Posted by & filed under Accounting Principles, Accounting Theory, Taxation.

Description: This week art markets saw a new record auction price for a Canadian painting. Lawren Harris’s 1926 work, Mountain Forms, attracted a winning bid of $11.2 million, far more than the anticipated $3 million to $5 million. The buyer remains anonymous.

Date: November 24, 2016

Source: cbc.ca

Link: http://www.cbc.ca/news/entertainment/lawren-harris-mountain-forms-auction-1.3864470

 

Discussion Points:

1) The article notes that the painting was once owned by Imperial Oil but that the company has been gradually divesting itself of its art collection. What do you think might be the reasons for this?

2) When a company owns works of art, should it depreciate them?

3) Are there any tax advantages to owning or disposing of works of art?

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