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Billionaires put austerity measures on the back burner #austerity #billionaire
‘The Scream’ Fetches Record $119.9 Million in New York Auction – WSJ.com.
What’s odd about this?
Not the fact that someone is prepared to splash out north of $100m on an art piece but the fact that Sotheby’s take a 12% commission!
In a world where commissions charged on financial products have been decimated, amazing that margins as high as this still exist!
Still, if you’ve got $100m to blow on a painting what’s another $12m in commission fees? It’s all about supply and demand?
Common sense, don’t buy a painting without it.
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- Portrait of Gillard govt fetches $120 million (thepunch.com.au)
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