ALL RIGHT FOR SOME

"Andy Warhol once remarked that he liked "money on the wall". ...While economies crashed and governments slashed spending, an unprecedented number of incredibly wealthy people all over the world were effectively taking Warhol at his word. What they actually hung on their walls and stood in their rooms were Picassos, Modiglianis and Giacomettis, but at the mind-bending prices they paid for them, the effect was almost the same as if they had displayed a bunch of dollar bills or or more pertinently a bunch of Chinese yuan. Their spending spree meant that Christies, the world's largest auction house, announced yesterday sales of £3.3 billion ($5 billion) last year, a jump of 53 per cent on its 2009 performance and the highest total in the company's 245-year history." (Times, 28 January) RD