Would you pay a million for it?
it would be irrational not to, so:
You are part of the market.
That doesn’t seem to be remotely comparable. Just as well you decided not to debate it.
Here’s a question: Why is this stamp worth $9.5 million? Is it because of its artistic value?
I don’t know who you’re addressing, Colibri. If it’s Dibbs, he seems to be kinda busy over in the Pit. I wanted to say something like “rarity” or “Du Pont”, but I think the real reason it’s worth $9.5 million is because that is what someone was willing to pay for it. What their motivation/reasoning was, I have no idea.
I was addressing Dibbs, but you’ve made exactly my point. Dibbs seems to think the price of the sculpture is based on its artistic value. Actually its based on whatever the art market says it is.
As you say, it’s disappointing. Pointless, even. I don’t get the OP’s viewpoint.
[sub]Someone should give him some pointers…[/sub]
People had trouble wrapping their head around this in the endless bitcoin threads years in the past, if someone is willing to buy a sequence of numbers for $X that is what it is worth period.
Oh, I absolutely think that the price is evidence that Taxes Are Too Damn Low. If someone has $141M to blow on one statue, then they could easily afford to be paying a much higher tax rate. Then we could use that money to fund public museums (among other things) so everyone could enjoy pretty things, instead of just one rich dude.
This has nothing whatsoever to do with the quality of Giacometti’s work, which I rather like.
I remember once reading the assertion that cutting taxes for so-called job creators has a greater effect on the price of fine art than it does on the availability of jobs. Does anyone know if that’s true?
It makes sense. Jobs are created in response to increased consumer demand, not because of how much extra cash the owner has. In fact, low taxes on the wealthy actually encourage owners to keep profits for themselves instead of plowing them back into the company.
On the hand, the price of luxury good is governed by supply and demand just like everything else. If there’s lots of stupid money sloshing around at the top, you’ll see crazy high prices being paid for the rarest luxury goods. Like $141 million for a single bronze.
It seems to me that in the past, when “art” prices skyrocket, we are nearing the peak of an economic cycle. The faster the rise, the bigger the crash. This doesn’t bode well.
OTOH, given the immense wealth of the top 1% of the top 1%, what I would consider a really large price isn’t nearly the same as it used to be.
Note that this is one of seven of this sculpture. Good grief, paying a premium when it isn’t the only one …
The statue was worth exactly 141 Million dollars.
Just like any object, it was worth what someone was willing to pay for it - how could you think otherwise?
I would bid 200 million Zimbabwe dollars for it.
I think part of it is the prestige. You’re saying, “I’m the type of guy who can afford to spend $141 million on this piece of art.”, and that in itself makes it kind of impressive. It’s the whole conspicuous consumption thing.
Breaking news: SDMB poster discovers that collectibles markets are irrational. We’ll update you as more comes in on this rapidly-evolving story.
Meanwhile, If anyone wants, I’ll stand and point at something for ten minutes, at a buck a minute.
Bronze makeup is extra, though.
2 million dollars an inch, eh? Good work if you can get it.
My dilemma in owning it would be that in my house, exactly which direction do I have it turned?
Towards the bathroom, of course.
Yes! Absolutely! But…I can’t help but agree with the OP’s unspoken opinion that the world would be better served if I (or he, or any of us) had that kind of money. I wouldn’t spend 141 million on a silly art piece. I’d contribute more to the economy! Maybe even give some to charity! Just give me a chance, I’ll do better!
FWIW, I recognized the artist immediately upon seeing the piece. That’s probably worth a few tens of millions right there.
You’re my favorite interior decorator in the whole world.
I for one welcome ridicule for the insane amounts these art pieces sell for, and ridicule of people who purchase expensive art.
If you are purchasing a piece of expensive art you are basically saying: “It’s more important to me to be able to look at this thing and knowing that it’s ‘real’ and not a replica, than saving the lives of hundreds of thousands of poor people.”
In my opinion people who have these priorities deserve all the ridicule we can throw at them. They make the world worse when they could’ve made it so much better, and they do it for ridiculous reasons.