Markets in everything the law of one price?

As an investment, cash is considered a conservative bet. Tonight in Melbourne, a confident buyer took a punt that sometimes, in certain company, cash is worth more as art than money in the bank.

As the opening lot of the Deutscher and Hackett auction, a single wad of $20,000 cash – an artwork called Currency – was sold for $17,500. When the 22 per cent buyer’s premium is added, the total cost comes to $21,350.

The work – by Sydney artist Denis Beaubois, and brought to life with a $20,000 grant from the Australia Council – was divided into two lots of 100 uncirculated $100 banknotes.

Deutscher and Hackett had given it an estimate of $15,000-$25,000, with both extremes sending competing messages about the inflationary value of the work. The notes can still be used as legal tender, according to the artist.

You will note that the winning bidder was not a Swiss bank.  Here is more and for the pointer I thank Zac Gross.


Comments for this post are closed