If you’ve been watching the art auctions lately you’ve probably noted that Sothebys and Christies are setting records left and right. Giacometti’s $104.3 Million auction record set in February stood for a few months before Picasso’s “Nude, Green Leaves and Bust” broke it with a $106.5 Million winning bid (including fees). And all of this in the worst economy in decades. What gives? Perhaps investor’s, tired of the volatility in the stock market, are looking for something a little more tangible where they can park their million$.
It was, perhaps, inevitable then that someone would try to commoditize the art market. Enter Art Exchange, a French market where investors can buy and trade shares of works valued at over 100,000 Euros.
Click on the source link to learn more, and then get ready to invest all that money left over from your investments in Lehman Brothers, GM, and Enron.
In his Amazon.com best-selling book, Xanadu Gallery owner Jason Horejs shares insights gained over a life-time in the art business.