More piling on Contemporary art. This time David Nahmad is quoted in the Independent rubbishing Contemporary art. At least, that’s what got the headlines. But read the quotes closely and remember that the Nahmads, according to the Independent, are said to be sitting on 5,000 works of art, some 300 of them Picassos:

“There are a lot of embarrassed people who bought art that is now not worth what they paid for it. For the past three or four years it’s been a very, very thin market, with just two or three buyers pushing up prices by bidding against each other. [ . . . ] Unfortunately, a lot of people knew the game. So those people who did not know are realising it now. It’s almost a fraud. I would never advise my clients to buy contemporary art.”

Contemporary Art Is A Fraud, Says Top Dealer (The Independent)