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.
@9ZFPSQY2wks2W
Depends. They’re individuals, they shouldn’t be treated as business entities.
@9ZFJYRR2wks2W
yes to ensure the buyers aren't scammed but they shouldn't have to face the same amount of legal docs as a business
Depends on the artists background we know most art colleges are attended by affluent families with working class individuals being the minority
@9ZJN9RF1wk1W
Not the same requirements, but some to hold them to a level of accountability
Individual artists shouldn't be held to the same standards as large businesses but should be held to some degree of clarity
Yes for artists earning over a certain amount (eg €150k)
@9ZJ247Z1wk1W
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
@9ZHTGD6 1wk1W
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.
@9ZHSLRWIndependent1wk1W
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 Democrats2wks2W
A financial entity is vastly different to an artist. different rules entirely apply
@9YM7NHX2wks2W
Only when their income reaches a high threshold. It's hard enough supporting yourself as an artist as is.
@9ZDHLVD2wks2W
No as long as they arnt being fraudulent to people
@9ZBN4TS2wks2W
They should be held to higher standard, lest they be culled
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@9ZNQQ8G3 days3D
Yes, Depending on the income from the selling of artwork, if it over a certain threshold it should be taxed.
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