Live data from Hacker News

Leonardo Da Vinci Painting Sells for $450.3M, Shattering Auction Records

nytimes.com

11–20 of 152 posts

Re: Leonardo Da Vinci Painting Sells for $450.3M, Shattering Auction Records

#11
post #7
post #5

According to another source from BBC, the final bid for the work was $400m, with fees bringing the full price up to $450.3m. http://www.bbc.com/news/entertainment-arts-42000696 What's interesting from the BBC article is the image "The painting has been cleaned and restored from the image on the left to the one on the right" doesn't even look like the same person? Another anecdote - In 1958 it was sold at auction in L…

50.3 million dollars in fees....

10-15% is pretty standard in the auction world.

Re: Leonardo Da Vinci Painting Sells for $450.3M, Shattering Auction Records

#13
post #3

I think the buyer probably had a net worth at least ≥ $4.5 billion (I wouldn't spend more than 10% of my wealth on a single painting.) According to https://www.forbes.com/billionaires/list/ there are only ~380 persons that would qualify. Any one knows who is the buyer?

You would spend 10% of your wealth on a painting?

Re: Leonardo Da Vinci Painting Sells for $450.3M, Shattering Auction Records

#14
post #3

I think the buyer probably had a net worth at least ≥ $4.5 billion (I wouldn't spend more than 10% of my wealth on a single painting.) According to https://www.forbes.com/billionaires/list/ there are only ~380 persons that would qualify. Any one knows who is the buyer?

You would spend 10% of your wealth on a painting?

Non-glib answer: Art tends to hold value very well. For someone in that wealth bracket, this is probably a very reasonable diversification + having a significant amount of sentimental value. (it's Davinci, which even for a pleb like me would be neat to have in your living room)

glib answer: More money than sense.

Edit: I realize you didn't have "why would you" in your question and answered something you didn't ask. Apologies. (I nontheless maintain my statements :) )

Re: Leonardo Da Vinci Painting Sells for $450.3M, Shattering Auction Records

#15
post #3

I think the buyer probably had a net worth at least ≥ $4.5 billion (I wouldn't spend more than 10% of my wealth on a single painting.) According to https://www.forbes.com/billionaires/list/ there are only ~380 persons that would qualify. Any one knows who is the buyer?

You would spend 10% of your wealth on a painting?

It's not really spending. If you look at the resale values it is investing. High art is more investment than consumption (as they say, the rich get richer...)

Re: Leonardo Da Vinci Painting Sells for $450.3M, Shattering Auction Records

#16
Why is this a surprise? There's a point at which money no longer makes sense - both to the people without it as well as the people with it.

There are many reasons for spending relatively incomprehensible amounts of money for something. One is to show others that you can; it's a demonstration of just how wealthy you are. Another is to try to make something special of the money that otherwise has reached a level of being useless/pointless.

Think a bit in terms of a normal human lifetime. If you aspire to be rich, what amount of money defines that level? Once you reach a level where you can own and operate more properties, vehicles, and even employees than you can even remember, what does the excess money represent?

Ok, this is an absurd analogy. But as technical people, imagine building a multi-petabyte storage device. Practically no private individual has such a thing. Using your intellect, experience, and perhaps ingenuity you can have such a thing. Then what? You store all the porn you have time to download. You save every movie you ever thought about watching. You take 1000 photos every time you go out. It's thrilling! But how much of it do you ever really go back and enjoy?

Frankly, unless the buyer places it in a public museum, I judge it as a hollow effort to find value in excess (which will last about three months). Humans are great at acclimating to new and better, and soon we need more. What else is there?

Re: Leonardo Da Vinci Painting Sells for $450.3M, Shattering Auction Records

#17
Marketing wins everywhere. Paintings, IT, open source projects, startups, everything. It seems to be responsible for 90%+ value in worryingly many cases. It may be getting worse.

I think in the next few years we will see rise of companies that help customers make decent choices that are not solely based on advertising. We have many user review based solutions but it just doesn't work with most things (not even touching on fake reviews). Even for things where the whole value of the product is about how user feels about it, most users don't have other products to compare. Plus choice-supportive bias.

For tech stuff there are reviewers out there who test many things and which you can trust. Some take them apart and can reason about used components and so on. Not so easy when you are visiting a grocery store or wondering what's the story of the organic food that you are looking at (or maybe it was just mislabled?). Some educated 3rd party could research that for you.

Again, it's different from what we have today because even though it's tempting, sexy and scalable, it can't be just about letting users send opinions and info. It must be expert web of trust. Those companies may end up with a lot of power. But at least in this case if some of them try to misuse it, somebody can stumble upon it and show that they are not trustworthy.

Re: Leonardo Da Vinci Painting Sells for $450.3M, Shattering Auction Records

#19
post #10

Fascinating to watch Rybolovlev move money in the open like this with the help of the art market apparatus. What a time to be alive. If you're not keeping track this was almost double the price expected for a da Vinci of questioned provenance sold by the fertilizer magnate who bought Donald Trump's Palm Beach mansion for double the estimated price and then never lived in it.

Wouldn't he need someone to pay that same amount or more for the painting to effectively have moved money with this apparatus? And if the next buyer is similarly motivated, isn't the valuation akin to a Ponzi?

Re: Leonardo Da Vinci Painting Sells for $450.3M, Shattering Auction Records

#20
lol, I guess there are three or four people in the world willing to pay that price. I'll be interested to see if this ever gets sold again and at what price.

I'm guessing the buyer (if it's a single person) is a royal, oligarch (could even be Putin) or someone in China.

Post reply on HN