Your FP/CM Newsletter - September 2021
SPECULATING ABOUT SPECULATION
CRAIG GIVENTER, CFA, Partner & Portfolio Manager
While I happen to be married to an art consultant, I have neither the “eye” nor the capacity to fully understand or appreciate the beauty and value of art, and I decided long ago, to leave that to the professionals. However, I am bewildered by a recent art auction in which a living Italian artist’s work sold for nearly €15,000. What is so extraordinary about this work of art’s sale is that it does not exist. I will repeat this; the work of art does not exist.
The artist, Salvatore Garau, describes the work (titled “lo sono” (“I am”) as “a work that asks you to activate the power of the imagination”. For the price of roughly €15,000, the buyer got a certificate evidencing the purchase of nothing and instructions as to how to display this imaginary work of art in an unobstructed space. While I do not know much about art, I do know that paying €15,000 to “activate” my imagination would be a poor investment; at least, for me.
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