Masterpieces Are the Ideal Places for the Rich to Park Their Money; COMMENTARY
Byline: Godfrey Barker
THE world record [pounds sterling]65 million or $104.3 million paid anonymously at Sotheby's last night for a work of art is easily explained. It is about that special problem of the superrich which does not worry ordinary humanity: where to park their wealth.
Leaving money in banks which pay under one per cent per annum for cash is not even an option for billionaires. Putting it on Wall Street or the FTSE has handed as much misery as reward to investors since 2005.
But buying up undisputed art masterpieces like Sotheby's Giacometti is a guarantee of strong capital growth and high return.
Walking Man I had it all. It was by …
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Publication information: Article title: Masterpieces Are the Ideal Places for the Rich to Park Their Money; COMMENTARY. Contributors: Not available. Newspaper title: The Evening Standard (London, England). Publication date: February 4, 2010. Page number: 10. © Not available. COPYRIGHT 2010 Gale Group.
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