[teruakohatu]

These stories make it seem like random people find major works of art and walk away with huge profits, when in fact getting $50m from a $30 drawing requires a lot of work, planning and PR.

Take the Salvator Mundi for example. In 2010 it sold for $10,000. ~7 years later it sold for $450 million.

Between those two auctions there was extensive restoration (in the style of Leonardo) followed by years of extensive PR to convince the world that it was a Leonardo and worth a lot of money.

The end result it an astronomical sum of money for a work of art many, if not most, think was probably done by one of Leo's students. It has not been exhibited since it was sold.

Many people are probably sitting on valuable works of art, but unless you have the right connections, skills and PR, they won't ever sell for millions at Christies.

https://en.wikipedia.org/wiki/Salvator_Mundi_(Leonardo)#Redi...

[riekus]

I recently heard that a lot of those insane art transactions are accounting/laundering practices. Made a lot of sense for me when I heard that.

[timurg]

This is tens of billion dollars market[1] managed by investment firms. So it is not surprising the insane prices with PR and everything and while richer are getting richer. Now they have also digital art and NFT.

https://theartmarket.foleon.com/artbasel/2020/the-art-market...

[gumby]

Once you understand the art “Freeport” business you’ll see it’s almost entirely a money laundering system.

NFTs slotted straight into the same system.