$119 Million Sale of Famed Scream Painting Speaks to Those Investing in Gold
BOSTON (May 10, 2012) - Many investing in gold today keep track of the moves the world's most wealthy make as reported by the media. Recent news has shown that fine art is acting much like precious metals, getting snapped up at major auctions given by leading auction houses such as Christie's and Sotheby's. One auction in particular, for the world famous painting entitled 'The Scream' by Oslo's now deceased painting legend Edvard Munch, caught the eye of noted economic analyst Richard Russell.
Russell was quoted as saying, "Even if the dollar becomes worthless as a unit of exchange, the Munch painting will still be worth a fortune in whatever unit of money is in favor ten or fifty years from now."
Gold bars and other forms of gold have historically represented purchasing power, Russell went on to say. An example that he gave in regards to fine art noted that when a wealthy collector purchases a painting for $119 million, they are not worried about whether the painting's value will jump to $200 million within a decade or drop to $50 million during that same span of time. These buyers, stated the analyst, know that whether inflation rises like a rocket or massive deflation occurs, they have a priceless work of art that is going to be able to be leveraged for its value should they ever face a financial crisis.
Munch painted several variations of The Scream, which as its name implies, features a man with both hands clasped over his ears, his anguished face emitting an inaudible scream.
For those investing in gold, understanding its core value is of utmost importance, insisted Russell, and he elaborated that the growing number of billionaires in the world are choosing solid investments such as precious metals and fine art over currencies.
"If I asked you to leave something for your great grand kids in a package to be opened one hundred years from now, would you leave them a wad of hundred dollar bills or one hundred gold coins?" Russell asked. "If you had any brains you would pick the gold coins."
Clearly, Russell is bullish on gold for the long term, heartening news for investors who are looking to build a portfolio in the years to come. When the dollar no longer exists, Russell has stated, gold will continue to be a measure of value as it has been for more than five thousand years.
On his own site, Russell further elaborated regarding June gold prices, "Gold looks fine to me. Sit with it, and consider your gold part of your estate."