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yeshia t1_j2bdbk6 wrote

Reply to comment by Midori_Schaaf in TIL in the 1970s, artist Andy Warhol thought that his artwork wouldn’t go up in value after his death. In May of 2022, Warhol’s portrait of Marilyn Monroe sold for $195 Million - making it the most expensive American artwork ever sold at auction. by waitingforthesun92

Makes no sense. A tax write-off does not magically get you your money back. Just a fraction of it.

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AgentElman t1_j2cb6ea wrote

I sell you a painting for $100 million. Then I buy it back for $100 million. I have no established the value of the painting as $100 million and I get to write that off on my taxes when I donate it. The painting might only be worth $1 million in a real market.

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