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Micallef, Banksy, bubbles and tulips., by runningdog on Sept 19, 2007 23:00:29 GMT 1, I've been reading about economic crashes recently, what with this Northern Rock malarkey in the papers.
The funniest bubble/price crash occurred in the 1620s in Holland and involved Tulips. At the end of the 16C tulips were first imported to Holland and Germany from Turkey, they were rare and the preserve of a few connisseurs, and commanded high and increasing prices.
At some point the middle classes got wind and started 'investing' in tulips: Prices skyrocketed and some people sold their entire estates to acquire a single bulb. Naturally, being a plant, there was soon an abundant supply of tulips, prices crashed over 90% and a lot of people lost everything. Bonkers!
The Stock Market Crash of 1929 was another example of speculative investing gone crazy ("irrational exuberance" as economists call it). Investing in the stock market took off and a few people got rich. The masses got wind of this and started to borrow huge amounts to get in on the action - banks were actually lending for share purchases. Your classic bubble. Famously when it burst, as all bubbles do, 11 traders threw themselves from high rise buildings in Manhattan.
Now we have Micallef and Banksy... we've long passed the point where a majority bought prints because they wanted them on the walls. People are buying these purely as a speculative investment, and everyone here knows it.
This time, though, there's a difference: instead of people queuing and buying up a release of 100 or maybe even 500 prints, there are soon to be 2,600 Micallef prints available to the secondary market, most of which were sold at ready-made, secondary market prices.
It's a bit like the tulips, and that 17C equivalent of Steve Lazirides/Micallef, who suddenly realized that he could just grow loads of tulips!
Anyway, my rambling point is, we're due for a correction. It always happens, it's part of a natural process. This is great for people who just really want a Micallef image on the wall... not so great for the fat bald guy who got his family to spend ยฃ30,000 on a bunch of posters. He will soon feel more than a little silly. I could be wrong but you can't argue with history.
I've been reading about economic crashes recently, what with this Northern Rock malarkey in the papers.
The funniest bubble/price crash occurred in the 1620s in Holland and involved Tulips. At the end of the 16C tulips were first imported to Holland and Germany from Turkey, they were rare and the preserve of a few connisseurs, and commanded high and increasing prices.
At some point the middle classes got wind and started 'investing' in tulips: Prices skyrocketed and some people sold their entire estates to acquire a single bulb. Naturally, being a plant, there was soon an abundant supply of tulips, prices crashed over 90% and a lot of people lost everything. Bonkers!
The Stock Market Crash of 1929 was another example of speculative investing gone crazy ("irrational exuberance" as economists call it). Investing in the stock market took off and a few people got rich. The masses got wind of this and started to borrow huge amounts to get in on the action - banks were actually lending for share purchases. Your classic bubble. Famously when it burst, as all bubbles do, 11 traders threw themselves from high rise buildings in Manhattan.
Now we have Micallef and Banksy... we've long passed the point where a majority bought prints because they wanted them on the walls. People are buying these purely as a speculative investment, and everyone here knows it.
This time, though, there's a difference: instead of people queuing and buying up a release of 100 or maybe even 500 prints, there are soon to be 2,600 Micallef prints available to the secondary market, most of which were sold at ready-made, secondary market prices.
It's a bit like the tulips, and that 17C equivalent of Steve Lazirides/Micallef, who suddenly realized that he could just grow loads of tulips!
Anyway, my rambling point is, we're due for a correction. It always happens, it's part of a natural process. This is great for people who just really want a Micallef image on the wall... not so great for the fat bald guy who got his family to spend ยฃ30,000 on a bunch of posters. He will soon feel more than a little silly. I could be wrong but you can't argue with history.
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Micallef, Banksy, bubbles and tulips., by sausageboonwee on Sept 19, 2007 23:01:57 GMT 1, By law those kids should have been at school!
By law those kids should have been at school!
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Micallef, Banksy, bubbles and tulips., by runningdog on Sept 19, 2007 23:08:50 GMT 1, They'll learn a much more valuable life lesson when daddy gets burned bad.
They'll learn a much more valuable life lesson when daddy gets burned bad.
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dburn
New Member
Posts โข 109
Likes โข 8
July 2007
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Micallef, Banksy, bubbles and tulips., by dburn on Sept 20, 2007 7:06:03 GMT 1, orrrrr they'll grow and appreciate with time while being appreciated... but ur right there is some funny prices being thrown around. intresting to see what happens when the hype dies down.
orrrrr they'll grow and appreciate with time while being appreciated... but ur right there is some funny prices being thrown around. intresting to see what happens when the hype dies down.
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BME
New Member
Posts โข 799
Likes โข 74
December 2006
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Micallef, Banksy, bubbles and tulips., by BME on Sept 20, 2007 7:25:37 GMT 1, I often wonder who pays the secondary market prices. I mean buying a print from an edition of 1000 for 300 quid is okay (although expensive) but paying 1100 or 1500 the next day for the same print is mad. If people are storing these prints up to act as a defacto retirement fund its pretty dicy. Originals and small signed editions (25,50,75) will hold their value better but I wouldn't want to be relying upon my 1500 quid Micallef from an edition of 1000 to pay my mortgage.
I often wonder who pays the secondary market prices. I mean buying a print from an edition of 1000 for 300 quid is okay (although expensive) but paying 1100 or 1500 the next day for the same print is mad. If people are storing these prints up to act as a defacto retirement fund its pretty dicy. Originals and small signed editions (25,50,75) will hold their value better but I wouldn't want to be relying upon my 1500 quid Micallef from an edition of 1000 to pay my mortgage.
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turps
New Member
Posts โข 10
Likes โข 17
July 2007
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Micallef, Banksy, bubbles and tulips., by turps on Sept 20, 2007 9:34:23 GMT 1, Why fat and bald and not thin with long lanky hair.
Why fat and bald and not thin with long lanky hair.
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damullae
New Member
Posts โข 235
Likes โข 21
October 2006
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Micallef, Banksy, bubbles and tulips., by damullae on Sept 20, 2007 9:40:17 GMT 1, dont know about tulips but if you held your shares though all the hard times you would be a multi- millionaire now... 
dont know about tulips but if you held your shares though all the hard times you would be a multi- millionaire now... |
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Micallef, Banksy, bubbles and tulips., by runningdog on Sept 20, 2007 13:05:54 GMT 1, dont know about tulips but if you held your shares though all the hard times you would be a multi- millionaire now...
Most investors couldn't because they had borrowed heavily to buy shares, and found themselves oweing huge sums with no means to repay.
dont know about tulips but if you held your shares though all the hard times you would be a multi- millionaire now... Most investors couldn't because they had borrowed heavily to buy shares, and found themselves oweing huge sums with no means to repay. |
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Micallef, Banksy, bubbles and tulips., by Daniel Silk on Sept 20, 2007 13:15:48 GMT 1, dont know about tulips but if you held your shares though all the hard times you would be a multi- millionaire now...
I have a sack of tulip bulbs to swap for a Micallef ;D PM me if your interested I can add some daff's to the lot if that clinches the deal ;D
dont know about tulips but if you held your shares though all the hard times you would be a multi- millionaire now... I have a sack of tulip bulbs to swap for a Micallef ;D PM me if your interested I can add some daff's to the lot if that clinches the deal ;D |
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scavos
Junior Member
Posts โข 1,929
Likes โข 101
June 2007
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Micallef, Banksy, bubbles and tulips., by scavos on Sept 20, 2007 13:18:17 GMT 1, dont know about tulips but if you held your shares though all the hard times you would be a multi- millionaire now... I have a sack of tulip bulbs to swap for a Micallef ;D PM me if your interested I can add some daff's to the lot if that clinches the deal ;D
You got a deal if you can throw in a pair of size 9 clogs too! ;D ;D
dont know about tulips but if you held your shares though all the hard times you would be a multi- millionaire now... I have a sack of tulip bulbs to swap for a Micallef ;D PM me if your interested I can add some daff's to the lot if that clinches the deal ;D You got a deal if you can throw in a pair of size 9 clogs too! ;D ;D |
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BONGO
Junior Member
Posts โข 1,004
Likes โข 11
February 2007
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Micallef, Banksy, bubbles and tulips., by BONGO on Sept 20, 2007 13:19:18 GMT 1, BONGO UNDERSTAND POINT ABOUT SIMILARTIES BETWEEN CONTEMPORARY ART AND PREVIOUS ECONOMIC BUBBLE AND BONGO AGREE MUCH IS SIMILAR.
BONGO WARNS THAT UNLIKE OTHER BUBBLES, LAZINC AND POW OPERATE A LEGAL CARTEL AND CONTOL ALL SUPPLIES OF THE TOP TIER OF ARTISTS.
BONGO UNDERSTAND THAT MANY OF THE BANDWAGON ARTISTS OFTEN HYPED ON THIS BOARD MAY INDEED SUFFER FROM CORRECTION, BUT BONGO ALSO UNDERSTAND THAT MATHEMATICS BEHIND LAZINC POW CARTEL ENSURES DIFFERENT OUTCOME, OR AT LEAST, LESS SEVERE OUTCOME.
BUT BONGO ALSO THINK THAT MARKET VALUE IS A DISTRACTION. IF PERSON BUYS WITH LONG TERM INVESTIMENT IN MIND, THEN BONGO UNDERSTAND THERE IS A FAIR CHANCE OF DISAPPOINTMENT. IF PERSON BUY FOR LOVE OF IMAGE ON WALL OF POMME DE TERRE, THEN INCREASED VALUATION AT UNSPECIFIED FUTURE DATE IS UNEXPECTED BONUS.
BONGO HAS FEW RULES, BUT ONE OF BONGOS RULES IS IF YOU LIKE THE ART AND CAN JUSTIFY THE EXPENSE NOW, THEN BUY IT AND FORGET ABOUT COST ONCE SPENT . BONGO DOES NOT THINK YOU CAN PUT A VALUATION ON PLEASURE
ONCE INSTALLED, VERY FEW HOUSEHOLD OBJECTS INCREASE IN VALUE WITH TIME.
BONGO GO NOW TO LURK IN WEE STAINED ALLEY FOR 10 HOURS TO RELIVE PLEASURES OF WEDNESDAY
BONGO UNDERSTAND POINT ABOUT SIMILARTIES BETWEEN CONTEMPORARY ART AND PREVIOUS ECONOMIC BUBBLE AND BONGO AGREE MUCH IS SIMILAR.
BONGO WARNS THAT UNLIKE OTHER BUBBLES, LAZINC AND POW OPERATE A LEGAL CARTEL AND CONTOL ALL SUPPLIES OF THE TOP TIER OF ARTISTS.
BONGO UNDERSTAND THAT MANY OF THE BANDWAGON ARTISTS OFTEN HYPED ON THIS BOARD MAY INDEED SUFFER FROM CORRECTION, BUT BONGO ALSO UNDERSTAND THAT MATHEMATICS BEHIND LAZINC POW CARTEL ENSURES DIFFERENT OUTCOME, OR AT LEAST, LESS SEVERE OUTCOME.
BUT BONGO ALSO THINK THAT MARKET VALUE IS A DISTRACTION. IF PERSON BUYS WITH LONG TERM INVESTIMENT IN MIND, THEN BONGO UNDERSTAND THERE IS A FAIR CHANCE OF DISAPPOINTMENT. IF PERSON BUY FOR LOVE OF IMAGE ON WALL OF POMME DE TERRE, THEN INCREASED VALUATION AT UNSPECIFIED FUTURE DATE IS UNEXPECTED BONUS.
BONGO HAS FEW RULES, BUT ONE OF BONGOS RULES IS IF YOU LIKE THE ART AND CAN JUSTIFY THE EXPENSE NOW, THEN BUY IT AND FORGET ABOUT COST ONCE SPENT . BONGO DOES NOT THINK YOU CAN PUT A VALUATION ON PLEASURE
ONCE INSTALLED, VERY FEW HOUSEHOLD OBJECTS INCREASE IN VALUE WITH TIME.
BONGO GO NOW TO LURK IN WEE STAINED ALLEY FOR 10 HOURS TO RELIVE PLEASURES OF WEDNESDAY
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sham69
New Member
Posts โข 451
Likes โข 1
March 2007
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Micallef, Banksy, bubbles and tulips., by sham69 on Sept 20, 2007 13:20:55 GMT 1, Why fat and bald and not thin with long lanky hair.
that's v. funny 
Why fat and bald and not thin with long lanky hair. that's v. funny |
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sjh
New Member
Posts โข 210
Likes โข 1
December 2006
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Micallef, Banksy, bubbles and tulips., by sjh on Sept 20, 2007 13:48:46 GMT 1, And that's where the phrase "dutch auction" comes from. You learn something new everyday!!
P.S I agree with the correction sentiment.
And that's where the phrase "dutch auction" comes from. You learn something new everyday!!
P.S I agree with the correction sentiment.
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Michael Jacob
Artist
Junior Member
Posts โข 2,049
Likes โข 29
October 2006
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Micallef, Banksy, bubbles and tulips., by Michael Jacob on Sept 20, 2007 14:26:57 GMT 1, running dog,
great post!
running dog,
great post!
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Micallef, Banksy, bubbles and tulips., by runningdog on Sept 20, 2007 21:34:20 GMT 1, BONGO UNDERSTAND POINT ABOUT SIMILARTIES BETWEEN CONTEMPORARY ART AND PREVIOUS ECONOMIC BUBBLE AND BONGO AGREE MUCH IS SIMILAR. BONGO WARNS THAT UNLIKE OTHER BUBBLES, LAZINC AND POW OPERATE A LEGAL CARTEL AND CONTOL ALL SUPPLIES OF THE TOP TIER OF ARTISTS. BONGO UNDERSTAND THAT MANY OF THE BANDWAGON ARTISTS OFTEN HYPED ON THIS BOARD MAY INDEED SUFFER FROM CORRECTION, BUT BONGO ALSO UNDERSTAND THAT MATHEMATICS BEHIND LAZINC POW CARTEL ENSURES DIFFERENT OUTCOME, OR AT LEAST, LESS SEVERE OUTCOME. BUT BONGO ALSO THINK THAT MARKET VALUE IS A DISTRACTION. IF PERSON BUYS WITH LONG TERM INVESTIMENT IN MIND, THEN BONGO UNDERSTAND THERE IS A FAIR CHANCE OF DISAPPOINTMENT. IF PERSON BUY FOR LOVE OF IMAGE ON WALL OF POMME DE TERRE, THEN INCREASED VALUATION AT UNSPECIFIED FUTURE DATE IS UNEXPECTED BONUS. BONGO HAS FEW RULES, BUT ONE OF BONGOS RULES IS IF YOU LIKE THE ART AND CAN JUSTIFY THE EXPENSE NOW, THEN BUY IT AND FORGET ABOUT COST ONCE SPENT . BONGO DOES NOT THINK YOU CAN PUT A VALUATION ON PLEASURE ONCE INSTALLED, VERY FEW HOUSEHOLD OBJECTS INCREASE IN VALUE WITH TIME. BONGO GO NOW TO LURK IN WEE STAINED ALLEY FOR 10 HOURS TO RELIVE PLEASURES OF WEDNESDAY
Bongo has some interesting points, but Bongo is naive if he thinks that POW and Laz can control the market. There are much bigger forces at work called GREED and FEAR.
BONGO UNDERSTAND POINT ABOUT SIMILARTIES BETWEEN CONTEMPORARY ART AND PREVIOUS ECONOMIC BUBBLE AND BONGO AGREE MUCH IS SIMILAR. BONGO WARNS THAT UNLIKE OTHER BUBBLES, LAZINC AND POW OPERATE A LEGAL CARTEL AND CONTOL ALL SUPPLIES OF THE TOP TIER OF ARTISTS. BONGO UNDERSTAND THAT MANY OF THE BANDWAGON ARTISTS OFTEN HYPED ON THIS BOARD MAY INDEED SUFFER FROM CORRECTION, BUT BONGO ALSO UNDERSTAND THAT MATHEMATICS BEHIND LAZINC POW CARTEL ENSURES DIFFERENT OUTCOME, OR AT LEAST, LESS SEVERE OUTCOME. BUT BONGO ALSO THINK THAT MARKET VALUE IS A DISTRACTION. IF PERSON BUYS WITH LONG TERM INVESTIMENT IN MIND, THEN BONGO UNDERSTAND THERE IS A FAIR CHANCE OF DISAPPOINTMENT. IF PERSON BUY FOR LOVE OF IMAGE ON WALL OF POMME DE TERRE, THEN INCREASED VALUATION AT UNSPECIFIED FUTURE DATE IS UNEXPECTED BONUS. BONGO HAS FEW RULES, BUT ONE OF BONGOS RULES IS IF YOU LIKE THE ART AND CAN JUSTIFY THE EXPENSE NOW, THEN BUY IT AND FORGET ABOUT COST ONCE SPENT . BONGO DOES NOT THINK YOU CAN PUT A VALUATION ON PLEASURE ONCE INSTALLED, VERY FEW HOUSEHOLD OBJECTS INCREASE IN VALUE WITH TIME. BONGO GO NOW TO LURK IN WEE STAINED ALLEY FOR 10 HOURS TO RELIVE PLEASURES OF WEDNESDAY Bongo has some interesting points, but Bongo is naive if he thinks that POW and Laz can control the market. There are much bigger forces at work called GREED and FEAR. |
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Micallef, Banksy, bubbles and tulips., by lesbianwednesdays on Sept 20, 2007 22:03:14 GMT 1, They'll learn a much more valuable life lesson when daddy gets burned bad.
burned? the c*nt should get tarred and feathered.
They'll learn a much more valuable life lesson when daddy gets burned bad. burned? the c*nt should get tarred and feathered. |
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Micallef, Banksy, bubbles and tulips., by lesbianwednesdays on Sept 20, 2007 22:12:27 GMT 1, BONGO UNDERSTAND POINT ABOUT SIMILARTIES BETWEEN CONTEMPORARY ART AND PREVIOUS ECONOMIC BUBBLE AND BONGO AGREE MUCH IS SIMILAR. BONGO WARNS THAT UNLIKE OTHER BUBBLES, LAZINC AND POW OPERATE A LEGAL CARTEL AND CONTOL ALL SUPPLIES OF THE TOP TIER OF ARTISTS. BONGO UNDERSTAND THAT MANY OF THE BANDWAGON ARTISTS OFTEN HYPED ON THIS BOARD MAY INDEED SUFFER FROM CORRECTION, BUT BONGO ALSO UNDERSTAND THAT MATHEMATICS BEHIND LAZINC POW CARTEL ENSURES DIFFERENT OUTCOME, OR AT LEAST, LESS SEVERE OUTCOME. BUT BONGO ALSO THINK THAT MARKET VALUE IS A DISTRACTION. IF PERSON BUYS WITH LONG TERM INVESTIMENT IN MIND, THEN BONGO UNDERSTAND THERE IS A FAIR CHANCE OF DISAPPOINTMENT. IF PERSON BUY FOR LOVE OF IMAGE ON WALL OF POMME DE TERRE, THEN INCREASED VALUATION AT UNSPECIFIED FUTURE DATE IS UNEXPECTED BONUS. BONGO HAS FEW RULES, BUT ONE OF BONGOS RULES IS IF YOU LIKE THE ART AND CAN JUSTIFY THE EXPENSE NOW, THEN BUY IT AND FORGET ABOUT COST ONCE SPENT . BONGO DOES NOT THINK YOU CAN PUT A VALUATION ON PLEASURE ONCE INSTALLED, VERY FEW HOUSEHOLD OBJECTS INCREASE IN VALUE WITH TIME. BONGO GO NOW TO LURK IN WEE STAINED ALLEY FOR 10 HOURS TO RELIVE PLEASURES OF WEDNESDAY Bongo has some interesting points, but Bongo is naive if he thinks that POW and Laz can control the market. There are much bigger forces at work called GREED and FEAR.
well, seems as greed is effervescent, only a matter of time before fear pipes up. then the fireworks begin
BONGO UNDERSTAND POINT ABOUT SIMILARTIES BETWEEN CONTEMPORARY ART AND PREVIOUS ECONOMIC BUBBLE AND BONGO AGREE MUCH IS SIMILAR. BONGO WARNS THAT UNLIKE OTHER BUBBLES, LAZINC AND POW OPERATE A LEGAL CARTEL AND CONTOL ALL SUPPLIES OF THE TOP TIER OF ARTISTS. BONGO UNDERSTAND THAT MANY OF THE BANDWAGON ARTISTS OFTEN HYPED ON THIS BOARD MAY INDEED SUFFER FROM CORRECTION, BUT BONGO ALSO UNDERSTAND THAT MATHEMATICS BEHIND LAZINC POW CARTEL ENSURES DIFFERENT OUTCOME, OR AT LEAST, LESS SEVERE OUTCOME. BUT BONGO ALSO THINK THAT MARKET VALUE IS A DISTRACTION. IF PERSON BUYS WITH LONG TERM INVESTIMENT IN MIND, THEN BONGO UNDERSTAND THERE IS A FAIR CHANCE OF DISAPPOINTMENT. IF PERSON BUY FOR LOVE OF IMAGE ON WALL OF POMME DE TERRE, THEN INCREASED VALUATION AT UNSPECIFIED FUTURE DATE IS UNEXPECTED BONUS. BONGO HAS FEW RULES, BUT ONE OF BONGOS RULES IS IF YOU LIKE THE ART AND CAN JUSTIFY THE EXPENSE NOW, THEN BUY IT AND FORGET ABOUT COST ONCE SPENT . BONGO DOES NOT THINK YOU CAN PUT A VALUATION ON PLEASURE ONCE INSTALLED, VERY FEW HOUSEHOLD OBJECTS INCREASE IN VALUE WITH TIME. BONGO GO NOW TO LURK IN WEE STAINED ALLEY FOR 10 HOURS TO RELIVE PLEASURES OF WEDNESDAY Bongo has some interesting points, but Bongo is naive if he thinks that POW and Laz can control the market. There are much bigger forces at work called GREED and FEAR. well, seems as greed is effervescent, only a matter of time before fear pipes up. then the fireworks begin |
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