'A few years ago, the joke going around was that a cocaine habit was God’s way of saying you have too much money. Cocaine is out of favor today, but for the 0.01%, high-priced art has taken its place.' More from columnist hiltzikm:
Perl called the showpieces “swaggeringly obnoxious … a succession of pop culture trophies so emotionally dead that museumgoers appear a little dazed as they dutifully take out their iPhones and produce their selfies.”
You get the picture. The record-setting works in 2013 and earlier this month were both from a Koons series of shiny statues based on balloon animals, which supposedly represent “a sly critique of middle-class values.” What Koons really is marketing is a brand name. The vigorous market for his work gives the lie to assertions about what wealthy buyers are looking for in their art purchasers. Mark H. Haefele, a UBS executive who wrote the foreword for this year’s Art Basel/UBS report on the global art market, observed that “the number of billionaires worldwide has more than quadrupled since 2000, and many devote part of their wealth to building up collections, driven by a passion for art.
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