Web Desk
May 11, 2024
Facing a stock market with the jitters, billionaires are increasingly turning to art as a hedge. Amazon founder Jeff Bezos, the world's second-richest person, is a prime example.
Beyond his Amazon holdings, Bezos has amassed an impressive art collection. A standout piece is Ed Ruscha's "Hurting the Word Radio #2," which he purchased for a record-shattering $53 million in 2020.
This trend extends beyond Bezos. Dubai's ruler, Sheikh Mohammed bin Rashid al Maktoum, is another wealthy figure seeking shelter for his fortune in the art world.
Read more: A glimpse into the most expensive possessions of Elon Musk, Jeff Bezos
The attraction of art investment lies in its unique ability to provide both cultural cachet and financial stability. While often perceived as an exclusive domain of the super-rich, a 2022 UBS Billionaire Report found a surprising 30% of billionaires actually own art collections, with an average value of a cool $300 million.
The world's richest person, Bernard Arnault, who heads luxury goods giant LVMH, is another big spender on art. His collection features works by artistic masters like Picasso and Henry Moore.
While not included in the report, the title of most expensive painting ever sold goes to Leonardo da Vinci's "Salvator Mundi," which fetched a staggering $400 million according to What A Portrait. With traditional investments facing fluctuations, the art world seems to be a steady refuge for some of the world's wealthiest.
