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Costco sells a Picasso drawing

It was for $39,999...I love Picasso as much as the next guy, but this work just stinks, check out the image (and story).

Here is rule number one of art buying: if you can just walk up cold and buy it, don't

For mysterious reasons unbeknownst to this cultural economist, the best artworks are rationed out to regular and longstanding buyers.  (Is it somehow price discrimination -- make people work very hard to get the best -- or does a gallery care about the quality/reputation of its buyers?  Or does it support market value to have excess yet rationed demand at the going price, a bit like a long line at a restaurant to signal popularity?  And what determines whether a work is sold through a gallery or at auction?)

Here is my earlier post on Picasso and Costco.

Posted by Tyler Cowen on January 24, 2005 at 08:10 AM | Permalink

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» Who gets the best art? from Cronaca
Tyler Cowen notes, apropos of the CostCo Picasso story:For mysterious reasons unbeknownst to this cultural economist, the best artworks are... [Read More]

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» Who gets the best art? from Cronaca
Tyler Cowen notes, apropos of the CostCo Picasso story:For mysterious reasons unbeknownst to this cultural economist, the best artworks are... [Read More]

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Marginal Revolution notes that Costco has sold off a Picasso sketch for $39,999. Thus has Costco, also known as The Incredible Festival of Consumer Capitalism, cemented itself as the world's most wonderful humongous store, the anti-Wal Mart, as it were... [Read More]

Tracked on Jan 26, 2005 4:13:30 PM