Market history · Alternatives ·
A Leonardo sells for $450 million
On 15 November 2017 Leonardo da Vinci's Salvator Mundi sold at Christie's in New York for $450.3 million including fees, shattering the previous auction record, ArtNews, NPR and Fortune reported.
The sale showed how a unique object with no close substitute can fetch a price far beyond what any model of value would suggest. Art is an asset where the price depends on a few buyers at a given moment, where condition, attribution and history matter greatly, and where there is no income.
Records at the top of the market do not set values for the rest.
The takeaway
In collectibles, one sale can set a headline price that has no bearing on what ordinary pieces are worth.
Sources
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