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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While there’s a lot to say about the art world as a whole and the insanity of pricing of artworks, these very high expense artworks are generally bought as investments, much the same way you might buy stocks or baseball cards. Artwork actually appreciates pretty well, and many paintings will be bought, held for a time, then resold for a significant profit.
There’s a bit more to say about that there are some strange tax loopholes and such having to do with buying and selling high-end artwork, but it gets away from the point, that the main reason these are bought are usually as investments. Many of them never even end up visible, they are just kept in secure locations until the new owner re-sells them.
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