Robert Frank Is Worried About the Art Market

Sotheby’s CEO on Modigliani record-breaking auction from CNBC.

Tad Smith was on CNBC this morning to talk about the Modigliani, Sotheby’s new valuation tool and the upcoming New York sales. Early on in the interview, Robert Frank expresses some concern about the strength at the top of the market where he observes there are half a dozen works that could sell above $75m. The rest of the clip is more instructive of some of the strange ways people talk about art. In the midst of a museum boom, the very top of the market is driven by acquisitions that are most decidedly 5% annual growth investments as CNBC’s Kevin O’Leary assumes.