An Australian businessman hopes his purchase of music icon Kurt Cobain's acoustic guitar could help boost the
Question:
An Australian businessman hopes his purchase of music icon Kurt Cobain's acoustic guitar could help boost the struggling global music industry.
The 1959 Martin D-18E guitar was played by Cobain during his 1993 MTV Unplugged performance in New York. It now holds the record for being the most expensive guitar in the world after being purchased by the founder of Rode Microphones, Peter Freedman, for $US6 million ($8.8 million). Mr. Freedman plans to display the guitar on a worldwide tour, the proceeds of which will go back to the performing arts sector.
"I did it to highlight the massive crisis in the arts," he told ABC Radio Brisbane.
"When I found out it was available, I thought, 'Nothing is going to beat doing this' — and I was right."
Mr. Freedman, who is based in Los Angeles, said he was happy for the auction to go to as "high as it needed to".
"I would have paid $40 million if I had to — I have a house, clothes and food, so what do I need the money for?" he said.
"The good I'm going to be able to do with this far outweighs paying more than the $9 million or even double that.
"I've got the attention of government, I've got the attention of everyone asking me why I did it."
The guitar was sold with its case, which was adorned with flyers from punk rock band Poison Idea's 1990 album Feel the Darkness.
Mr. Freedman said he knew how much the sector was hurting.
"The money that comes from it mightn't be much, but it's the focus on governments, and the effects of this will last forever if I do it right," Mr. Freedman said.
"It's not the money we need, it's the people, the support.
"It's not for me to keep this kind of money and I'm going to make sure I get rid of the money and do something good with it."
Q: You will need to consider what this article is concerned about and what the relevance to the tax system is. For example, is the topic of some event that has occurred to a particular taxpayer(s), or perhaps there is a particular kind of activity that needs consideration? Determine what the relevant tax issues might be.