Maybe Paul Krugman thinks this is normal.
Tyler Cowen
reports:
Being briefly in New York City, I stopped in to visit the pre-auction viewing for the Contemporary Art sale at Christie’s...A very good Robert Ryman “white painting” (yes, that means it is white, more or less only white, but the textures are very good) these days goes for $8-12 million, as does a good de Kooning from his Alzheimer’s period. Those price estimates are without the buyer’s premia. A Twombly chalkboard painting was estimated in the $35-55 million range...
 |
| de Kooning from his Alzheimer’s period $8-12 million |
 |
| Ryman “white painting $8-12 million” |
 |
| Twombly chalkboard $35-55 million |
Rare pink diamonds are ‘safe haven’ investment for super-rich Rare pink diamonds from the Argyle mine in Australia are being bought up by high net worths across the world
ReplyDeleteHigh net worth individuals across the globe are ploughing their millions into rare coloured diamonds as a stable, “safe haven” asset class.
“People are loving them as an alternative investment,” said Neil Duttson, founder of Duttson Rocks, a high end diamond dealer that supplies stones to celebrities, Premiership footballers and investment bankers.
“It’s a tangible, moveable asset, so you can carry your wealth in your pocket or on your finger.”
Pink diamonds in particular have increased in value over the past decade.
In 2002, the average cost per carat of a pink diamond stood at $13,000, according to Duttson. This year it topped $78,000. The value of fancy light pink diamonds has increased by an average of 20pc year-on-year for the past five years. "
“My business has gone mad with pink diamonds,” said Duttson. “They are being hoovered up, especially by the Chinese. I’m meeting with some City boys on Monday and instead of buying a new house in Provence, they’re putting their wealth into coloured diamonds.”
One client has even put his children’s entire inheritance into the coloured gems. “He spent $4.5m in one go,” said Duttson. “It’s where he plans to store his wealth.”
http://www.telegraph.co.uk/finance/businessclub/money/11216879/Rare-pink-diamonds-are-safe-haven-investment-for-super-rich.html
imagine if krugman had to earn a living in the "real" world?
"Diamonds will burn at about 1562°F (850°C). House fires and jewelers’ torches can reach that temperature."
ReplyDeleteis it worth the risk to pass off some of my 4 year old daughters scrrbbles as a twombly or a senile era de kooning?
ReplyDelete