Falling For The Picasso Hype?

Christie’s has been hyping the sale of an expensive Picasso owned by Andrew Lloyd Webber. But maybe it’s not a very good Picasso. “Lloyd Webber recently suggested to Bloomberg that his sale announcement would be ‘the biggest news in the art market in 30 years.’ Why does it matter if someone actually falls for such hype? After all, the proceeds will reportedly go to a good cause—the education of young performers. The problem is that feverish prices pose a threat to the longterm health of the art market. The acquisition of lesser works for exorbitant amounts is the art trade’s version of ‘irrational exuberance.’ It can only set the stage for the next correction.”