Oil Mania Redux
Positive Energy
By now, late September of 2018, it has become increasingly evident that something big is about to happen. What exactly that may be is anyone’s guess. But, whatever it is, we suggest you prepare for it now… before it is too late.
Art auction energizer: Norman Rockwell’s portrait of John Wayne. You can’t go wrong shelling out top dollar for me, pilgrim, can you? [PT]
Several weeks ago, if you haven’t heard, an undisclosed rich guy enthusiastically bid up and then bought Norman Rockwell’s portrait of John Wayne for a cool $1.49 million at the 12th Annual Jackson Hole Art Auction. According to auction coordinator Madison Webb, “There was a really positive energy in the room.”
Indeed, it takes a lot of really positive energy – and a healthy bank account – to shell out that sum of money for a painting of “The Duke.” Still, positive energy, like good weather, can quickly turn negative. Soon enough, we suppose, the purchaser’s excitement will transform into a serious case of buyer’s remorse.
Of course, we could be wrong. The buyer could have a special liking for old John Wayne movies. Perhaps he’s a collector of Norman Rockwell paintings. Or maybe he won the lottery and is compelled to burn through his winnings in odd and outlandish ways.
What this has to do with anything is a bit of a stretch. But art, if this qualifies as such, offers a rough barometer of social mood (see: The Bubble in Modern Art). Moreover, when the price for a painting of a 20th century actor pretending to be a 19th century character of American nostalgia sells at nearly a million and a half bucks, we suspect something more is at work.
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