To all the folks complaining about the increase in OA prices this past year... 1 1

[zhamlau]

Again, I have a hard time with hanging a piece of paper on my wall worth the average cost of a new BMW and then calling this "a hobby".

 

[aokartman]

 

7 hours ago, zhamlau said:

Again, I have a hard time with hanging a piece of paper on my wall worth the average cost of a new BMW and then calling this "a hobby".

 

Actually, people do collect cars as a hobby.  Bring A Trailer is a great site.  David

Edited June 3, 2021 by aokartman
crop

[tth2]

8 hours ago, zhamlau said:

Again, I have a hard time with hanging a piece of paper on my wall worth the average cost of a new BMW and then calling this "a hobby".

 

If it's not your profession, and you do it for fun, then it's a hobby. 

[SquareChaos]

15 minutes ago, tth2 said:

If it's not your profession, and you do it for fun, then it's a hobby. 

Seems to be a quasi gray area for many that are constantly wheeling and dealing.

[vodou]

Just now, SquareChaos said:

Seems to be a quasi gray area for many that are constantly wheeling and dealing.

Not filing your gainful activity on your tax return doesn't make it less a business, just more an illegal business  

[aokartman]

2 hours ago, vodou said:

Not filing your gainful activity on your tax return doesn't make it less a business, just more an illegal business  

I wonder when the auction houses will start sending out 1099s.  David

[Sideshow Bob]

59 minutes ago, aokartman said:

I wonder when the auction houses will start sending out 1099s.  David

Within minutes of that happening, there will be a spike in appeals to Congress to reinstate "art" under the Sec 1031 like-kind exchanges definition.

[Rick2you2]

4 hours ago, Sideshow Bob said:

Within minutes of that happening, there will be a spike in appeals to Congress to reinstate "art" under the Sec 1031 like-kind exchanges definition.

And prices will drop by at least a third.

[Rick2you2]

8 hours ago, tth2 said:

If it's not your profession, and you do it for fun, then it's a hobby. 

Not if you are making money on it (or trying to). Then, it would be a side business. 

And yes, people do collect cars, but rarely do they have a lot of them, and it is often in the context of restoration, show, and/or amateur track racing, or, they are just into buying junk. We never buy junk. 🤭

[aokartman]

1 hour ago, Rick2you2 said:

Not if you are making money on it (or trying to). Then, it would be a side business. 

And yes, people do collect cars, but rarely do they have a lot of them, and it is often in the context of restoration, show, and/or amateur track racing, or, they are just into buying junk. We never buy junk. 🤭

Just for fun, let's say you spent a while amassing a special collection of things, and eventually have to let it go at a fraction of what you paid.  If you haven't got a record of the basis of your cost, you could be on the hook for substantial hobby income, even if you liquidate at a loss.  Curious what extent the government wants to seek taxes on that type of "income".  David

[Rick2you2]

8 minutes ago, aokartman said:

Just for fun, let's say you spent a while amassing a special collection of things, and eventually have to let it go at a fraction of what you paid.  If you haven't got a record of the basis of your cost, you could be on the hook for substantial hobby income, even if you liquidate at a loss.  Curious what extent the government wants to seek taxes on that type of "income".  David

I suspect that the evidence of their sale would be very similar to the ending of many Phantom Stranger stories— just vanish without a trace (CoD).
 

And so would a lot of Heritage sales.

Edited June 4, 2021 by Rick2you2

[cstojano]

I fully expected auction houses to provide 1099s. In fact, I assumed they already did so. I have never sold at auction so have no clue how that works. I also assumed the auction houses would have been subsumed within the new tax law changes. I mean, at this point is Heritage that much different than ebay? Am somewhat confused as what I seem to be reading here. 

[tth2]

11 hours ago, SquareChaos said:

12 hours ago, tth2 said:

If it's not your profession, and you do it for fun, then it's a hobby. 

Seems to be a quasi gray area for many that are constantly wheeling and dealing.

The wheeling and dealing is part of the fun of the hobby.

Unless you're doing the wheeling and dealing to make a living, then it's not a hobby.

[Rick2you2]

On 6/2/2021 at 3:03 PM, jsylvester said:

I should clarify it’s more a problem that my wife wants a renovation and she sees the current prices  Im doing everything I can to hold onto everything. 

Wives are replaceable; original art is not. 

[exitmusicblue]

Does anyone else do this -- occasionally approach prices/costs for anything via the lens of OA prices?

Like if I'm debating over the price of something totally unrelated to art, I'll just rationalize it by saying, "Oh, that's barely half the price of a ____ page.  C'mon ya wimp."  

Edited June 4, 2021 by exitmusicblue

[SquareChaos]

9 minutes ago, exitmusicblue said:

Does anyone else do this -- occasionally approach prices/costs for anything via the lens of OA prices?

Like if I'm debating over the price of something totally unrelated to art, I'll just rationalize it by saying, "Oh, that's barely half the price of a ____ page.  C'mon ya wimp."  

This hobby changed the way I view spending... and I'm a complete and utter light weight when it comes to OA spending.

[All-Star Squadman]

moved

Edited June 5, 2021 by 35CentEra

[vodou]

2 hours ago, exitmusicblue said:

Does anyone else do this -- occasionally approach prices/costs for anything via the lens of OA prices?

 

Oh sure. As you get to a certain age, assuming you've been collecting for several decades (or three  ) you start to see how letting art go and not replacing with more art so easily solves "regular" problems.

• New lawnmower = Sal Buscema talking heads, no costumes, panel page.
• New roof = Sal Buscema talking heads, in costumes, panel page
• New house = Sal Buscema, talking head, in costumes, cover

[mtlevy1]

On 6/2/2021 at 11:18 AM, Unstoppablejayd said:

Paul SMith X-men pages

HA.com absentee #2...1970s Rogers / Austin Detective - last one at HA.com, 2016

[batman_fan]

On 6/3/2021 at 8:51 AM, tth2 said:

If it's not your profession, and you do it for fun, then it's a hobby. 

Somehow I feel like I could make an awesome porn comment here but I won’t