Quote from: Timetwister on October 01, 2014, 05:33:31 PM

Quote from: duke1839 on September 23, 2014, 08:23:18 PM

http://news.yahoo.com/record-breaking-contemporary-art-103321463.html

The proper way to read pieces like this is to understand that the price of art is difficult for governments to manipulate unlike gold, fiat, or even crypto to some extent. The rich are parking their money in art not as an investment but just as a place to hold value. When the price of art is rising, understand that the art isn't necessarily getting more valuable but its price in fiat is changing as a hidden sign of inflation.

Do you think the art market isn't or can't be manipulated? It makes much more sense to manipulate something that has a purely subjective value, like collectibles, art, antiques, etc., than something that produces an objective income, like the stock market.

Take a look at the following documentary if you are interested (that's just the first part, I can't find a complete video in English):

https://www.youtube.com/watch?v=Km5KS7U9aOc

There is some non-speculative value in art as people like to buy art to be able to look at it and for it's prestige and to impress people that visit their home.

I do agree that the prices of art can easily be manipulated as it is generally very illiquid and does not trade very often and is very hard to accurately price