26 Jul '13, 8am

Art is the New Bitcoin, or Something

Even the most calculating Scrooge with the most inscrutable financial models would have to, at some point, make some kind of emotional, arbitrary, or otherwise subjective judgment about which art to actually buy as a “pure” investment — this is a decision that never comes into play with Bitcoin, a pile of meaningless ones and zeroes that you can’t even dive into. So sure, the art market operates in a way that is at times insane and unpredictable, but just because it quacks like a duck doesn’t make it a duck. Many markets exhibit wide-scale bubbles and irrationality, either in isolation (the tech bubble on the NASDAQ) or structurally (Silicon Valley).

Full article: http://hyperallergic.com/76489/art-is-the-new-bitcoin-or-...

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