Tuesday, May 19, 2015

The Guardian - ignorant again.


Is any painting really worth $179m?


Sarah and Tiffany scream at each other, ignoring, across the hardly-crowded bar of Comment is Fatuous, the public. Sarah is, apparently, a "cultural sociologist", while Tiffany has the job that rightly belongs to Brian Sewell* at the Torygraph.

They add:

Pablo Picasso’s Les Femmes d’Alger (Version O) set a new world record last week for the most expensive painting sold at auction

What they fail to realise is that value is purely in the eye of the purchaser, or potential purchaser. That's it. All of it. The definition of value. To the purchaser, who almost certainly doesn't care what a fundamentally unimportant pair of British metro-ignroant harpies decide.

On a personal equivalency, I've paid a couple of hundred quid for various bits of debris this month, much to Mrs SE's disgust. Admittedly, they are 4.6 billion year (a few 100,000 years less for some of them) debris so I think I have a point. Her opinion varies.

Would I have paid staggeringly large amounts of cash for that Picasso? No. Even if I had the wodge. Which I don't. Would I have sacked my entirely hypothetical investment portfolio manager if she had? No. Because she isn't interested in art. She's interested in gain after tax.

* Who is, actually, for all the acerbic front, a really genuine bloke. Well, not "bloke". Possibly "chap".
 
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