Banning ‘Super Art’: A step in the right direction

In response to a strongly worded letter that I was going to write the authorities have swung into action. Rather than simply warning people of the dubious nature of investments in art, as I argued should be done here, a recommendation has been made that the practice be banned in the instance of self-managed super funds (reported in the Australian here).

In a review of self managed super Jeremy Cooper has recommended that making art works part of an investment portfolio standing as a self managed superannuation fund should be outlawed. In this recommendation the hucksterism of the art world – the fundamentally fraudulent nature of any value being attributed to art works – has been recognised.

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