I've just spent two days gripped by this great book on the economic crash of 2008. Boggled by the sheer arrogant stupidity of the Great & Bad of Wall Street as they staked the whole financial system of the USA on one mammoth bet on house prices and how a few mavericks made a fortune betting against them
Putting the book down and lying back in my bed I began to wonder what was the current equivalent financial madness. I've long been a bear of London house prices but although they may be over valued by 40/50% that's not in quite the same leagues table as the US mortgage backed securities which went from being worth 100cents in the dollar to being worth zero. No the biggest bubble I think is the Contemporary Art Market.
The annual report of the European Fine Art Fair estimated that the total value of the art market in 2015 was $63.8 billion. This is a boggling amount of money especially as most of it couldn't be called 'Fine' by any stretch of the imagination. . Whose buying? Well need you really ask? Quite a lot of the buyers are the same idiots who nearly bankrupted the World economy in 2008 -bankers. Today we laugh at the stupidity of the Dutch three hundred and fifty years manically investing in tulips and bidding them up to ridiculous heights. Future generations will I am sure view the Contemporary Art boom in the same light.