The best of the best, the masterpieces, will always do well. But this is probably not the best time to invest in a portfolio of mid-market art. Remember that for all the talk of investment, you have to make 15 to 20 percent per year on it to cover the cost of capital and storage and insurance. What work today would you say would appreciate 20 percent a year for five years? If you want to buy a masterpiece as a store of value, that’s fine, but if you think of it as a high-yielding investment, that’s wishful thinking.
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