As the guilded age came to a close in the 1900s, railroad barons, industrialists and banking kingpins put money into the arts in order to launder their image and legacies. We see no such thing today. Why is that?
I’m an independent film producer in NYC who has previously acted in Hollywood studio films and sold screenplays. I’m also extremely online. I have found that wealthy techies, in general, have little to zero interest in investing in culture. This has been a source of frustration considering the large percentage of new money that comes from the sector.
I’m not alone in feeling this way: I have a friend who raises money for a non-profit theater in Boston, another who owns an art gallery in Manhattan, and another who recently retired at the LA Opera. All have said not to bother with anyone in tech. This has always bummed me out given that I genuinely believed with all of my heart and soul that the internet was going to usher in a new golden age of art, culture, and entertainment. (Yes, I was naive as a kid in the 00s.)
Art and culture can truly only thrive on patronage, especially in times of deep income inequality. Yet there are no Medicis in 2023. So what’s missing here? Where is the disconnect?
Taxes. My understanding was that tax rates for the very wealthy used to be much higher. So the logic being if they are going to be forced to give up millions of dollars, they can donate to charity instead of paying taxes. Then they at least can still choose what the money gets spent on and their name on a building.