The End Is Near, Part 4: Peak Trophy Asset Inflation

Jon Blogosphere, Economy, Market Commentary

Stories about insane prices being paid for unique (and some not so unique) things are now a daily occurrence. A few examples:
Picasso’s Women of Algiers smashes auction record
(BBC) – Picasso’s Women of Algiers has become the most expensive painting to sell at auction, going for $160m (102.6m) at Christie’s in New York. Eleven minutes of prolonged bidding from telephone buyers preceded the final sale – for much more than its pre-sale estimate of $140m.
The previous world record for a painting sold at auction was $142.4m, for British painter Francis Bacon’s Three Studies of Lucian Freud in 2013.
The sale also featured Alberto Giacometti’s life-size sculpture Pointing Man, which set its own record. It is now the most expensive sculpture sold at auction, after going for $141.3m (90.6m). Both buyers chose to remain anonymous.

This post was published at DollarCollapse on May 12, 2015.