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In Search of Market Signals in the $450 Million Da Vinci
Price contains information, but how much does an outlier art sale say about stocks or the economy?
Old masters in marketing.
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Economist Friedrich Hayek wrote that “price contains information.” So what information is contained in the almost a half billion-dollar price for a painting?
The Last da Vinci, as the "Salvator Mundi" has been called, sold at auction last week for $450 million, a record and blowing past the previous high of $179 million paid at auction for Picasso's "Les Femmes d'Algers" in 2015.