Monday, October 20, 2008
Another bubble just popped
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.