The interesting thing about the two hundred and fifty million dollars spent on the Cezanne the other day is not that two hundred fifty million is a huge sum, but that it only buys one little Cezanne. What could you buy for such a sum? You could probably buy every piece of English furniture on the market, just as the Chinese are trying to vacuum America of every Chinese work of art, but once you started buying, the market would open up and you might not get it all for that amount. Wishful thinking, I guess.
You could buy some buildings in New York City. But you could not buy the most expensive home in the world located in Mumbai, because it is valued at one billion. The second most expensive home is on the Cote d’Azur but that is half a billion, five hundred and six million to be exact. You could have bought all of Liz Taylor’s jewels and probably even the Hope diamond if you could get the Smithsonian to give it up. Again, wishful thinking.
If I were to buy a two hundred and fifty million dollar painting, I would want to do it on the sly. The publicity could only be negative once the word was out that I had spent that dough and it could only be deemed frivolous by my creditors. If I had no creditors, I might worry about security and I am dead certain that I would become a target for con men and swindlers. I mean if you are willing to blow that much on one painting, how much might you pay for the Brooklyn Bridge?
Furthermore, the reputation that art has is not good. It gets stolen, there are ownership issues, there are academics who at one point love what you own and the next minute treat the painting like a bad smell. And there is restoration and security that you would be required to think about. And then there is the artist himself. I mean, how long could that painting have taken him–an afternoon or two at the most? No one is worth that kind of money.
I have some advice for people that want to pay that much for a work of art. Stick to bricks and mortar. Buy the NJ Turnpike and live on the dividends. The Mackinac Bridge connecting the two Michigan peninsulas is another possibility with a great view to boot. Really, two hundred and fifty million could get you lots of things that you may not be able to get your arms around but which your accountant will certainly be able to get his head around.
Clinton Howell
President AADLA
Posted on February 12, 2012 by Editors
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