Just wanted to point you all towards an interesting article from the NYTimes by Landon Thomas where he discusses recent foreign investment in America and (briefly) links the strength of the art market to foreign investment:
“While the Chrysler Building and other assets like art may bring a form of prestige, they also appear to be holding their value better than financial institutions and the broader stock market.
In the art market, this relative strength has been tied to foreign buying. Victor Pinchuk, a Ukrainian steel magnate, recently bought the sculpture “Hanging Heart” by Jeff Koons for $23 million. In another trophy purchase, a Russian fertilizer billionaire, Dmitry Rybolovlev, bought Donald Trump’s Palm Beach mansion for about $100 million.”
Enjoy.
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