able to deduct the insurance off their taxex.
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Other answers
yes it is prestige, remember there is only one true masterpiece of the paintings so being the one person who ones it not only feeds there egos but also makes them look special to others of the same kind of megalomaniac. if it were me, I would buy them all up and donate them to museums. then spend my time and money visiting those museums. I would imagine some of them do feel influenced by owning those items. but any genuine feelings of admiration and humility are probably few and far between.
Raoul Duke
when you have money to buy whatever you want, you go for exclusive stuff and that's what art is part of. it's costly exactly for its uniqueness as most people know. also: if you're rich, you need another challenge, and it's usually getting respect from the people that matter. they're not impressed with you earning your next million, but they might be when you enter the world of art. it also doesn't hurt to show off that you know what's top of the bill in the art world or the next big thing.
dragon
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