Arbeitspapier
Art collectors as venture capitalists
Employing the art-collection records of Burton and Emily Hall Tremaine, we consider whether early-stage art investors can be understood as venture capitalists. Because the Tremaines bought artists' work very close to an artwork's creation, with 69% of works in our study purchased within one year of the year when they were made, their collecting practice can best be framed as venture-capital investment in art. The Tremaines also illustrate art collecting as social-impact investment, owing to their combined strategy of art sales and museum donations for which the collectors received a tax credit under US rules. Because the Tremaines' museum donations took place at a time that U.S. marginal tax rates from 70% to 91%, the near "donation parity" with markets, creating a parallel to ESG investment in the management of multiple forms of value.
- Sprache
-
Englisch
- Erschienen in
-
Series: CFS Working Paper Series ; No. 696
- Klassifikation
-
Wirtschaft
Portfolio Choice; Investment Decisions
Nonprofit Institutions; NGOs; Social Entrepreneurship
Personal Income, Wealth, and Their Distributions
Cultural Economics: Economics of the Arts and Literature
- Thema
-
Art investment
venture capital
social impact
portfolio management
tax arbitrage
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Whitaker, Amy
Kräussl, Roman
- Ereignis
-
Veröffentlichung
- (wer)
-
Goethe University Frankfurt, Center for Financial Studies (CFS)
- (wo)
-
Frankfurt a. M.
- (wann)
-
2023
- DOI
-
doi:10.2139/ssrn.4316020
- Handle
- Letzte Aktualisierung
-
20.09.2024, 08:22 MESZ
Datenpartner
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Objekttyp
- Arbeitspapier
Beteiligte
- Whitaker, Amy
- Kräussl, Roman
- Goethe University Frankfurt, Center for Financial Studies (CFS)
Entstanden
- 2023
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