BNZ's art collection sells - but how will buyers' 'investments' be taxed?

Fifty paintings from BNZ's art collection were sold at auction in Auckland yesterday, bringing in more than $13.5 million.

Five Colin McCahon paintings alone fetched a combined $3.7 million.

Te Papa Tongarewa bought some paintings, but many will go into private collections and overtime their values will continue to appreciate. 

Tax consultant Terry Baucher told Māni Dunlop why art was not taxed.