Is art recession proof?
In 2002 after the troubles at Enron, Arthur Anderson turned their Chicago offices into a gallery and sold off some of their art collection. Their fine art investment proved profitable. The beleaguered accounting firm got some green, and buyers got some well-priced pieces. More recently, a Picasso sold at auction for over $100 million. So are these tales of how art prices thrive even in hard times? Should we be putting our well earned and perhaps shrinking pile of dollars into paintings and prints rather than stocks and bonds? Today in Chicago a group will gather at the Union League's Civic and Arts Foundation to discuss art, money and the value of art as investment. And two of the panelists join us to discuss this topic. James Yood is an Art Historian at the School of the Art Institute. Gary Metzner is Senior Vice-President at Sotheby’s Art Auction