Eric Clapton is making records, this time in the art world.
The rocker recently raked in millions by selling a painting for $34.2 million dollars, after buying it in 2001 for about $3 million. The abstract artwork is by an 80 year old German artist named Gerhard Richter. This record-setting sale is the most paid at auction for a work by a living artist.
And, talk about a pretty profit. If it’s this easy to make a few million, should everybody have a painting in their portfolio?
Heres’ something called the Mei Moses World Art Index. It tracks the prices of all art sold at auction more than once, puts it in an index, and compares it to the S&P 500. You can see from this chart that the World Art Index is not performing as well as the S&P 500. (For more info on this, you can go to artasanasset.com).
So maybe it is better to stick with stocks. Or, maybe you need an ear for music in order to have an eye for art. Either way, a few million dollars to start with wouldn’t hurt either. Rock on:)
Peace Love Profits,