Sales of massively expensive pieces of art have become common, with a new record set on Monday evening. Previous bouts of expensive art sales have indicated over-confident conditions in the stock market as well.
Reports on Monday evening that a Picasso artwork sold for $179 million, a new record, stirred up interest again that we’re in a bubble-fueled environment. As shown Monday, there isn’t a lot of talk at the moment about a stock market bubble per se, but money has been flowing other places as well, skewing returns well outside of historical norms.
One of those is indeed in art. Art is even beyond investments like gold, in that it has little inherent value other than what people are willing to pay for it. And right now, people are willing to pay a lot.
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