So I was listening the news about a new art exhibition and paintings reached 80 millions of dollars, I can understand that if you have a lot of money you can afford that but let’s be honest, millionaires are millionaires because at least some of them are smart, me as normal person don’t believe buying a paint for 50-80 million is a smart move, is there something that I’m missing? Something that is not widely shared about those art subast?
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Supply and demand to one up the Joneses (filthy rich).
If you are so rich that money looses it’s meaning but you still want to be the talk of high society what do you do? You start to gather rare and exotic things for bragging rights. The more you can take off of the market the fewer are available to aquire. The question is who decided that this item is so valuable in the 1st place? Some influential rich persons sets a trend and all the boot lickers follow. Take a Picasso. You can’t look at one of those pictures for 5 minutes without getting a headache, yet here we are. Now that I said this watch how they will swoop in and try to explain all about brush strokes and color combinations etc. Truth to tell I would not hang something like that on my wall, but if I got my hands on one I would have no problem milking that filthy rich person for every dime they would be willing to pay.
There is a fable that explains this phenomenon better than I ever could. It’s called the Emperors New Clothes.
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