How do you know we are living through the biggest bubble in history? Simple: when a painting, doesn’t matter who the artist is, doesn’t matter who rare and prized, sells for half a billion dollars.
A rediscovered painting by Leonardo da Vinci broke the record price for art at an auction on Wednesday night, selling for just over $450 million (or a bargain basement 62,500 bitcoin to the Chinese money launderer who bought it) at Christie’s in New York. The last da Vinci in private hands sold nearly 4 times above its estimated price after a fevered, 90-minute long round of bidding. It is widely believed to be the most expensive piece of art ever sold.
The 500-year-old “Christ as Salvator Mundi,” which was originally estimated at $100 million, was the star of Christie’s evening sale of postwar and contemporary art, what Bloomberg described an unconventional move by the auction house because of its vintage. The previous auction record for an Old Master painting was held by Peter Paul Rubens, whose “The Massacre of the Innocents” fetched $76.5 million in 2002.
Read moreLeonardo da Vinci Painting Sells For A Record $450 MILLION (Or 62,500 Bitcoin)