Somehow this shitty set of three paintings sold for $142 million:http://mobile.nytimes.com/2014/01/16/arts/design/buyer-of-142-4-million-bacon-painting-identified-as-elaine-wynn.html …
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Replying to @HbdNrx
Just look at these 10 pieces of art that sold for $800 million: https://www.bloomberg.com/news/articles/2015-05-14/these-10-pieces-of-art-just-sold-for-almost-800-million … This culture needs to be completely destroyed.
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Replying to @HbdNrx
The high-end art market has inflated almost continuously since the 70s. When this trash drops in value 50% then 90%+ I'll laugh and laugh.
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Replying to @EllisReppo
why would it stay up? Markets may stay irrational longer than you can stay solvent, but they don't stay irrational forever
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Replying to @EllisReppo
bitcoin is irrational for essentially similar reasons (though art has more intrinsic value). Something isn't a real store of
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Replying to @EllisReppo
Art does have some intrinsic value because people like to collect and look at it (which itself has some irrational component).
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Replying to @HbdNrx @EllisReppo
The money laundering value is only a function of that intrinsic value. If it didn't have that intrinsic value, it would have no
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real money laundering value. Diamonds are also useful for money laundering, but their prices are much closer to rational overall
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