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November 13, 2013- Jeff Koons’ Balloon Dog (a different piece than flower piece above in the plaza near WTC 7) broke the record for the most expensive piece of art sold by a living artist: $58.4 Million.
The reason art is breaking sales records has to do with hedges on inflation. Fine art retains value when inflation roars, and everyone expects the long period of the Fed printing money to result in inflation soon. Equities and other assets are deemed to be overpriced so the 1%-ers are flocking to art and $50 Million apartments.