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Sculpture sells for £65,000,000 at Sotheby's London, is the world crazy? watch

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    A couple of days ago a sculpture by Swiss artist Alberto Giacometti has smashed the world record for an art work at auction, selling in London for £65 million
    Link to news source

    To me it's astonishing that someone would choose to spend £65 million on a statue regardless of how wealthy they may be, when the money could go towards something much more worthwhile.
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    As much as anything it's just art-collectors maintaining/upping the value of the pieces they already own by bidding high on others. It creates a self-fulfilling spiral of rocketing prices.
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    It's similar to the football transfer market really. If you want something that badly, you'll pay anything for it.
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    Ok, but the bidder paid that much not only to purchase the statues but also to beat the other bidder with whom he was locked in a bidding war. I think £65m is worth that.
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    Not that you'd suggest you might know better than a hugely successful person what the best way to spend their money was...

    It's his cash. He can do whatever the hell he wants with it. If art makes him feel good, then why not?
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    (Original post by Yahoo News)
    It beat the previous record for a work at auction set by Spanish artist Pablo Picasso's painting "Garcon a la Pipe" which was bought for £65.8 million in New York in 2004, said the auction house.

    ...

    L'homme qui marche I (Walking Man I) fetched exactly £65,001,250, which included the buyer's premium, said the auctioneers.
    Say what? I know seven is better than three, thus surely £65.8 million is more than £65.001250 million?

    Still, it is a ludicrous amount of money to spend on something so trivial.
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    If I had £65mil to waste it would have gone to charity long before I thought of going to look at some ****** modern art.
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    he may really really want it....plus will it lose that much value over time?? people go mad at people buying art work and fancy jewellery but at the end of the day they're still worth something in 50-100 years time....people will buy cars for 80k(can be a lot more) and be a fraction of what they bought them for 5 years later.
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    Yeah I know, insane!! People spending their own money on something they want :yikes:
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    if you've got the money why not
    if they were paying me it would be better though damn em lol
    x
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    It's their money, they can do what they want with it, doesn't matter if it's "worthwile" or not in your eyes
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    People probably wouldnt mind so much if the person invested 65million in a company.

    S/he has invested it in a piece of art work, i see very little difference.
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    Tax evasion... can lock up your financial assets in art so the tax man can't get at it.

    Similar thing is known to occur with horses for racing.
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    (Original post by Hugh-Jackman)
    he may really really want it....plus will it lose that much value over time?? people go mad at people buying art work and fancy jewellery but at the end of the day they're still worth something in 50-100 years time....people will buy cars for 80k(can be a lot more) and be a fraction of what they bought them for 5 years later.
    No, art is one of the few commodities that rarely loses value (unless damaged or proved to be a fake at a later date) it can move out of fashion which effects value, but on pieces such as this that have been sold for a vast amount at auction, this adds to provenance valuation of the piece. It is unlikely this item if sold in 10-20 years time would not make a decent profit.

    Many art collectors, especially Russian Oligarchs purchase large amounts of artwork as investments for these reasons.
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    (Original post by fire2burn)
    Tax evasion... can lock up your financial assets in art so the tax man can't get at it.

    Similar thing is known to occur with horses for racing.
    and this....a lot like yanks using money they give to charity as a kind of expense so they can pay less taxes.
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    No, most of these huge sum items are bought by Russian Oligarchs who have billions in their back accounts and so 65m is just a drop of water for them. With huge egos and even bigger pockets, they will not be beaten by anyone so will pay anything to prove they are bigger
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    the buyer is very smart indeed. I believe he is going to sell the art for a better price, possibly 100million, which is crazy.
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    (Original post by concubine)
    If I had £65mil to waste it would have gone to charity long before I thought of going to look at some ****** modern art.
    price goes up, therefore in 10 years that 65mill could be 70mill or more and thus even more would go to charity.
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    Someone who spends £65 million on art while the vast majority on this planet live in poverty is scum.
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    I'm pretty sure I could make that.

    Give me monies.
 
 
 
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