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.
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@9SSRG9H8mos8MO
Artists should be held to the same standards as anyone who is sort employed. The selling of their art is a business.
@9ZRQ8ZP5mos5MO
Yes, but only if the art surpasses a particular value threshold.
@9ZTRL635mos5MO
Yes, but only for artists who are making a certain a substantial income off their work
@B4H5T5Z3wks3W
There should be categories for smaller groups and larger groups depending on how much the income is.
@B4BM96J4wks4W
depending on the value of the artwork in question. High value transactions should be treated as such, but most artists don't get high value commissions
@B2SZMQD3mos3MO
Yes, artists should be held to the same standards as everything else, while also making sure the process is very simple and non-tedious.
@B2P2T623mos3MO
It should always be considered income and treated as such. Like retail institutions selling a product, an artist is selling their product. However, rules should still apply for authenticity of large works
@B2J3VBF3mos3MO
I think that extent of reporting is somewhat extreme, but art should be reported as it can easily be manipulated to provide unfair benefits to certain people or be involved in "funny business".
@B26C2994mos4MO
Yes, but only over a certain threshold. (e.g $10k)
@B268QZV4mos4MO
Depends. Most aren’t making enough to get by, and we need the arts to have a vibrant community.
@B2645JN4mos4MO
So long as the amount of paintings sold, and the price doesn't exceed a certain margin
@B25JLHG4mos4MO
Depends on where they are at in their job and how much money it produces
@B244VCM5mos5MO
I think there's a middle ground somewhere in here that we could do. We are not American so we need to start coming up with our own solutions
@B23QKB3 5mos5MO
Taxes should be based on overall income period. No one should have to pay less whether it's is art, stocks or employment income.
@9ZWH3RB5mos5MO
Yes , however artist should be recognized as equals to other jobs and be elegible for equal amounts of government help and options
@9ZVR74S5mos5MO
If making a living yes. if selling art to get by No
@9ZVM53W5mos5MO
No, but we should implement more standards around art, just not that strict.
@9ZVJY685mos5MO
No. They should pay taxes on income like for any other entrepreneur that sells goods and/or services.
@9ZTQ7XT5mos5MO
Yes, but only if their income expands a certain amount
@9YKMT52New Democratic6mos6MO
yes but only after making a certain income off their work
@9W222F27mos7MO
Yes, but only if the price of said artwork is over a certain threshold.
@9VJ6C4K7mos7MO
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.
@B324X4F2mos2MO
It all depends on the consumer and producer. If the consumer seems like they will misuse this information then the artist shouldn't, but it all depends on if the artist is comfortable.
@9T2MJNX8mos8MO
suppose this should depend on the volume/value of art being sold
@9SZHZL38mos8MO
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 8mos8MO
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.
@9T64K8RConservative8mos8MO
They should have their own unique thing, done by economists and expert consultants on the economy.
@9SW45W78mos8MO
Depends on what the artwork is about and the whole abstract .
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