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anonguest

Peak Madness

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THREE HUNDRED MILLION DOLLARS!

There isn't a font size big enough to reflect the extent my jaw has dropped at the thought of this sum being spent on a piece of colored canvas.

Surely, now, THIS must be, and will be seen to be looking back at it, as THE top in this global cheap money boom (for 'the 1%')?? and it's all downhill from here?

http://www.bbc.co.uk/news/world-europe-31183733

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A painting by an artist is only "worth" about a hundred quid!

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Yeah price fixing's ok with a floor, but not a cap. A collusive international association of independent enterprises formed to monopolize production and distribution of a product or service, control prices - a cartel. Better that it's pretty pictures than space for people to live on and in...oh hang on...

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I think the high end art market is a funny one. It is "used" to drum up interest in the area and raise prices for the rest of the inventory.Did that kind of sum really changed hands?

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THREE HUNDRED MILLION DOLLARS!

There isn't a font size big enough to reflect the extent my jaw has dropped at the thought of this sum being spent on a piece of colored canvas.

Surely, now, THIS must be, and will be seen to be looking back at it, as THE top in this global cheap money boom (for 'the 1%')?? and it's all downhill from here?

http://www.bbc.co.uk/news/world-europe-31183733

Seeing the return of can`t go wrong with classic cars mantra in the media ,so you may be onto some thing

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It's not even nice to look at.

Agreed. I was also going to add that comment too. At least some of the other previous 'record breaking' paintings have been pretty nice and/or well known to the masses.

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I shall do a painting this afternoon! I'm thinking of badgers in lingerie! What a pity it won't be "valuable" until I am dead!

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Seeing the return of can`t go wrong with classic cars mantra in the media ,so you may be onto some thing

The whole thing about this ludicrous price level is........

1) It's a huge, not just slightly incremental, price jump on the previous world record price paid for a painting/art piece - never mind the fact that, as far as I understand it, the painting itself isn't of any particularly special historical or artistic importance (other than the name of the artist)?

2) It begs the questions as to the mindset, and detachment from wider reality, of the person(s) who made the decision to purchase it. OK so it was a Qatari that bought it and they, and the country as a whole, are fabulously wealthy from their oil revenues etc, but.......they must have some understanding/knowledge of wider world outside of Qatar? and the significance/value of 300 million dollars.

DO they really have no comprehension of what, even in this QE debased world we live in, 300 million can still buy that can have wider, longer lasting and more practical benefits. I mean, for example, even if charity/benevolence/general empathy for ones fellow man (even in their own country) has no meaning or does not mentally register with the buyer they could have bought things of far greater use and benefit to them. For example, if they had equally selfishly spent the 300 million on nothing but state of the art armaments. fighter planes, etc and a personal palatial fortified mansion for themselves to ensure their longer term safety and security that would have been of greater benefit and enjoyment to them personally than a single painting. If they had spent the 300 million on personally acquiring the very best life saving/health treatment facilities to ensure they live to 120+ then that too would have been money better spent. And so on.....

Even for a trillionaire, spending 300 million on a painting still registers as an appalling lack of value for money? Surely?

In short, if I had the opportunity to meet with the buyer(s) and be able to civilly question them on their motives and rationales for the purchase, and at that price, I wouldn't know where to even begin I would be so lost for words.

3) The price itself, and the lack of wider amazement in the media (almost as if it is a big yawn to them at yet another bonkers price paid for an art piece), smacks of a possible highly symbolic top for the overall market/economy. I remember in the late 80's when it was the Japanese, riding their own bubble boom, that paintings were being snapped up at increasingly mad prices. Japanese banks/corporations were so awash with money that they didn't know what to do with it anymore - so it started to flow into the market for paintings......

At some point the prices paid get to such a level that, even for billionaires and trillionaires, the natural reaction inevitably turns to becoming one of "It's just a f*cking painting FFS!". I wonder if this latest price will mark that point for this generation?

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I shall do a painting this afternoon! I'm thinking of badgers in lingerie! What a pity it won't be "valuable" until I am dead!

You could always arrange to go on a canoeing trip.......

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The whole thing about this ludicrous price level is........

1) It's a huge, not just slightly incremental, price jump on the previous world record price paid for a painting/art piece

Not according to Wikipedia - adjusted for CPI index, the Cezanne sold in 2011 was a far bigger jump.

~$300 ~$300[note 2]Nafea Faa Ipoipo (When Will You Marry?) Paul Gauguin January 2015

$274 $259 +[note 4]The Card Players Paul Cézanne April 2011

$165.4 $140 No. 5, 1948 Jackson Pollock November 2, 2006

$162.4 $137.5 Woman III Willem de Kooning November 18, 2006

http://en.wikipedia.org/wiki/List_of_most_expensive_paintings

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You could always arrange to go on a canoeing trip.......

I think not! :wacko:

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I think not! :wacko:

Ahhh....But surely you're smarter than that dopey klutz who tried it before - and so wont make the same silly mistakes leading to you being caught?

Paint said painting. 'Die' (preferably under seemingly tragic circumstances). Wait few years. Cash in. Live the life of Riley.

Simple recipe for riches. No?

After all, it's not like us waiting for our state pensions instead is going to be worth the sacrifice?

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I shall do a painting of some houses, in a tulip field, with Classic cars in the background and some gold bars in the foreground

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Not according to Wikipedia - adjusted for CPI index, the Cezanne sold in 2011 was a far bigger jump.

~$300 ~$300[note 2]Nafea Faa Ipoipo (When Will You Marry?) Paul Gauguin January 2015

$274 $259 +[note 4]The Card Players Paul Cézanne April 2011

$165.4 $140 No. 5, 1948 Jackson Pollock November 2, 2006

$162.4 $137.5 Woman III Willem de Kooning November 18, 2006

http://en.wikipedia.org/wiki/List_of_most_expensive_paintings

Actually that list kind supports my general assertion re: 'top of the market'.

The previous sale, you allude to, was also (it seems) bought by the same Qatari as just now.

Whereas the preceding 4 or 5 record breakers were bought by wealthy 'self made' finance types (e.g Steve Cohen - hedge fund manager?). Look at when the last batch of record breakers were sold - around late 2006. What happened just after then?

Then Cohen comes back and makes a new record purchase just relatively recently in mid-2013 (after riding the bull market of the last 5-ish years).

BUT these latest buyers are in a different class - and much more detached from the reality of the world that the rest of humanity (let alone their fellow countrymen) live in.

Perhaps the falling oil price will see an end to such frivolous purchases?

EDIT UPDATE: Looking further down that list I continue see what, appears, to be 'clustering' of purchases around/leading up to prior broader economic/market 'peaks'. So let's see IF this latest, I think we can all agree, insane price does turn out to be in hindsight the top/peak of our current asset price boom.

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I shall do a painting of some houses, in a tulip field, with Classic cars in the background and some gold bars in the foreground

A classic in the making! I can see it now. Years in the future as poncey art critics gather around said painting in some gallery to comment on, to the TV cameras present, and 'explain' these subtle timeless points and deeper economic meanings to the impoverished masses of tomorrow.

Perhaps, to add 'emphasis' to the gold aspect. Said gold bars can be shown lying in the gutter as people walk past uninterested, preferring to admire said houses and/or cars :lol:

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I recall a few months before just one massive stockmarket crash a Japanese firm paid a then fortune for one of Van Gough's sunflower paintings.

Yep! It's on that Wikipedia list (link in few posts above). March 1987 - few months before the big crash. Was indeed a lotta dosh back then.

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