TY  - UNPD
A1  - Whitaker, Amy
A1  - Kräussl, Roman
T1  - Art collectors as venture capitalists
N2  - Employing the art-collection records of Burton and Emily Hall Tremaine, we consider whether early-stage art investors can be understood as venture capitalists. Because the Tremaines bought artists’ work very close to an artwork’s creation, with 69% of works in our study purchased within one year of the year when they were made, their collecting practice can best be framed as venture-capital investment in art. The Tremaines also illustrate art collecting as social-impact investment, owing to their combined strategy of art sales and museum donations for which the collectors received a tax credit under US rules. Because the Tremaines’ museum donations took place at a time that U.S. marginal tax rates from 70% to 91%, the near “donation parity” with markets, creating a parallel to ESG investment in the management of multiple forms of value.
T3  - CFS working paper series - No. 696 
KW  - Art investment
KW  - venture capital
KW  - social impact
KW  - portfolio management
KW  - tax arbitrage
Y1  - 2022
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/68975
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30:3-689753
UR  - https://ssrn.com/abstract=4316020
PB  - Center for Financial Studies
CY  - Frankfurt, M.
ER  -