In 2022, many wealthy casino owners spent their money on art. One of the most notable is a work by Basel Dalloul which was purchased for over $1 million by the Roo Casino owner.
In this article, we will be looking at the different types of art that wealthy casino owners purchase. In some cases, these pieces can cost upwards of $10 million or more. A lot of rich casino owners are private people who keep to themselves about their wealth and personal lives. These people may not have a history of collecting art but it is common for them to do so as they gain wealth and status. As time goes on, their collections grow with the addition of many valuable pieces.
Why Art?
If you are looking for an investment with a potentially high return, art is not the answer. Art is appreciated very slowly if at all, and it does not always produce any returns. For example, even though Picasso’s “Les Femmes d’Alger” sold for $179 million in 2015, that was far from being his most valuable artwork. And yet, the wealthiest people in America still buy them because of their love or sentiment attached to them.
That’s why most people will find it hard to understand why rich people buy art. Some of them might not even know what they are doing, but the reality is that these wealthy buyers have a lot of reasons why they spend money on artwork. One reason why they buy it is that they love art or have some sentimental attachment to it. They might be thinking that this investment will help them diversify their portfolio and make them more secure in case there’s a downturn in the economy.
Casino Entrepreneurs Use Art to Avoid Taxes, Don’t They?
What’s the deal with art and taxes? Art is a very personal thing, and the artist’s intent should always be considered when you are viewing it. Taxes can be a big burden for those who make their living from their art. However, some wealthy individuals use art to avoid paying taxes. In some countries like the United States, art can also have another purpose: avoiding taxes. If you own an artwork that is of significant historical importance, then it might make sense to donate it to a museum for display or even sell it to one. This way you can get rid of your capital gains tax liability
The Secret To Selling Art to a Casino Owner
The secret to selling art is patience. Whether you are an emerging artist or a seasoned pro, it takes time to build your brand and establish yourself as a recognized name in the art world. For example, when Pablo Picasso was 20 years old he had just sold his first painting. As of this writing, 100 years later, one of his paintings sells for $179 million.
If you are an artist and want to make a living off of your work, then the internet is the best place for you. The number of opportunities that exist today for artists to share their work with the world and earn money from it is greater than ever before.
The opportunity to sell art has never been greater than it is today. With so many new ways of selling and sharing your work, how can you decide which avenue will be the most lucrative for your future? This article explores some of the more popular platforms that artists use to sell their work. It also looks at opportunities on sites like Etsy, Creative Market, and Instagram.
5 Step Guide for Art Sellers
- Decide what and how to sell art.
- Incorporate your business.
- Pick sales channels.
- Choose a price.
- Market online store.
Summary
The art world is always changing, evolving, and redefining what we think is beautiful. So who are the people that shape this sphere? Who are the buyers of these paintings and sculptures? They’re those with money to spend, they have different tastes, needs, and demands than most others in society. And yet there’s a distinct pattern for their taste; it’s mainly Impressionist Artwork. There was a survey conducted by Phillips auction house which found out that a percent of wealthy collectors were casino owners.
In 2022, wealthy casino owners bought a lot of art. Warhol Digital Works was one of the works that was sold for $2.5 million to an anonymous buyer. From Dazzling Abstractions to Yves Klein’s “Leap into the Void” which cost over $4 million and pieces by other famous artists such as Basel Dalloul and Francis Bacon who had paintings worth millions or tens of millions of dollars.
By Jack
