Art as an Asset

The best advice for collectors, always, has been to buy what you like, not what you think will go up a bundle in dollar value. Even so, these days fine art looks like a reliable asset compared with, say, collateralized debt obligations.

In Paris, Christie's is delighted with the results of its auctions disposing of the art, antiques and collectibles of Yves Saint Laurent. The Matisse shown here, his 1911"Les coucous, tapis bleu et rose," (The Cowslips, Blue and Rose Fabric) sold for over $40 million.

In these tough times, all the art isn't going to auction. Some, The New York Times reports, is going to the pawn shop.

Update: Robert Frank's Wealth Report spotlights a remarkable leather armchair from the Saint Laurent collection. It sold for – are you sitting down? – $28 million!