Rush to Hard Assets Pushes Up Warhol Prices

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As people look to invest in something other than rapidly devaluing fiat currencies, one of Andy Warhol’s self portraits may fetch $20 million or more at auction next month.

If the story is accurate and there really is a trend toward acquiring assets such as art instead of dollars et al., it might be interesting to see what sorts of collectibles are deemed the safest investments. It also drives home the point that money is not magical, and if its status as a store of value is ruined, other stores of value can certainly be found. Like cigarettes, for example, or cognac.

It’s nice to see, by the way, that Warhol’s reputation has only increased since his death. He was one of the great entrepreneurs of our age, pioneering art production methods and using assembly line strategies to churn out new and interesting images as he worked 20-hour days. He employed a lot of people and gave generously to charitable causes. He was also a great and interesting artist, and seems to have rescued American art from the clutches of hideous abstract expressionism.

10:57 pm on April 11, 2011