Monday, October 20, 2008
Another bubble just popped
Growing signs of art slump
Just two weeks ago, in the midst of financial turmoil, a collection of Damian Hurst "art" exceeded all price expectations at auction. Yesterday a Freud portrait failed to reach expected price of £7m. Works of art are only worth what the next "investor" will pay for them so are classic bubble fodder. Another asset bubble popped. There can't be many left now.
Posted by dr ray @ 12:49 PM (586 views)
3 thoughts on “Another bubble just popped”
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mark says:
even barratt are looking to offload 10,000 acres of land without planning so expect land values to plummet.
Ketha says:
At least land has some function. Modern Art is really worthless as it’s conceptual rather than talent based…
rumble says:
Was wondering when. Don’t get me started on that Hurst crap — that art could be seen in biology classrooms around the world for decades.