It’s not just the art market. David Kahn has a perceptive opinion piece Bloomberg View that says the guesstimating on the value of the Los Angeles Clippers is way too low. The team, Kahn says citing new television rights and player agreements, is worth $2bn or more because there are just too damn many rich people who want to own a sports team. Sound familiar?

In the ever-widening world of sports, the number of willing buyers now outflank the number of willing sellers by a landslide margin, a revolutionary economic change that will push prices for sports teams, as with Manhattan penthouses and Picassos, to astonishing heights for the foreseeable future — especially those teams located in places where rich people like to live during the basketball season.

Racism Pays: Clippers Can Fetch $2 Billion (Bloomberg View)