More proof QE is driving asset prices higher. Over the past 10 years, art sales have risen over 1,000%; they were up 33% last year alone. Art has morphed from an esoteric pastime of the few to a commonly accepted store of wealth. Private equity boss Ron Perleman is said to hold 20% of his wealth in art, worth some US$3bn. There are, of course, many reasons for the boom in art. Diversification, growth in the number of super rich and the spread of narcissism have all played a part. So has, I would argue, central bank policies that have encouraged asset prices higher. (VIEW LINK)