Much to the surprise of the art world, Moses found that “the more expensive the purchase price, the lower the returns.” In other words, those old masterpieces that sell for astronomical sums are not very good investments.
While it would be sacrilege in art circles to question the value of old masters like Peter Paul Rubens and Gustave Courbet, Moses points out that from a purely profit-making perspective, they are “big name underachievers.”
https://www.npr.org/sections/money/2012/05/31/153914132/is-art-a-good-investment
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