Richard Russell – Wealthy Continue to Panic Into Hard Assets
With global markets on the rebound, the Godfather of newsletter writers, Richard Russell, had some very interesting charts and notes in his latest commentary. He also discussed what the wealthy are doing with their money, as well as the most expensive real estate on earth. Here is what Russell had to say: “What are the very rich doing? Here’s what. A Cezanne painting, ‘The Card Player,’ was sold in 2011, when the royal family of Qatar bought the painting in a private sale for $250 million (the highest price ever paid for a painting).”
“This surpassed a Jackson Pollock painting that sold in 2006 for a record $140 million. The $250 Cezanne is one of a series of five paintings. The other four are housed in museums around the world. Qatar, the oil-rich kingdom, is trying to establish itself as an intellectual center.