BREAK IN THE CLOUDS
Amid all the doom and gloom in so many markets around the world, it's nice to see some good news in an asset class, any asset class. The New York Times reports:
"Despite the global economic crisis, a lot of money seems to be left over.
On Monday, the private collection of Yves Saint Laurent and his partner became the most expensive one ever sold at auction, bringing in more than $264 million on the first night alone."
As the Wall Street Journal goes on to explain:
"The evening sale in Paris surpassed its presale high estimate of $232 million, a reassuring result indicating that the world's billionaires are willing to compete for blue-chip artworks that they consider a bargain..."
"...The rousing kick-off marks a dramatic turnabout for a global art market that's been ailing since last fall. Art sales at the two chief houses, Sotheby's and Christie's, totaled $10.4 billion last year, down 16.8% from 2007."
Nice bit of news while stock markets worldwide test ten-year lows. Let's hope it lasts.
So that's where all the billions of dollars were spent!
PS-- thanks for the WSJ links. I missed it.
Very good read. Recommended!
Mike
Posted by: wannadevelop.com | Tuesday, February 24, 2009 at 05:34 AM
The art pieces are such a steal.
I paid $$$ million for a Matisse and it looks great in my bathroom.
Posted by: Dennis | Tuesday, February 24, 2009 at 01:14 PM