Bond King Jeffrey Gundlach validates the art market in the face of so many “bubble” calls. Forbes summarized his conference call comments where he said the market is sustainable “as long as the world continues to mint new billionaires in Russia and China who can’t get their money out of there fast enough:”

Gundlach’s comments, made on a Tuesday evening call with Doubline investors, indicate he sees no slowing at the high end of the art market as long as new emerging market wealth is being created and in need of a safe store of value. […]

Normally known for bold and contrarian calls in the bond market, Gundlach said rising art prices reflect a growing number of billionaires in Russia and China who are looking for a way to park money in more stable jurisdictions outside of their local markets. He equated high end pieces of art to Manhattan town-homes, another fast rising market fueled by offshore money.

Jeff Gundlach Says Auctions Like $179 Million Picasso Depend On Russian And Chinese Billionaires (Forbes)