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The Economics Of The Art Market: Why This Painting Isn't Worth $450 Million

The Economics Of The Art Market: Why This Painting Isn't Worth $450 Million

FromEconomics Explained


The Economics Of The Art Market: Why This Painting Isn't Worth $450 Million

FromEconomics Explained

ratings:
Length:
19 minutes
Released:
Feb 14, 2023
Format:
Podcast episode

Description

In 2017, at Christie’s Auction House in New York, a mysterious #Art buyer bid a record-breaking $450 million dollars for the #SalvatorMundi; a painting by the legendary Leonardo da Vinci.  News of the staggering purchase price sent shockwaves throughout the entire art market (which, interestingly, has been a reliable indicator of impending market bubbles for decades).   What drives the high-end #ArtMarket? How can art be used to move money in creative ways and get around taxes? And perhaps above all, why would anyone park so much money in a picture when there are other asset classes that actually generate cash, like real estate rentals or dividend-paying stocks? … all this and more in today’s episode!
Released:
Feb 14, 2023
Format:
Podcast episode

Titles in the series (100)

On Economics Explained, we take a look at interesting countries, policies, and decisions from the point of view of an economist. The world is an interesting place and we hope to uncover some of this intrigue in our short, informative podcasts.