ART HEIST

2 October 2009

In these days of uncertainty about the stock and real estate markets, what better “hedge” than the art world. But value is really about what someone will pay for a given commodity, and who can judge the motivations of the buyer? It seems that art “theft” has become an increasingly prevalent occupation, but what do you do with the goods after the heist? It's not like you can take them to the fence. And of course, value is all about perception, whether it’s a legal transaction or not, meaning that it’s set by the ignorant majority (the nouveau riche looking to match the couch). The name becomes the meter of value, and thus Lautrec is worth more than Lissitsky, and far better to invest a lot in a mediocre work of the brand name, than a little in an excellent piece by an unknown. Of course, we only know when the market bottomed in retrospect.

Read about the Pebble Beach Art Heist.