How Oregon is helping a billionaire save some bacon on Bacon

There are two current mysteries about Francis Bacon’s Three Studies of Lucien Freud. First, who paid $142.4 million, the most ever paid for a work of art at auction, in November for the triptych? Second, why is it currently being displayed a mere three miles from my home, in the well-regarded-but-let’s-face-it-not-internationally-renowned Portland Art Museum?

Can’t help you with the first question. But the answer to the second seems to come down to…taxes!!

See, if the buyer is a collector living in a state like California or New York or Washington, all of which have high sales taxes, he could be subject to more than $10 million in sales taxes or use taxes on the purchase.

But, as gallerist Elizabeth Leach told Willamette Week’s Matthew Korfhage, if the artwork detours to the no-sales-tax state of Oregon for at least 90 days, the buyer could avoid paying sales tax altogether.

Here’s a link to Korfhage’s excellent summary of who the buyer might be and the possible reason why Portlanders can enjoy this work through March 30. By the way, I was at the museum late one day in early January and spent close to a half-hour in the room where the work is displayed. I don’t think there were more than a dozen visitors in the room at any time. Check it out, art lovers!!!

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