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I'll concede that art is closer to stocks than I implied, but I think we both agree that the wealthy use it as an investment - whether it's a good one or not. Correct me if I'm wrong there. I'll reply to the rest of what you wrote out of respect but I worry I may have led is into the weeds with specifics when the real point I was making is that using it as an investment feels gross to me.
I don't believe that the majority of the people I'm describing are doing it for the love of art. It's an investment vehicle like anything else - one that is significantly less-regulated than stocks. If they truly cared about it, there wouldn't be hundreds of thousands of paintings sitting in tax-free storage.
Forgive me for the weak article, as I said I didn't have time to read it all and couldn't remember where I was reading about it a few years ago.
I agree!
Thank you for the mutually respectful discussion