[bjornca]

Not legal advice so take at your discretion, but delivering or selling goods to a debtor within 20 days of filing may permit an administrative / priority claim to be filed under section 503(b)9 [there are also reclamation claims which have specific timelines and requirements]. Otherwise, vendors are typically general unsecured claims (any recovery is dependent on the situation, and the priority waterfall).

[shy]

Real Shame.

Collecting and selling art is a huge minefield.

you can get screwed buying art- by paying for it and not receiving

and then screwed again by selling or consigning art and not being paid for it.


You can also get screwed by buying original art only to find out it is a fake!


And one must always remember:

Art is EASIER to collect and much, much HARDER to sell

It is not a liquid investment that an be unloaded quickly like stocks

[The Italian One]

Apr 30, 2020 13:07:34 GMT 1 shy said:

Real Shame.

Collecting and selling art is a huge minefield.

you can get screwed buying art- by paying for it and not receiving

and then screwed again by selling or consigning art and not being paid for it.


You can also get screwed by buying original art only to find out it is a fake!


And one must always remember:

Art is EASIER to collect and much, much HARDER to sell

It is not a liquid investment that an be unloaded quickly like stocks

at the moment I still prefer art than stocks

[ca]

Also, saying art can’t be liquid is a bit ignorant. Depends of the artist/piece, but there’s stuff i could sell here under an hour

[shy]

Apr 30, 2020 14:05:55 GMT 1 ca said:

Also, saying art can’t be liquid is a bit ignorant. Depends of the artist/piece, but there’s stuff i could sell here under an hour

only thing liquid is CASH

[mose]

Apr 30, 2020 14:05:55 GMT 1 ca said:

Also, saying art can’t be liquid is a bit ignorant. Depends of the artist/piece, but there’s stuff i could sell here under an hour

I can sell stocks and have the money in a fraction of a second, with nothing such as transportation costs and logistics to be arranged, at the press of a button.

Art is by definition non-liquid.  Hell, some would even argue about it being an 'asset' with terms such as 'investment' and 'personal interest' being used instead.

"The main characteristics usually used to define art investments can be summarized in the following way: high-risk investment, illiquid, opaque, unregulated, high transaction costs, at the mercy of erratic public taste and short-lived trends. Artworks do not generate any cash flows that can be discounted, except to the extent that income can be obtained through lending and incurring expenses in the form of storage, insurance and associated costs. Art investments are also currently virtually ‘unhedgeable’."

-https://www2.deloitte.com/lu/en/pages/art-finance/articles/art-as-investment.html

[.dappy]

Apr 30, 2020 13:07:34 GMT 1 shy said:

Real Shame.

Collecting and selling art is a huge minefield.

you can get screwed buying art- by paying for it and not receiving

and then screwed again by selling or consigning art and not being paid for it.


You can also get screwed by buying original art only to find out it is a fake!


And one must always remember:

Art is EASIER to collect and much, much HARDER to sell

It is not a liquid investment that an be unloaded quickly like stocks

... tell Neil Woodford that

[ca]

Apr 30, 2020 14:39:03 GMT 1 mose said:

Apr 30, 2020 14:05:55 GMT 1 ca said:

Also, saying art can’t be liquid is a bit ignorant. Depends of the artist/piece, but there’s stuff i could sell here under an hour

I can sell stocks and have the money in a fraction of a second, with nothing such as transportation costs and logistics to be arranged, at the press of a button.

Art is by definition non-liquid.  Hell, some would even argue about it being an 'asset' with terms such as 'investment' and 'personal interest' being used instead.

"The main characteristics usually used to define art investments can be summarized in the following way: high-risk investment, illiquid, opaque, unregulated, high transaction costs, at the mercy of erratic public taste and short-lived trends. Artworks do not generate any cash flows that can be discounted, except to the extent that income can be obtained through lending and incurring expenses in the form of storage, insurance and associated costs. Art investments are also currently virtually ‘unhedgeable’."

-https://www2.deloitte.com/lu/en/pages/art-finance/articles/art-as-investment.html

copy pasting stuff and theory is one thing, an illiquid investment is typically not something you can sell in 1h or even 1 day. That would be categorized as liquid by most knowledgeable investor. Art in general is indeed illiquid but my point was there is a lot of liquid art. Anyway, useless pushing the argument further than needed at this point

[shy]

Simply put, Art collecting is a very hard game!

And can easily become an Addiction and an Obsession!

[irl1]

I know this is a bit late for some but worth checking out if consigning expensive art

Consignments. Collectors are often surprised to learn that when they consign a work to a gallery or dealer, they risk losing their rights to it if, during the consignment period, the intermediary goes bankrupt owing money to a secured creditor. During recessions, when many small businesses are especially vulnerable to bankruptcy, it’s important for consignors to put protections in place so their works cannot be seized by creditors of the gallery or dealer. Doing so will require the collector to file what are called Uniform Commercial Code (UCC) documents in the state where the gallery or dealer is domiciled. When properly filed, these documents can help prevent creditors from taking title to a consigned artwork.

www.artsy.net/article/artsy-editorial-advice-collectors-navigating-art-market-amid-covid-19?

[shy]

Apr 30, 2020 19:29:12 GMT 1 irl1 said:

I know this is a bit late for some but worth checking out if consigning expensive art

Consignments. Collectors are often surprised to learn that when they consign a work to a gallery or dealer, they risk losing their rights to it if, during the consignment period, the intermediary goes bankrupt owing money to a secured creditor. During recessions, when many small businesses are especially vulnerable to bankruptcy, it’s important for consignors to put protections in place so their works cannot be seized by creditors of the gallery or dealer. Doing so will require the collector to file what are called Uniform Commercial Code (UCC) documents in the state where the gallery or dealer is domiciled. When properly filed, these documents can help prevent creditors from taking title to a consigned artwork.

www.artsy.net/article/artsy-editorial-advice-collectors-navigating-art-market-amid-covid-19?

thank you irl1

you always help all of us with you posts and quality information!

[Lazarus II]

Apr 30, 2020 21:00:43 GMT 1 shy said:

Apr 30, 2020 19:29:12 GMT 1 irl1 said:

I know this is a bit late for some but worth checking out if consigning expensive art

Consignments. Collectors are often surprised to learn that when they consign a work to a gallery or dealer, they risk losing their rights to it if, during the consignment period, the intermediary goes bankrupt owing money to a secured creditor. During recessions, when many small businesses are especially vulnerable to bankruptcy, it’s important for consignors to put protections in place so their works cannot be seized by creditors of the gallery or dealer. Doing so will require the collector to file what are called Uniform Commercial Code (UCC) documents in the state where the gallery or dealer is domiciled. When properly filed, these documents can help prevent creditors from taking title to a consigned artwork.

www.artsy.net/article/artsy-editorial-advice-collectors-navigating-art-market-amid-covid-19?

thank you irl1

you always help all of us with you posts and quality information!

dont forget the expensive beermats too.

[shy]

irl1 is one of the "Good Guys" on this forum!

[irl1]

Apr 30, 2020 21:04:20 GMT 1 Lazarus II said:

Apr 30, 2020 21:00:43 GMT 1 shy said:

thank you irl1

you always help all of us with you posts and quality information!

dont forget the expensive beermats too.

Here comes Dick Emery with the jokes 

Well I warned all of you so many times to buy these but I was laughed at 

[Lazarus II]

Apr 30, 2020 21:12:48 GMT 1 irl1 said:

Apr 30, 2020 21:04:20 GMT 1 Lazarus II said:

dont forget the expensive beermats too.

Here comes Dick Emery with the jokes 

Well I warned all of you so many times to buy these but I was laughed at 

u got more laughs than dick emery ever got.

[Riverarise]

Hello,
As per me yes, Paddle8 often features high-quality works, and it's frustrating not being able to capture the results easily. KAWS is performing well, and the transition to the live auction is promising'