Clearly, the purchase is about acquiring something rare and valuable that will be a great investment, hopefully rising in value. Although, how much more can something with that kind of price tag – a price that rose and rose in the heat of bidding – rise in value? No one spends that kind of money on something to flip it for a mere one-million dollar profit a year later, do they?
The purchase might also be about status or the thrill of the hunt. I get it. Surely the seller is thrilled, but Francis Bacon and Lucian Freud – rest their souls – are none the wiser. Picasso, Rembrandt and others are probably spinning in their graves. Where’s their BIG payout?