The $6 Million Banana
Last night, Sotheby’s auctioned off a duct-taped banana for $6.2 million. Even before the auction, the banana had become a global symbol of the absurdity of the art market. When it debuted in 2019 at Art Basel Miami with a price tag of $120,000, the banana — formally titled “Comedian,” by the Italian artist Maurizio Cattelan — attracted huge crowds and massive social media attention. “A banana? For $120,000? Are the rich that stupid?”
Turns out, the joke was on us. Last night’s sale price represented a return of over 5,000% — more than 25 times the return of the S&P 500 over the same period, and more than twice the return of Nvidia stock. The buyer was Justin Sun, the famed crypto investor, who will receive a roll of duct tape, instructions on installing the banana and a certificate of authenticity as an original work of Maurizio Cattelan. (The 50-cent banana is not included.)
The banana bruhaha, however, obscures a more important economic signal emerging from the New York sales. More than $1.2 billion worth of art is being auctioned this week, the biggest sale of the year, in the biggest art market in the world. With early results showing strong prices and demand, the sales may mark a historic inflection point for a $68 billion art market that has been in correction for two years.
This week, I talk to three top advisors to get their take on the potential post-election rebound, supply, demand and the mood of wealthy collectors. One highlight: Like venture-capital funds, art collectors make almost all their returns (if they’re lucky) on one or two pieces that skyrocket in value, while most of their collections decline or increase only slightly over time.
I also look at the surprising differences between female billionaires and male billionaires — in how they make, spend and give away their fortunes. And I find out how family offices are using AI to improve their investing performance and efficiency.
Thanks for reading and for sending me your story ideas, suggestions and views on $6 million bananas.
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