“Comedian” | Steve Henderly, CFA | Nvest Wealth Strategies®
Printer Friendly PDF: Dec 2024 Commentary
What are some of the most famous works of art that come to mind? The Mona Lisa, Van Gogh’s Starry Night, or perhaps a masterpiece by Picasso or Monet? We often hear of art fetching astronomical sums at auction. Yet the question of what constitutes “art” or how the monetary value is derived can be a topic of fierce debate. While value of art may be in the eye of the beholder, most people would not consider a banana duct-taped to a wall as art. The art world was recently stunned when such a piece, aptly named “Comedian”, sold for an eye-watering $6.2 million – accompanied by a certificate of authenticity and instructions for display. In a world where absurdities abound (Bitcoin trading near $100,000 comes to mind), one might wonder: can we really claim monetary policy is too tight when such frivolities command such staggering sums? Does the Fed truly need to consider further rate cuts, or would a pause be more appropriate?