The problem with the modern media is that too often a single speculative report is repeated endlessly by other outlets without any attempt to determine the facts.

When the NYPost wrote a story last week claiming to know the buyer of the record-setting Picasso sold at Christie’s earlier in the month, experienced reporters were reminded that most record sales are assumed to go to the Qataris but later seem to have wound up in other hands.

A Gulf news outlet asked Christie’s to comment on the Post’s report, they were told the information was wrong. CNBC seems to have consulted its own sources:

Reports Thursday identified former Qatari prime minister Hamad bin Jassim bin Jaber Al Than as the buyer.

But sources tell CNBC’s “Power Lunch” say the Qatari billionaire is “definitely not” the deep-pocketed collector of this painting.

$179 million Picasso buyer still at large (CNBC)