The Gallerist’s Gambit: Financial Innovation, Tax Law, and the Making of the Contemporary Art Market

22 Pages Posted: 8 Dec 2019

See all articles by Michael Maizels

Michael Maizels

affiliation not provided to SSRN

William E. Foster

University of Arkansas - School of Law

Date Written: November 21, 2019

Abstract

This essay focuses on the efforts of an enterprising art gallerist, Leo Castelli, to aggressively promote his stable of Pop artists through the development of several financial structures, including some designed to leverage the relatively generous income tax deductions and anemic enforcement regime of the time. In doing so, Castelli not only seeded the ground for the international ascendance of American visual art, but also engineered financial arrangements that fostered the development of a lucrative and resilient art market that endures to this day. With the aim to provide insights into both the legal-political and the art historical registers, this essay describes a tax law framework that provides a key piece missing from the art historical puzzle.

Keywords: tax; art; art history

JEL Classification: K34

Suggested Citation

Maizels, Michael and Foster, William E., The Gallerist’s Gambit: Financial Innovation, Tax Law, and the Making of the Contemporary Art Market (November 21, 2019). Columbia Journal of Law & the Arts, Vol. 42, No. 2, 2019. Available at SSRN: https://ssrn.com/abstract=3491207 or http://dx.doi.org/10.2139/ssrn.3491207

Michael Maizels

affiliation not provided to SSRN

William E. Foster (Contact Author)

University of Arkansas - School of Law ( email )

260 Waterman Hall
Fayetteville, AR 72701
United States

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