Wednesday, May 14, 2014

Art Bubble

"That painting cost $60,000 ten years ago. I could sell it today for $600,000. The illusion has become real. And the more real it becomes, the more desperately they want it."
--Gordon Gekko (Wall Street)

The art bubble has been expanding, particularly w.r.t. contemporary art. $84.2 million would have fetched you this baby:

Chinese buying has been particularly voracious.

Similar to tulipomania hundred of yrs ago, when this bubble pops, $84.2 million deflates toward $8.42.

1 comment:

dgeorge12358 said...

One will quickly feel a loss of love for a work that they paid too much for.
~Steve Diamond