Painting spending spree by Graff
Published on: 16-Nov-2007
A London-based jeweller and art collector has taken a punt on the market going up by spending millions of dollars on paintings.Laurence Graff forked out a combined total of $24.1 million in New York this week on artist Andy Warhol's works, which included a soup-can picture and a double image of Elvis Presley.
Mr Graff also splashed out on images by the iconic pop artist of Jackie Kennedy and Truman Capote.
He told Bloomberg news that he saw "no crack" in the market and rare works should continue to rise in value.
"What else do you do with your money?" he said.
"If you buy shares, you have no control over the market…if you buy an asset, you've got it in your hands…you can sell it, or hold onto it."
The art world seems to have avoided the turbulence afflicting other sectors of the investment market, although opinions are divided on how long the present benevolent atmosphere can prevail.
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