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View Full Version : Picasso Sells at Auction for $106.5m...



Buzz
05-05-2010, 02:51 AM
I know art is important and a huge part of any country's culture. But $106.5 million for a painting, even a Picasso, just blows my mind. :eek:

http://artsbeat.blogs.nytimes.com/2010/05/04/picasso-sold-at-auction-for-106-5-million-a-world-record/?ref=global-home

BigB08822
05-05-2010, 03:29 AM
That boggles my mind. It must be worth that to somebody but not to me! I would only pay money for it to turn around and sell it for a profit later. LOL! I don't value art like that.

soxxy
05-05-2010, 03:29 AM
I just hope it doesn't sit in some billionaire's living room where people can't see it.

overedge
05-05-2010, 03:38 AM
I just hope it doesn't sit in some billionaire's living room where people can't see it.

Paul Allen (Microsoft) has a storage facility full of amazing art that just sits there....he put some of it on show at his museum in Seattle a few summers ago. It made you want to punch him and say 'Share this more often! Dammit!"

BaileyCatts
05-05-2010, 04:31 AM
^^ This is what I don't understand about mega-rich people who buy art. What good does it do just sitting in a warehouse? Okay, its like ""your money" and "you bought it" blah blah blah ... but can't you loan some pieces to libraries, hospitals, schools, even lobby's of businesses, etc., so other people can, you know .... SEE them?

:confused:

overedge
05-05-2010, 05:46 AM
Sometimes it's an insurance issue....the piece is worth so much that no one will insure it for public exhibition. Allegedly there are some very high-profile museums (in North America, at least) who have security systems, guards, etc. but who don't actually have insurance on their collections, because if they did it would cost so much they couldn't afford to operate the museum itself.

But more commonly, a lot of people with mega $$$ buy the art just as an investment, and don't want to risk losing it by displaying it. They don't care about what the art looks like, or whether people would enjoy seeing it...they just want to hang onto it until they can flip it to another buyer for a higher price. To them it's no different from owning stocks, or real estate, or any other commodity that might appreciate in value.