The $cream was the headline in the art market this Wednesday. After fetching $120.000.000, it became the most expensive art piece sold in a public auction. I am really not impressed. I heard comments that $cream could have hit $150mm
What does it mean? For me, It means that people are trying to protect themselves against inflation. In order to do so, the Art Market has become a place to park your money. We know that Central banks are lowering rates and printing money in order to avoid a credit crunch and a market meltdown. People are trying to protect themselves by purchasing real assets. Art has become a clear target.
Big sums are buying $cream, Warhol, Picasso, Bacon, Pollock, you name it. Smaller amounts are also running to the hills. We see this move in UK, US, France, China, Japan, Korea, Brasil, Colombia you name it. It looks like that Central Bank easing policies will not end any time soon. I do expect good, art pieces, mainly the ones with worldwide appeal, to perform very well for a good time.
Check these articles: