The rich are paying record prices for works by well-known artists.
Billionaires around the world are investing millions to become patrons of art.
Bidders took the prices of diamonds and art to new levels at the November auctions.
Investors who are nervous about the stock market are buying tangible assets.
The numbers just keep going up. Seems every time we look, there’s a new spending record being set by the wealthy. This week, Pablo Picasso’s 1932 portrait of his mistress, “Nude, Green leaves and Bust,” fetched $106.5 million at a Christie’s auction in New York. It was — needless to say — the highest amount ever paid for a work of art at auction.
Only three months ago, a buyer spent $104.3 million for an Alberto Giacometti sculpture, “Walking Man I.” Picasso’s art came near that price in 2004, when he set a pre-recession record of $104.1 million for “Boy with a Pipeshe.” …
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