Billionaires are storing hundreds of millions of dollars' worth of art on superyachts

Vox ^ | Monday, February 4, 2019 | Gaby Del Valle

[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

[Pearls Before Swine]

There are problems, as you say. But, when the wealth tax comes, these billionaires can pretend to have a boating accident just like us po’ gun owners, although for a different reason.

[Redcitizen]

It’s all about the name brand.

Like this video: Payless experiment shows people will pay more for brand name.

https://www.youtube.com/watch?v=gJdBNYWG4a0

[Jack Hammer]

Hey, it’s their money.

[Jyotishi]

“Hey, it’s their money.”

True that, except of course thieves, swindlers, embezzlers, political opportunists, etc., . . . the Clintons and Obama’s come to mind.

[Daffynition]

You can charter Herb Chamber’s mega yacht *Excellence V*.... for USD 725,000/USD/week, winter rates.

http://www.sapphireseas.com/charter-yacht-excellence-v.html

[Ruy Dias de Bivar]

**Is a yacht really a good place to store an art collection,***

I remember an old SEA HUNT episode in which they find a sunken yacht with priceless paintings still hanging on the walls, all ruined.

[bert]

then there is sinking......

[edh]

“Well, as I’ve learned: the two happiest days are the day you buy your super-yacht and the day you sell it.”

I *always* see comments like this yet I see boats everywhere :-) ... there has to be something fun about it. I was toying with the idea of getting a decent boat to take out on the rivers around here on the weekends, but these comments about the expenses and the like when it comes to boat ownership scares the crap out of me :-).

[edh]

That’s a nice boat, but I don’t think I could use something that has only one helicopter pad. Hopefully someone else could use it though.

[hanamizu]

We own a boat. In a marina full of boats. And no one wears boat shoes. Lol

---

I live 1000 miles from the nearest blue water. But the shoes (after being broken in) are very comfortable.

[cableguymn]

Their money, they’re stuff.

I should care why?

[logi_cal869]

Personally, I’m thinking of dusting off an old flag and boning up on nautical science.

[I-ambush]

I’ve seen them too. I don’t own a boat, but, like you, I’ve fantasized about getting one. Some day.

[Conan the Librarian]

We live in a marina and we vary from Vibram 5 toes, flip flops, work loafers, and barefoot, OH, and the wife wears her motorcycle boots sometimes.

But, we don’t live on a big yacht, just a smaller 40ft sailing yacht.

March 1 we are casting off and sailing off into the sunrise/set.

[fini]

"I’m keeping the Picasso out of the canoe, myself. I learned my lesson with the gun collection."

Best post this evening.

[Conan the Librarian]

Yes, we’ve been living on our sailing yacht for 4 years now and have MAY happy days.

We’ve been slowly upgrading things (new stove, waterpump, and an actual refrigerating unit...no more ice!).

After March 1, we’ll be adding a water maker and solar panels.

All the comforts of home.

[PLMerite]

[Billionaires are storing hundreds of millions of dollars' worth of art on superyachts]

I think I've seen this movie:

[sheana]

Yep. I told him even the captains I know that hire out wear tennis shoes or even go barefoot. If it’s warm enough I go barefoot. And of course flip flops are official boat/marina wear. 😂

[sheana]

Have fun on your voyage! Hubby is disabled now so the closest I get is if one of the neighbors decides my boat needs to go out. Loll. Most of the time it’s just my floating condo. That’s okay. I’ve done my share of sailing. Ours is a 40 ft sailboat too. I’m looking at moving up to a 41 or 43 aft cabin motor yacht though. The grandkids are all getting bigger now and when they’re with me on the boat the Saloon looks like a college dorm room. They need their own space. Or I need them to have their own space.

Twenty years from now you will be more disappointed by the things you didn’t do than by the ones you did do. So throw off the bowlines. Sail away from the safe harbor. Catch the trade winds in your sails. Explore. Dream. Discover.
Attributed to Mark Twain But it may not be his

[Mr. Lucky]

That’s exactly what happened to my gun collection. Completely lost when my yacht sank.