Should the wealthy pay taxes on expensive art and wine? Joe Biden thinks so. Here's how it would work

• President Joe Biden is calling for a 'billionaire's tax' to make the wealthy pay their fair share.
• Analysts say the Biden plan would correct a serious inequity in the American tax system.
• The uber-rich often invest in expensive artwork, fine wines and jewelry to lower their tax burden.

WASHINGTON – Steve Cohen is an uber-rich man with an enthusiasm for expensive art.

The hedge fund magnate, estimated by Forbes to be worth more than $17 billion, has amassed a personal art collection that rivals the works found in some museums.

According to Fortune magazine, Cohen’s collection includes paintings and sculptures by Picasso, Andy Warhol, Jeff Koons and other celebrated artists. In 2015, the New York Post’s Page Six identified him as the secret buyer who plunked down $143 million at a Christie’s auction to purchase the world’s most expensive sculpture, Alberto Giacometti’s life-sized bronze statue called “Man Pointing.”

The estimated value of Cohen’s collection: $1 billion. But under current law, Cohen pays no taxes on his art unless he sells a particular piece.

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