Skip to comments.Billionaires are storing hundreds of millions of dollars' worth of art on superyachts
Posted on 02/04/2019 2:54:08 PM PST by Jyotishi
An article about the practice sparked outrage over income inequality.
Luxury yachts in St. Tropez. Frédéric Soltan/Corbis via Getty Images
People who own yachts have lots of things to worry about. Is a yacht a good financial investment? (Usually not.) Will a group of class-warfare-waging rascals untie the boat from its dock, causing thousands of dollars in damage? (If you're Betsy DeVos, yes.)
And then there's the latest concern plaguing superyacht owners: Is a yacht really a good place to store an art collection, which is worth more than the yacht itself?
A growing number of billionaires -- at least three, which is a lot since there are currently only 2,208 billionaires in the world -- are finding that storing art on superyachts comes with its own set of problems, according to a new report by the Guardian. In one case, a billionaire's children damaged a Basquiat painting by throwing cornflakes at it, and the crew added to the damage by trying to wipe the cereal off. Another yacht was the site of an unfortunate incident involving a champagne cork and a multimillion-dollar painting. On another, crew members having a pillow fight accidentally broke a £75,000 lamp. Those issues seem less related to yachts than to human behavior, but what do I know, I don't own a yacht
Perhaps unsurprisingly, the news that the superrich were not only buying yachts worth hundreds of millions of dollars but filling said yachts with art worth hundreds of millions of dollars and then accidentally damaging that art was not received well. People are using GoFundMe to beg for insulin while this is happening in the same time and place, tweeted Rep. Alexandria Ocasio-Cortez (D-NY). It's no wonder logical, compassionate ideas -- like her suggestion that the top marginal tax rate should be raised
(Excerpt) Read more at vox.com ...
Storing ‘art’ on a yacht is dumb.
Easily stolen, not to mention the reactions with salt air and moisture/humidity.................
Keep the billions.
Rent the boat.
If I were a billionaire, I’d buy an island. (are there any islands with no nation affiliation?)
Why don’t they just store in their deep underground bunker mansions, you know, the ones they’re building for the Day The Earth Stood Still, so they and only they will emerge as The Super Race
I’m keeping the Picasso out of the canoe, myself. I learned my lesson with the gun collection.
Spend a million on a nice plane, say an Eclipse 550, and fly to seaside resorts. Stay a few weeks and leave to your next destination. Stay out of the water. There's nothing good in the ocean.
In a world with nothing but billionaires, who would serve them? They’d have to make their own sammiches.
Some have tried.
A few have succeeded.
Lots of problems.
Should be able to buy legal immunity and diplomatic immunity from a number of very small states.
If it: F**ks, Flies or Floats....rent it.
However, the likes of Sandy Cortez you give it the “hit it, and quit it”.
Well, as Ive learned: the two happiest days are the day you buy your super-yacht and the day you sell it.
Will a group of class-warfare-waging rascals untie the boat from its dock, causing thousands of dollars in damage? (If you’re Betsy DeVos, yes.)
Slightly off topic....
I grew up a couple blocks from the beach in south Florida and spent a lot of time on boats.
My unsolicited advice....
If you dislike strong wind, and if you dislike relentless pounding in choppy water or rough surf, don’t spend your hard earned money on beach property or beautiful boats!
Billions. If you buy a boat youre gonna need them.
What should I get first, billions or a boat?
buy a politician or two first
One must learn from ones mistakes. Youre a Wise man.
“Spend a million on a nice plane, say an Eclipse 550...”
Try $3 million...then try thinking about a twin turboprop much safer for island hopping.
Have a PT6A day!
That was my thought.
They’d have to clean their own toilets
This whole report seems like B.S. For one, unless Basquiat used water color, cornflakes wouldn't do anything to a painting. And having googled Basquiat, cornflakes and milk thrown on one of his paintings would markedly improve the painting.
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