A Wealth of Art
11/15/2013 | | Art Auction, econ70, Economic forecasting, economist on radio, economist on TV, Edvard Munch, eisenberg and economics, Eisenberg and housing economics, Eisenberg and public speaking, Elliot eisenberg, Francis Bacon, funniest economist, funny housing economist, Graphsandlaughs, graphsandlaughs and eisenberg, housing sales, Jeff Koons, Lucien Freud, MLS, mortgage banking, Multiple listing service, politics and economics, Public speaking economist, Record breaking auction prices
The Friday File: In a sign of how well the super-rich are doing, a recent contemporary/postwar art auction netted $692 million, breaking the record of $495 million set in May. A triptych by Francis Bacon went for $142.2 million, a new record for artwork sold at auction, shattering the former record of $120 million for Munch’s “The Scream”. The huge price increases show how fast the one-hundreth-of-one-percenters are accumulating wealth.