Friday, July 11, 2008

"A good deal all around"

Speaking of tax deductions for art donations, Tyler Cowen's review of Don Thompson's "The $12 Million Stuffed Shark: The Curious Economics of Contemporary Art" in yesterday's New York Sun includes the following:

"Most accomplished works of art end up in museums and are eventually accessible to the public; Mr. Hirst's shark last fall went on view at New York's Metropolitan Museum of Art for a three-year visit. Someday, if past behavior of major collectors is any guide, a permanent donation will likely follow. The associated tax deduction drains the Treasury, but this process is cheaper than having our government spend more on direct support of the arts, as is the case in Western Europe. It's a good deal all around."