[sbsudbdjd]

Great example.

The art is very valuable, financially, because people are willing to pay for it.

However, absent the market clearing the asset, its value is impossible to objectively evaluate. Even if we had an objective function to evaluate art the basis of evaluation is incorrect - the artwork is valuable as an instrument of government corruption

So m, if we can't even agree on the reason why Hunter's artwork is worthwhile, how can we even possibly evaluate it?

[swader999]

Yes, it's impossible and it's true for every asset that's not a commodity. It's why unrealized gains tax is DOA.

I guess it's not impossible, we do it for property tax on real estate. There are real costs though.

[sbsudbdjd]

massive costs. Turns out people resent having their school board guess what their taxes ought to be.