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@ISIDEWITHQuestionsTechnologicalStarted 3mos agoActive 4 days ago

Should artists be held to the same reporting and disclosure requirements as hedge funds, mutual funds, and public companies when selling their artwork?

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.

28 Replies

 @ISIDEWITHDiscuss this answer...3mos3MO

No

 @ISIDEWITHDiscuss this answer...3mos3MO

Yes

 @9SSRG9Hfrom Manitoba  answered…3mos3MO

Artists should be held to the same standards as anyone who is sort employed. The selling of their art is a business.

 @9ZTRL63from British Columbia  answered…6 days6D

Yes, but only for artists who are making a certain a substantial income off their work

 @9ZWH3RBfrom Quebec  answered…4 days4D

Yes , however artist should be recognized as equals to other jobs and be elegible for equal amounts of government help and options

 @9ZVR74Sfrom Quebec  answered…5 days5D

If making a living yes. if selling art to get by No

 @9ZVM53Wfrom Ontario  answered…5 days5D

No, but we should implement more standards around art, just not that strict.

 @9ZVJY68from Quebec  answered…5 days5D

No. They should pay taxes on income like for any other entrepreneur that sells goods and/or services.

 @9ZTQ7XTfrom New Jersey  answered…7 days7D

Yes, but only if their income expands a certain amount

 @9ZRQ8ZPfrom Nova Scotia  answered…1wk1W

Yes, but only if the art surpasses a particular value threshold.

 @9YKMT52New Democraticfrom Ontario  answered…4wks4W

yes but only after making a certain income off their work

 @9W222F2from Ontario  answered…2mos2MO

Yes, but only if the price of said artwork is over a certain threshold.

 @9VJ6C4Kfrom British Columbia  answered…2mos2MO

For large companies yes but small businesses should be able to dictate their own standards as it is not the same for small companies as for large companies.

 @9T2MJNXfrom British Columbia  answered…3mos3MO

suppose this should depend on the volume/value of art being sold

 @9SZHZL3from Alberta  answered…3mos3MO

Artists should be to some extent held to the reporting and disclosure requirements under the condition that they aren't disincentivized to sell their artwork

 @TrykzNew Democratic from Pennsylvania  answered…3mos3MO

Yes

This question is really about cryptocurrency

The SEC filed lawsuits against NFT artists & NFT marketplaces for acting as an unregulated security, not just art in general. The problem is that the SEC hasn't actually even made rulings on cryptocurrency let alone NFT's. The outcome of these lawsuits should create clear boundaries & regulations on both.

 @9T64K8RConservativefrom Ontario  answered…3mos3MO

They should have their own unique thing, done by economists and expert consultants on the economy.

 @9SW45W7from British Columbia  answered…3mos3MO

Depends on what the artwork is about and the whole abstract .

 @ISIDEWITHasked…3mos3MO

In what ways do you think requiring artists to follow these financial regulations could influence the types of art being produced?

 @ISIDEWITHasked…3mos3MO

How would you feel if your favorite artist's work became significantly harder to buy due to new financial regulations?

 @ISIDEWITHasked…3mos3MO

How do you feel about the balance between ensuring ethical practices in the art market and preserving the unique culture of art creation and collection?

 @ISIDEWITHasked…3mos3MO

Do you agree with the perspective that implementing such regulations could protect the art community from fraud, or do you see it as an unnecessary complication?

 @ISIDEWITHasked…3mos3MO

Do you think treating artwork like stocks or bonds could impact how people appreciate art?

 @ISIDEWITHasked…3mos3MO

Can the introduction of financial regulations into the art world be a form of protection for buyers, or does it pose a threat to artistic freedom?

 @ISIDEWITHasked…3mos3MO

Would the requirement for artists to disclose financial information change your perception of the art world's exclusivity and mystique?

 @ISIDEWITHasked…3mos3MO

Imagine creating a piece of art and being told it's now considered a security; what would be your initial reaction?

 @ISIDEWITHasked…3mos3MO

How important do you believe transparency is in art transactions compared to maintaining an artist's right to privacy?

 @ISIDEWITHasked…3mos3MO

If buying art became as regulated as buying stocks, would that change your interest or ability to participate in the art market?

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