I may be biased because I'm insensible to visual art. But the valuation of those seems like a scam even without the Tax evasion scheme.
TLDW:
1-Buy collection at low price from artiste
2-increase interest in said artist:
paid article pay Gallery to promote artist
Sell some piece at auction and buy it yourself at an inflated price. Allowed by Secrecy in auction
3- profit:
give some overpriced (by auction) piece to museum for massive tax evasion all you collection is now overvalued based on the auction price
All actors are incentivize to participate in the scam:
Gallery and auction house get paid Museum get free art
Artist get reconnaissance
No. This video is dumb. And the narrator isn't even interested in it. There is a fascinating book on this subject. Point by point: Sure but unless you're Charles Saatchi nobody cares. The way you do this is you, rich person, tell another rich person to buy said artist. Articles? nobody gives a fuck. Gallery? Sure, but really it's about the fairs. Remember, if you're telling other rich people to buy the artist you get a finders' fee and the auction house gets twenty percent. Tax havens aren't that big a deal - even if your government knows you bought it, they can't tax it until it lands in your home country so this whole sinister secrecy bullshit doesn't even matter. Fundamentally it's garden-variety speculation on a volatile asset and it's no more dirty and underhanded than fucking stocks.1-Buy collection at low price from artiste
2-increase interest in said artist: