Why would someone pay almost $180,000,000 for a single painting?

Because they can????

Picasso's Women of Algiers

Last year, Christie's said its global sales of impressionist and modern art were $1.2bn, an increase of 19 per cent over the previous year.

I get that wealthy people want to purchase something no one else has. But, most of these super wealthy purchasers are anonymous.

In February 2015, a Paul Gauguin went for $300,000,000. The buyer is unknown.

Is it really "an investment"? Or, is it something else entirely?

When you have unlimited money, you simply don't care anymore.

"I want that" becomes "Get me that"- the cost doesn't matter when you can simply manufacture more wealth.

a reply to: queenofswords

Masquerade payment of something else? Funding terrorism, etc.? Grey economy and black market.

its a whos willys bigger contest.

a reply to: queenofswords
Its an investment like any other investment.
The values always rise on established artists.

It may not have been a single person; it could have been a corporation or investment group taking a risk that they could sell it for even more money later on down the road.

originally posted by: FinalCountdown
a reply to: queenofswords
Its an investment like any other investment.
The values always rise on established artists.

yup^.

In my opinion, the painting isnt even aesthetically pleasing.

a reply to: queenofswords
"There's a sucker born every minute" used by David Hannum in regards to PT Barnum's show ?
Or , a fool and his money are soon parted ?

originally posted by: queenofswords
Because they can????

Pretty much.

Also, such things are typically a sure-fire investment.

The next buyer will pay $230,000,000 just because this buyer paid $180,000,000.

a reply to: queenofswords

Because they have money falling out of their butt?
I wouldn't pay ten bucks for a painting.

Stefan Edlis was looking at a tax bill of more than $20 million when he sold his Andy Warhol “Turquoise Marilyn” painting to hedge fund manger Steve Cohen, but ended up paying nothing. How did he do it? Half of Edlis' earnings were deemed part of his private foundation, meaning they were tax-exempt, and the other $40 million was parlayed into more artwork through a 1031 exchange, or like-kind exchange. According to Bloomberg, such an exchange "allows investors to defer capital gains by buying similar property of equal or greater value," but "sellers must show that the art was purchased as an investment instead of for pleasure."

www.businessinsider.com...


Well, that might explain a portion of it.....maybe.

a reply to: queenofswords

Loop holes for the rich strike again.

originally posted by: EternalSolace
Loop holes for the rich strike again.

'
It appears that the best solution to that problem is to become enormously wealthy.

originally posted by: EternalSolace
a reply to: queenofswords

Loop holes for the rich strike again.

Private foundations. Ring a bell?

a reply to: queenofswords

Pension funds often buy expensive art work, amongst other things.

originally posted by: alldaylong
a reply to: queenofswords

Pension funds often buy expensive art work, amongst other things.

Hmmmm...that's interesting to know.

Found this, too:

Art Funds Struggling

Because rich people have to spend their money on something.

a reply to: queenofswords

Status and investment are the reasons...

I get that wealthy people want to purchase something no one else has. But, most of these super wealthy purchasers are anonymous.

'Anonymous' to us and well-known in their own little peer-group. They don't compete with us for status and why would they? As soon as this person (or group) bought this piece, their competitors would know about it.

The painting will become part of an awesome portfolio and the owners will have access to credit that far surpasses the cost. I imagine a portfolio worth millions will translate into billions in credit.

a reply to: Kandinsky

It sounds like a little closed circle where the $$$$ go round and round.

originally posted by: OtherSideOfTheCoin
Because rich people have to spend their money on something.

It is also plausable that said rich people also own other works by the artist and by raising the price it increases the value of other works.

It's actually a very clever way of doing things if your that way inclined.