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  1. #1

    Fetching millions at auction - true worth?

    I was just wondering, if those things which sell for millions of $/ etc at auction, are genuinely worth what they are paid for, or whether items like priceless art, become a currency. No longer may a painting be a valuable painting by virtue of its excellence, history and age, but valuable more as a simple asset. I mean, like the painting or whatever doesn't matter anymore, just so long as everyone knows what its worth. Did that make enough sense?

  2. #2

    Re: Fetching millions at auction - true worth?

    I agree with you completely. I mean, look at the art we're pushing out these days. I recently went to a conceptual art exhibit in Vancouver, and some of the stuff in there literally (yes, literally) looked like it was drawn by a five-year-old, and I bet none of them was worth under $100k. It's not about the worth of the piece of art (or whatever may be catching millions at auctions), but more the name attached to it.

  3. #3
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    Re: Fetching millions at auction - true worth?

    Worth can't be quantified with any certainty.
    Things are worth what someone was willing to pay that day.
    That said it would be pretty hard to lose money on a piece of art work by Jackson Pollok, Picasso or the like. Same goes for some of the well documented jewels and other items.
    "THINGS" seem to become more valuable among the super wealthy when economies suck.

  4. #4
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    Re: Fetching millions at auction - true worth?

    Trouble is there are a lot of fakes out there. I would be petrified of paying all that for one that turned out to be a knock-off...and with technology now it must be easier to fake some of those. But also easier to spot fakes I am sure. I would rather invest in a business if I had that kind of money.

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