Laurence Graff on the Allure of Art in a Time of Financial Panic

Sarah Thornton’s London sales wrap-up contains this quote from leading diamond merchant, Laurance Graff, who also happens to be a passionate art collector. Here, in the Guardian, he explains why he’s buying a lot of art these days:

Two months ago, he spent £16m on a diamond at Christie’s. Last week, he acquired sculptures by Henry Moore and Alberto Giacometti. After the sale, I asked Graff why the economic turmoil wasn’t curbing his spending. “Cash is rotting,” he said. “Anything in banks could get lost. Many are afraid to get involved in complicated financial instruments. So clever people are investing in solid assets like serious art.”

Who Will Start the Bidding? (Guardian)