@ISIDEWITHQuestionsTechnologicalStarted 9mos agoActive 4 days ago

Should artists be held to the same reporting and disclosure requirements as hedge funds, mutual funds, and public companies when selling their artwork?

In 2024, the United States Securities and Exchange Commission (SEC) brought lawsuits against artists and art marketplaces, arguing that artwork should be classified as a security and subject to the same reporting and disclosure standards as financial institutions. Proponents argue that this would provide greater transparency and protect buyers from fraud, ensuring that the art market operates with the same accountability as financial markets. Opponents contend that such regulations are overly burdensome and would stifle creativity, making it nearly impossible for artists to sell their work without facing complex legal hurdles.

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Answer Overview

Response rates from 395 Lawrenceville voters.

54%
Yes
46%
No
53%
Yes
46%
No
1%
Yes, but only if the sales price is high enough to justify it as an investment

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Other Popular Answers

Unique answers from Lawrenceville voters whose views went beyond the provided options.

 @9SXRJP2 from New York  answered…9mos9MO

Yes, for large volume traders of artwork or high-earning artists where a specific earned income from the works is stated such as $1 million plus.

 @9SSCMHB from Texas  answered…9mos9MO

It's their artwork so they should be able to do whatever they want with it and sell it however they want.

 @9TP3NXB from Kentucky  answered…9mos9MO

While some level of reporting and disclosure is important to ensure fairness and prevent exploitation, it should be tailored to the specific context of the art world rather than being identical to the requirements for hedge funds, mutual funds, and public companies.

 @9SWFP8X from Florida  answered…9mos9MO

They should have some form of regulation for reporting and disclosing because artwork is used as a means of money laundering.

 @9ZP8SND from California  answered…6mos6MO

They shouldn't be held to the same reporting and disclosure but they should have some form of accountability.

 @9T8688D from Wisconsin  answered…9mos9MO

This should be implemented for art exceeding a limit but it should not be applied to minor works of art.

 @B3LB29X from Oklahoma  answered…3mos3MO

Artist should be held to reporting and disclosure requirements when selling their artwork, but not the same requirements hedge funds, mutual funds, and public companies when selling artwork. That is because it would make it much harder for artist to be able to sell their artwork if it was to the same requirements.

 @9ZNHZNH from South Carolina  answered…7mos7MO

Private artist's shouldn't have to follow the regulations, but more public, copyrighted art companies should.

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 @ISIDEWITH submitted…7mos7MO

No One’s Safe: Trump’s ‘Border Czar’ Homan Promises Sweeping Deportation Operation

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 @ISIDEWITH submitted…6mos6MO

Hegseth Out, DeSantis In? Trump Rethinks Defense Pick

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