Are charity art auctions, not donations, the new model for offsetting taxes?

Photo caption – Vague philanthropic plans: Sam Bankman-Fried, founder of the FTX cryptocurrency exchange, promised to give away most of his $20bn-plus fortune before FTX crashed in November, while Amazon founder Jeff Bezos plans to donate most of his $124bn. Photo credit: Benjamin Girette / Bloomberg via Getty Images; © 2022 Bloomberg Finance LP. Article by Scott Reyburn and Anny Shaw. The Art Newspaper – January 19, 2023.

Paul Allen’s estate has pledged proceeds of its $1.6bn Christie’s sale to unnamed philanthropic causes, while FTX founder Sam Bankman-Fried vaguely promised to give away his fortune

Mystery still surrounds the identity of the organisations and causes that will benefit from Christie’s record-breaking $1.6bn (with fees) auction in November of the Paul G. Allen collection. According to presale press releases, “all of the estate’s proceeds” from the two-part auction of 150 masterworks acquired by the co-founder of Microsoft were […]

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