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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