By Jing Pan
November 12, 2022
Source: Yahoo Finance
Photo / Image Source: Abstract Watercolor #18 - Shidonna Raven Fine Art & Giclees.
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Paul Allen's fine art collection just sold for a record-breaking $1.5 billion — here are 2 other 'real' assets that made these Microsoft billionaires even richer
2022 has been a disappointing year for most assets. Stocks and bonds plunged. Cryptocurrencies crashed. Even traditional safe havens like gold and silver are in the red.
Yet one asset class remains attractive — at least to those who can afford it: fine art.
On Wednesday night, the art collection of late Microsoft co-founder Paul Allen fetched a total of $1.5 billion at Christie’s New York, making it the most valuable private collection of all time.
The auction was record-breaking in many ways.
“Never before have more than two paintings exceeded $100 million in a single sale, but tonight, we saw five,” Max Carter, vice chairman, 20th and 21st-century art at Christie’s, said in a statement.
“Four were masterpieces from the fathers of modernism — Cezanne, Seurat, Van Gogh and Gauguin.”
Per Allen’s wishes, all of the proceeds from the auction will go to philanthropy. Allen passed away in 2018.
Art as an investment
It’s easy to understand why great works of art tend to appreciate — even during times of economic strife. Supply is limited, and many famous pieces have already been snatched up by museums and collectors.
Art is also a popular way to diversify because it's a tangible physical asset with little correlation to the stock market. In fact, contemporary artwork has outperformed the S&P 500 by a commanding 174% over the past 25 years, according to the Citi Global Art Market chart.
According to Deloitte’s latest Art & Finance Report, 85% of wealth managers in 2021 believed art should be included as part of a wealth management service.
Purchasing fine art by the likes of Banksy and Andy Warhol used to be an option only for the ultra-rich. But these days, crowdsourcing platforms let you invest in iconic artworks, too.
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