It's hard to comprehend how some paint on canvas can be worth more fifty times what an average person will earn over a lifetime of work. Nude, Green Leaves, and Bust sells for $106 million.

Last month The Classicist broke the news that a rarely-seen Picasso was expected to fetch up to $90 million at Christie's landmark Evening Sale of Impressionist and Modern Art, which took place yesterday in New York. Now the results are in and the painting, Nude, Green Leaves, and Bust (above) dated 1932, from the Collection of Mrs. Sidney F. Brody, was sold for a staggering $106.5 million to an unidentified telephone bidder, breaking the previous world record for any work of art sold at auction (set back in February when a Giacometti sculpture brought in $104.3 million).

I guess that's the point of "luxury" items though, right? Their value isn't fungible and largely derives from the psycho-social benefits perceived by their owners and admirers.

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