While well-hyped artists like Jeff Koons, Damien Hirst and Jean-Michel Basquiat are fetching eight-digit prices, it’s unclear whether their work will withstand the test of time, art critics and museums. It’s hard to tell, for instance, whether one of Koons’ famous pieces, “New Hoover”four vacuum cleaners in an acrylic case will be valued as a work of genius or “just another vacuum cleaner,” Grant said. The Fed’s low-interest-rate policies have driven the wealthy increasingly to collectibles of all kinds, including art, cars and jewels. “Miniature interest rates have reduced the opportunity cost of investing in any kind of nonyielding asset.” And while Koons and Basquiat are hot now, they might end up like the English portraits of the early 19th century, whose frenzied boom was followed by a spectacular bust. Prices never recovered. Massive Manhattan Art Fraud Some of the country’s top art investors are furious, claiming they were duped out of millions. CNBC’s Andrea Day reports on the Knoedler Gallery, which is facing serious questions. So how can a smart investor play the collectible game without getting sucked into the Koons hype? Grant suggests buying historical documents: letters from Abraham Lincoln, bills signed by Thomas Jefferson and even public credit reports from Alexander Hamilton. Of course, prices for historical documents have soared along with art. And a yellowed letter doesn’t look as good over the mansion mantelpiece than a Hirst or Barnett Newman. But the names Jefferson and Lincoln may be more likely to hold up over time. “Sell Newman, we say, and Jeff Koons, too: buy the Founding Fathers andas far as that goesAbraham Lincoln,” Grant writes.
What Jay-Z and Dwight Howard Can Teach the Boston Celtics and Every Other NBA Team
For those of you didn’t die due to “OMFG Justin Timberlake is the hottest lumberjack in the world “-related complications yesterday, we’re pretty sure that today will sadly end you. Why? Check out these photos that Beyonce posted on her Tumblr featuring the “Grown Woman” singer and her man4lyfe Jay Z looking like two exceptionally well-dressed “Crazy In Love” -birds on vacation in Ibiza! Yep, the same Ibiza that was home to this insane photo of Bey carrying Blue Ivy while walking in sky-high stilettos. IBIZA WINS ALL THE PHOTOS!!!! See more photos of Beyonce and Jay Z’s vacation after the jump. We call this one: “Lovers at sea.” Really, though, this is far from the first adorable vacation photo of Beyonceand Jay that we’ve ever seen. Remember when Jay and Bey had lunch in Paris with baby Blue Ivy like normal people, or that time when Bey sat on Jay’s lap as she sipped wine — and basically every damn photo in this gallery ?! More legs! MORE JUICE CLEANSING! That said, there’s just something about the playful nature of these photos that’s really hitting us! Hmmm, or maybe we’re just distracted by Bey’s legs in those PERFECTLY FITTED Daisy Dukes. Either way, we can definitely say that it’s time for us to reorder our all-green juice cleanse, and revamp our OKCupid dating profiles IMMEDIATELY.
View gallery Jay-Z. Photo by Matthew Harrison. COMMENTARY | It may sound crazy, but rap mogul Jay-Z and Dwight Howard , a player whose reputation has taken a monumental hit around the league over the past two seasons, have a lot to teach the front office of the Boston Celtics . The Celtics are currently at a crossroads in organizational history. The team recently traded future Hall of Famers Kevin Garnett and Paul Pierce to the Brooklyn Nets , primarily for future draft picks and expiring contracts. Boston also allowed veteran coach Doc Rivers to make the trek to the West Coast to sign a long-term deal with the Los Angeles Clippers , replacing him with coaching wunderkind Brad Stevens . Boston has also been receiving multiple trade offers for All-Star point guard Rajon Rondo, currently the most talented player on the roster, and a lot of NBA analysts believe that Rondo won’t survive the season in green and white. With so many aspects of the team currently uncertain, the decisions made by president of basketball operations Danny Ainge in the coming months and years are going to shape the prospects for Boston for the next decade. It’s sink or swim time for Ainge and his staff, and if he fails to recapture the magic of the 2007 offseason, when the “Big Three” of Paul Pierce , Kevin Garnett and Ray Allen was born and instantly made the Celtics relevant again, then he may very well find himself out of a job in three seasons from now. What Danny Ainge can learn from Jay-Z In addition to learning how to wear Italian suits like a pro, Ainge could get a lot out of closely following Jay-Z’s recent business decisions. Jay-Z launched his new business venture, a sports agency group called Roc Nation Sports, earlier in 2013, grabbing headlines when he stole Yankees second baseman Robinson Cano away from famous sports agent Scott Boras. The rap mogul didn’t stop there, though. In June, NBA superstar Kevin Durant announced that he too would leave a very popular sports agent, Rob Pelinka of Landmark Sports, to sign a deal with Roc Nation, forcing Jay-Z to sell his minority interest in the Brooklyn Nets.