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You can go to Google Image Search and type "Cy Twombly Untitled Red."
Yes, somebody paid $46M for it. People buy these things because they know they can resell it later for a profit. It's not because somebody wanted to look at it every day. It's like, somebody a few years ago paid over $7M for a stamp. It wasn't an especially pretty stamp. It's an investment.
For people who think most modern art is silly - from an artistic standpoint, do you even think that's a good painting?
I don't get it, but my taste in art is apparently non-existent. Seems like a risky way to invest $46M, though.
Personally, I don't like it. I'm not one of those people hate all abstract art - its just that this particular piece does nothing for me. In fact, I don't think I'd take it for free if there were a stipulation attached that I had to display it prominently in my home. It gives me headache just looking at it.
You can go to Google Image Search and type "Cy Twombly Untitled Red."
Yes, somebody paid $46M for it. People buy these things because they know they can resell it later for a profit.
Art is a very risky investment, not all art increases in value. As tastes change, Art can go significantly up or down in value. And it's not like stocks, Art that is "out of favor" could remain that way for decades or longer. Some Art is also purchased by "uneducated" art collectors, they way over pay for something, giving them bragging rights, look how rich I am, I paid X million dollars for this. When fortunes change, that same Art is often sold at fire sale prices, to raise capital.
One case in point would be David Lee Edwards, after winning the lottery for 27 million dollars after taxes, he burned through 12 million dollars in his first year alone. Besides cars and mansions, one thing he brought was Art, wildly over paying, when he ran out of money and was looking to raise cash, his Art was sold for pennies on the dollar. There have been far more wealthy sports stars and instant internet millionaires that met with the same fate.
Hahaha the world of art is amazing to me. Most of the stuff that sells for huge sums, even just huge to me ($20-100K), is usually very bad. It’s not interesting to see whatsoever and not special. I have bought a lot of original art I love from an artist named James Dunbar and paid $250-500 usually except for a large custom piece we specifically had commissioned. I think it’s better than stuff 100 times the price lol.
Sad thing is, most likely the buyer doesn't get much feeling out of any work they buy. Just the bragging rights about how much it cost them. Even sadder for true masterpieces (oh, something like a Vermeer) is that they end up locked away in a secure, sterile vault where no one can get any pleasure out of them.
Yeah, many things should probably be called “graphic investments” or “money laundering parchments” instead of art because it is really about the money.
You can go to Google Image Search and type "Cy Twombly Untitled Red."
Yes, somebody paid $46M for it. People buy these things because they know they can resell it later for a profit. It's not because somebody wanted to look at it every day. It's like, somebody a few years ago paid over $7M for a stamp. It wasn't an especially pretty stamp. It's an investment.
For people who think most modern art is silly - from an artistic standpoint, do you even think that's a good painting?
i would love to know how someone determines a value for something like that.
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