Boom! Boom! Boom! Cha-Ching

Boom! Boom! Boom!

Cha-Ching rings out in the auction houses.

Once again numerous records have been set in the art world. Works expected to “only” fetch a mere 40 to 60 million dollars such as Klimt’s “Portrait of Adele Bloch-Bauer II” went for 87.9 million. All in all the night brought in 491 million big ones for Christie’s, a record breaking night.

Art is in. Many of these new mega rich want to own it. Over the last decade or so many people have gotten rich, extremely so. Billionaires seem to be growing all over the world from Russia to China to the USA. What’s 40 or 80 or 140 million dollars to a multi-billionaire?

To make it simple let’s say Mr. X is worth 10 billion and he buys a painting for 100,000,000 million he just spent about 1% of his money. What’s 1%? If your net worth is 100,000 then 1 % would be a whopping 1,000. 50,000 net worth then we’re talking 500 bucks. If my math is correct then 88.9 million is peanuts for a multi-billionaire.