HONG KONG ¨C Andy Warhol once said: ¡°Making money is art.¡± But what about making money from art?
A boom in the global market has delivered some eye-popping returns in the past few years, drawing new collectors keen to invest in an asset class that offers cultural as well as financial appreciation.
Irish horse-breeder John Magnier will get at least $150 million for a painting of a nude by Amedeo Modigliani on May 14 in New York at Sotheby¡¯s, thanks to a third-party guarantee. He paid $26.9 million for the work in 2003.
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