... after it was estimated to sell for around $80M.
I remember reading that the art market was a good indicator of inflation. When the uber-wealthy feel that cash is losing value faster they drive up the price of rare collectibles (including super-rare automobiles) in an attempt to find investments that will not lose value.
Of course, we are told by the Fed that inflation is running a little less than targeted, but we all know that their formulas are meant to obscure the truth. There have been some recent calls to have the Fed raise the target inflation rate in order to spur expansion, but the Fed seems intent on following its current course of action. At some point, however, they will have to start hiking interest rates to curb the growth of inflation. They have said that they don't expect to do this before 2014... we'll see. In the meantime, I'm going to try to get my adjustable HELOC paid off next year.