Hedge Fund CIO: An Asset With Finite Supply, But No Intrinsic Value, Can Become Priceless

An anonymous buyer purchased the painting in 1963. It re-emerged this week, selling for 45,400,000 dollars; a currency invented 282yrs after Botticelli died. The Sotheby’s auction price is +1,621-times the 28,000 dollars paid in 1963. Such a return is almost inconceivable.