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Old 08-11-2018, 11:59 AM
 
2,379 posts, read 4,351,806 times
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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?
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Old 08-12-2018, 03:24 PM
 
1,954 posts, read 660,001 times
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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.
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Old 08-12-2018, 03:30 PM
 
467 posts, read 187,438 times
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This from the same artist sold for $70M. Nuts. Whatever.


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Old 08-12-2018, 07:27 PM
 
Location: Ontario, NY
2,592 posts, read 5,891,912 times
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Quote:
Originally Posted by robertpasa View Post
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.
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Old 08-13-2018, 02:04 AM
 
4,353 posts, read 5,282,875 times
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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.
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Old 08-13-2018, 02:13 AM
 
Location: on the wind
4,211 posts, read 1,563,266 times
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Old sayings:

"Beauty is in the eye of the beholder."

And this one:

"The more you pay the more it's worth."

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.
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Old 08-14-2018, 02:14 PM
 
Location: Pennsylvania
9,055 posts, read 3,140,747 times
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I hope that whoever spent $46 million on this thing, takes a bath on the purchase.
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Old 08-14-2018, 02:19 PM
 
Location: Maryland
828 posts, read 242,230 times
Reputation: 1905
Yeah, many things should probably be called “graphic investments” or “money laundering parchments” instead of art because it is really about the money.
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Old 08-14-2018, 02:20 PM
 
Location: Honolulu, HI
4,634 posts, read 1,156,512 times
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I don't understand expensive art but hey, it's their money.

Quote:
Originally Posted by TechGromit View Post
Art is a very risky investment, not all art increases in value.
Anyone rich enough to pay $46 million for a painting, is probably smart enough to do their research and make sure the painting hold its value.

Hell if the painting becomes worthless tomorrow, they'll still be rich. Every potential reward with investment comes with risk.
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Old 08-14-2018, 02:26 PM
 
Location: NJ
22,713 posts, read 28,597,649 times
Reputation: 14640
Quote:
Originally Posted by robertpasa View Post
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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