In 2024, the United States Securities and Exchange Commission (SEC) brought lawsuits against artists and art marketplaces, arguing that artwork should be classified as a security and subject to the same reporting and disclosure standards as financial institutions. Proponents argue that this would provide greater transparency and protect buyers from fraud, ensuring that the art market operates with the same accountability as financial markets. Opponents contend that such regulations are overly burdensome and would stifle creativity, making it nearly impossible for artists to sell their work without facing complex legal hurdles.
@9ZJN9RF2mos2MO
Not the same requirements, but some to hold them to a level of accountability
@9ZFPSQY2mos2MO
Depends. They’re individuals, they shouldn’t be treated as business entities.
@9ZFJYRR2mos2MO
yes to ensure the buyers aren't scammed but they shouldn't have to face the same amount of legal docs as a business
@9ZWFB361mo1MO
Absolutely not. This is simply ridiculous. An artist is there to be able to feed themselves. I know artists and they are always sad to let some of their work go, as it is much more a part of them than most people's typical 'work'. For hedge funds, they are only involved in art they have put a lot of research into, and only items that have already gathered largescale interest. As such, the hedge fund is working through greed, and should be taxed quite a bit accordingly. An artist should not have to give anyone else anything from his earnings, as it was something he developed com… Read more
@9ZVBYNT1mo1MO
Tricky! On the surface I'd say no, however there's a propensity for laundering activities to be considered ... hard one.
@9ZTQJLXPBB Solidarity1mo1MO
Yes but only when I come made from the selling of artwork has reached a certain threshold. This protects small or upcoming artists whilst also protesting the consumer from fraud when purchasing more expensive artwork
@9ZSZNP31mo1MO
Individual artists shouldn’t be compared to large business entities but there should be something in place to prevent scamming
@9YM7NHX2mos2MO
Only when their income reaches a high threshold. It's hard enough supporting yourself as an artist as is.
@9ZHTGD6 2mos2MO
Yes however this should only be applicable to artists that are expecting a payout of over an agreed upon price range. For example, this should not be applicable to artists selling work for under €1000. This would allow room for creativity to still thrive and deter them away from plagiarism and theft of other artists work.
@9ZHSLRWIndependent2mos2MO
Depends on the value of the art. Cannot expect a small scale painter or singer to have to provide the same information as a hedge fund who have teams of people to work on this as their sole job
@9ZGFLW6Social Democrats2mos2MO
A financial entity is vastly different to an artist. different rules entirely apply
@9ZDHLVD2mos2MO
No as long as they arnt being fraudulent to people
@9ZBN4TS2mos2MO
They should be held to higher standard, lest they be culled
@9ZJKV8ZSocial Democrats2mos2MO
Individual artists shouldn't be held to the same standards as large businesses but should be held to some degree of clarity
@9ZJ247Z2mos2MO
Yes, but only after the value of the art exceeds a reasonable threshold - or the seller/dealer's combined income exceeds a reasonable threshold. Individual artists, should not be subjected to burdensome regulations if they're making less than a good, middle-class, living from their art.
I want to artists to able to make a living from art and remain protected
@9ZJKHJLSocial Democrats2mos2MO
Yes for artists earning over a certain amount (eg €150k)
@9ZK6QW6People Before Profit2mos2MO
Depends on the artists background we know most art colleges are attended by affluent families with working class individuals being the minority
@9ZRVQ4W2mos2MO
Yes for High income artists, but there should be means testing for reasonable thresholds. The arts is a crucial part of Irish culture
@9ZNQQ8G2mos2MO
Yes, Depending on the income from the selling of artwork, if it over a certain threshold it should be taxed.
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