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Fine Art’s Resurgence Offers a Refuge for Investors

by Marcia Christoff-Kurapovna

The epic sale in mid-November of the painting Salvator Mundi by Leonardo da Vinci at the auction price of more than $450 million to an anonymous buyer contained within its occasion three key lessons about the difference between market value and the market for Value — a distinction that perhaps best defines the long-term difference between wealth and money.

First, the multi-billion dollar art market, though traditionally driven by very volatile, unpredictable and slightly obscene vagaries of taste, is today witnessing a renaissance in the estimation of art as a great storehouse of value based upon a centuries-old standard of Time. Second, art-as-hot-commodity, with its legions of dealers, brokers, appraisers, scholars, historians, vetting-experts, authentication-specialists, financiers, fakes, flakes, charlatans and money-launderers, is shifting to a highly privatized model in which micro-entrepreneur dealers of outstanding reputation and sole proprietorship are leading the forefront of the market’s growth.

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