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Breakingviews: Learning from Bacon

Wednesday, November 13, 2013 - 03:15

Nov 13 - The record-breaking sale of a Francis Bacon triptych offers a few potentially useful lessons for the finance set. Rob Cox and Richard Beales discuss.

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So we got a really big number from Christie's last night at its contemporary art auction. Not just the whole thing which beat expectations but most importantly a trip tick by Francis Bacon of his friend Lucian Freud which sold for a record 142 million Richard you are looking at this you're trying to draw -- Trio. -- that means. You never finance abuse to cancel you can really says that there are a bunch of average people -- this painting it and they paid even mall at auction books and -- right. Beating me at love Mo closed -- -- member -- -- available -- -- private equity titan vote. You can say if you think this is that this has put instant history this picture it was in three pieces for awhile and the sun -- it went three different Killington. It is 1960s. Time accessing it yet in and around the time we were born. And and basically it was it was a trip to three different response -- on the attended the together. Send them together but there was that they would split up insults doesn't break thanks again the other man. Surviving. To take all of this and Freud but bacon is still entry fees it it is still in place but isn't missing. Neither are they know that there are other according to Christie's OK Providence they Internet and it. It's at somebody in the seventies when one of the lake is in at one of the pieces started putting it together and that's what a historic it is right then. Probably we on the -- -- the whole collection facility in the states is that -- -- -- so the lesson is the sum of the parts is worth more in the hole it's seen as a -- it's worth -- -- only -- right Elizabeth will -- -- right is -- -- the opposite view is -- com companies the stock market with companies like companies it is investor sentiment is spectacle that right in the case of this I think you can pretty. Be pretty confident as a -- as it was right OK and then another lesson scarcity. Yet this density there as -- -- that two of these oh big subjects of Freud but vacant. He's dead into -- anymore I mean it's a little bit telling them the pulpit the -- true right record for a living out his -- Was also set last night that it Koreans but that's less than well. Right and he. -- bubble plastic -- -- well I think it's steal but steals Friday at the -- they had access -- the end and it didn't think -- -- -- productive anyway it was like it because it will blow. He's right in the -- stuff so it. That's pretty skits and -- and the other thing the other lesson really is is justice it well. The rich getting richer and fueled probably by the cheap money thinks central banks around the world. And so is that there -- -- wanted to is that point 001%. More remote it is. Right to have the -- to drop a hundred million books on the paint him as pretty serious with. It's serious money but if you got a few. Billion exposed to the -- what to do it's a nice way to have having a trip to keep your living than you actually build your house -- -- Well. -- -- -- -- -- -- Are -- thanks so look for that story and will be back with more breaking news tomorrow.

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Breakingviews: Learning from Bacon

Wednesday, November 13, 2013 - 03:15