Comments by "Samson Soturian" (@samsonsoturian6013) on "The Problem With Masterworks" video.

  1. Very ponzi
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  2. Not all. Some people buy them just to show off they're rich or so they can pretend they're smarter than anyone else.
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  3. Yes, people who pretend to be rich also do it
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  4. Richard was on Coffeezilla and explained how to know fake gurus were fake
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  5. It's called a pyramid scheme. You buy at one arbitrary price and try to convince someone else to pay a bigger price. Art dealers do have an edge because the end buy is usually an idiot who just wants to show off how rich they are
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  6. That's not even necessarily true as the crazy inflated prices in gold town was most due to goods having to be imported by wagon across hundreds of miles of roadless terrain
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  7. Yes
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  8. Since you're technically a member of an LLC I'm guessing yes you would be taxed once as income instead of taxed twice as unqualified dividends
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  9. I'm the secret shopper that reported Masterworks to the SEC. Their "secondary market" is completely empty, all their return promises contradict each other, I cannot confirm most of the art they own even exists or if they own it, and there's nowhere to set up ACH deposits... They asked for my card info over the phone. SCAM.
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  10. Enormous amounts of land are not liquid either
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  11. Who said anything about that?
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  12. BTW, about the return of collectible art, since they are a luxury item their value would be highly correlated to the greed index. When times are good and/or people are greedy, the value goes up. While when times are bad and people are afraid, you are unlikely to find any buyer at all, hiding the short term losses.
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  13. They let you pick artpieces to buy, they don't pool them in a ETF
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  14. How much did you lose?
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