We want to talk about excess and very wealthy people not knowing what to do with their money. Here are a few corkers for you.

Christie’s auction place sure cleaned house yesterday by selling $745,000,000.00 worth of art work. It broke all of their previous sales records.

Looking at some of the items they auctioned off a person has to wonder if these wealthy art collectors are buying for the sake of status or do they really believe that what they are getting “hosed” for is fine art. I have to take door # 1.

Christie’s auction  house make a bundle on all of their sales; sometimes upward of 30% per item.

The following are the rates that the giant auction house gets for their trouble.

CHRISTIE’S BUYER’S PREMIUM SCHEDULE
Effective 30 September 2013

Sale Room	Rate  Threshold (as of 30 September 2013) Threshold (prior to 30 September 2013)

New York	25.0% Up to $100,000 Up to $75,000 20.0% $100,001 to $2,000,000 $75,001 to $1,500,000 12.0% $2,000,001 and above $1,500,001 and above

King Street/South Kensington	25.0% Up to £50,000 Up to £37,500 20.0% £50,001 to £1,000,000 £37,501 to £750,000 12.0% £1,000,001 and above £750,001 and above

Paris	25.0% Up to €30,000 Up to €30,000 20.0% €30,001 to €1,200,000 €30,001 to €1,200,000 12.0% €1,200,001 and above €1,200,001 and above

Amsterdam (all inclusive rates)	30.25% Up to €30,000 Up to €30,000 24.20% €30,001 to €1,200,000 €30,001 to €1,200,000 14.52% €1,200,001 and above €1,200,001 and above

Milan (all inclusive rates)	30.0% Up to €30,000 Up to €30,000 26.0% €30,001 to €1,200,000 €30,001 to €1,200,000 18.5% €1,200,001 and above €1,200,001 and above

Geneva	25.0% Up to CHF 100,000 Up to CHF 75,000 20.0% CHF 100,001 to CHF 2,000,000 CHF75,001 to CHF1,500,000 12.0% CHF2,000,001 and above CHF1,500,001 and above

Zurich	20.0% No threshold No threshold

Hong Kong	25.0% Up to HK$800,000 Up to HK$600,000 20.0% HK$800,001 to HK$15,000,000 HK$600,001 to HK$12,000,000 12.0% HK$15,000,001 and above HK$12,000,001 and above

Dubai	25.0% Up to $100,000 Up to $75,000 20.0% $100,001 to $2,000,000 $75,001 to $1,500,000 12.0% $2,000,001 and above $1,500,001 and above

Mumbai	25.0% Up to INR 4,500,000 n/a 20.0% INR 4,500,000 to INR 90,000,000 n/a 12.0% INR 90,000,000 and above n/a

Not bad money for a guy standing behind a podium with a hammer in his hand and yelling hallelujah all the way to his Swiss Bank account.  We can assume by these rates that the upper echelon at Christie’s are not eat at the Golden Arches.

For my money this purchase above is probably the most ridiculous of them all. If I saw that laying next to the curb waiting for garbage pick up, I would drive right by it. That is how much I know about art. Blackfire by Barnette Newman sold for $62,885,000.00. Are you kidding me. I must be missing something. Almost 63 million dollars for this. The canvas and paint used must have been very pricey.

“Three Studies for a Portrait of John Edwards brought for $80.8 million. That comes to a total of $ 26,933,333.33 for each frame. Wow!!

This one comes in second as being the worst purchase. At least there is a little color in it. “Untitled”  by Mark Rothko sold for $66.2 million. No wonder it is untitled. They couldn’t figure out what the hell it is.

“Race Riot” (1964) by Andy Warhol sold for $62.9 million.  At the time Andy put these four scenes together he had no idea how much money  his artwork would be worth photographing  race riots.

There is a reason most of these wealth, half nuts purchasers want to remain anonymous; they don’t want anyone laughing a them or have someone attempt to steal the art work. Art theft is a very big business.

John Stossel would give these very extravagant people that purchased this “so call artwork” a big “GIVE ME A BREAK.”

I have often wondered just how benevolent these big spenders are with people that are down and out. They probably walk right by the guy with the tin cup.

The old saying is “beauty is in the yes of the beholder.” Well!