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Picasso's Women Of Algiers Smashes Auction Record - $179.3M (£115M) Trickle Down

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http://www.bbc.co.uk/news/entertainment-arts-32700575

Picasso's Women of Algiers has become the most expensive painting to sell at auction, going for $179.3m (£115m) at Christie's in New York.

Eleven minutes of prolonged bidding from telephone buyers preceded the final sale - for much more than its pre-sale estimate of $140m.

The evening sale also featured Alberto Giacometti's life-size sculpture Pointing Man, which set a record as the most expensive sculpture, at $141.3m.

The buyers chose to remain anonymous.

The Picasso oil painting is a vibrant, cubist depiction of nude courtesans, and is part of a 15-work series the Spanish artist created in 1954-55 designated with the letters A to O.

_82925048_82925047.jpgThe final price of $179,365,000 includes Christie's commission of just over 12%.

The painting is hideous I wouldn't pay 50p for it.

Trickle down in full effect?

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You can't go wrong with canvas and oil.

As safe as picture frames.

You could always put it in a museum and rent it out?

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"I don't really see an end to it, unless interest rates drop sharply, which I don't see happening in the near future," said Manhattan dealer Richard Feigen.


Huh I have to check that quote - you mean unless interest rates RISE sharply?


It looks like all major media outlets are quoting the same thing without challenging or questioning it.

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Guy on the radio was going on how there's a big rush for assets, those with money want to buy assets, still lacking confidence in banks / money.*

Everything is spinning so fast now... beyond belief.. all the housing areas I look at (exceptions in London) have so much of the low inventory on market going Sold STC at high prices. This can't be a sustained reflation can it? Corrections simply not allowed any more in any major market without rates cut / more QE, over and over again.

*I'm not so sure seeing at that CitiBank study a couple of years ago suggested wealthiest families that bank with them (worth $25M+), sitting heavy in cash. http://finance.yahoo.com/news/rich-families-hoarding-cash-citi-140309151.html

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Proves the point that money has no place to go and in reality is worth very little indeed.......they must be buying it thinking they will sell it for more further down the line or who in their right mind would buy it? :wacko:

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Sounds crazy - and it is pretty mingin. However if you are some multi billionaire ? Probably not such a crazy move. May be worth less in the future - maybe worth more - but its a Picasso - and only going to get older. It will always (99% likely) be worth a similar amount (in billionaire terms)

Hell of a lot easier to look after and store than $170 million worth of property or gold or wine or pretty much anything else.

There is of course the relative 'ease' of theft to consider. However the ease of storage far outweighs that IMO.

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The buyers chose to remain anonymous

Super rich are apparently permitted to hide their stolen loot in easily transportable canvas without even declaring their ownership.

No wonder world is in a mess.

Try not registering your car, declaring your earnings etc and see what happens.

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Sounds crazy - and it is pretty mingin. However if you are some multi billionaire ? Probably not such a crazy move. May be worth less in the future - maybe worth more - but its a Picasso - and only going to get older. It will always (99% likely) be worth a similar amount (in billionaire terms)

Hell of a lot easier to look after and store than $170 million worth of property or gold or wine or pretty much anything else.

There is of course the relative 'ease' of theft to consider. However the ease of storage far outweighs that IMO.

Wouldn't put it anywhere near 99%. Fashions change, pritorities change, in the wrong situation a gun would be far more valuable than this picture and the owner would part with it in an instant in exhange. Oddly, at the moment, the uglier a piece is the more the billionaires seem to like it.

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Pretty cheap compared Cezanne's 'The card players' $250m private sale. I'm suprised it didn't crack 200m. Despite all my frugal tendencies - art, classic cars and motorbikes etc are imho still look cheap in multi billionaire terms. And provided they are used or displayed, not stuck in a hermetically sealed container never to be observed by anyone I don't really see any problem.

Other than the social unrest that will inevitably occur whilst our salaries are still supressed so that said billionaires can cream off 99.99% of profits of course.

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Pretty cheap compared Cezanne's 'The card players' $250m private sale. I'm suprised it didn't crack 200m. Despite all my frugal tendencies - art, classic cars and motorbikes etc are imho still look cheap in multi billionaire terms. And provided they are used or displayed, not stuck in a hermetically sealed container never to be observed by anyone I don't really see any problem.

Other than the social unrest that will inevitably occur whilst our salaries are still supressed so that said billionaires can cream off 99.99% of profits of course.

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Wouldn't put it anywhere near 99%. Fashions change, pritorities change, in the wrong situation a gun would be far more valuable than this picture and the owner would part with it in an instant in exhange. Oddly, at the moment, the uglier a piece is the more the billionaires seem to like it.

How many times in the last few hundred years has a mega expensive cobfirmed picture by an agreed 'great' - gonr from being worth a fortune to not being worth a fortune ?

I ain't no expert - but I just don't think it happens. Once a picture is an agreed classic by a 'great' that seems to be that.

Pretty safe bet in the store of wealth category for the mega rich IMO.

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