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Collectors Just Spent Millions on Contemporary Art. What Could You Buy Instead?

Picasso or private jet? Potato, potahto. Contextualizing New York’s fall art auctions.
relates to Collectors Just Spent Millions on Contemporary Art. What Could You Buy Instead?
Source: Sotheby's

Over the past two weeks, $2.3 billion worth of art sold at auction at Christie's, Sotheby's, and Phillips in New York. It's a heady number, though several insiders seemed to feel it's evidence the art market is actually cooling down: If every artwork had reached its top estimate, the final tally would have been much higher. 

Sure. The auctions could have done better, but it might behoove everyone to take a step back and put these seven-, eight-, and nine-figure numbers in perspective.