Wednesday, September 17, 2008

Preferring Butterflies to Bank

This is from the Financial Times:

Art lovers continued to defy the economic gloom on Tuesday, spending another £41m ($73m) at Sotheby’s auction of new works by Damien Hirst and throwing down a challenge to the way art is sold.

More than £111m of work changed hands in the two-day auction, well above Sotheby’s estimate of £98m.
Mr Hirst said that he was “exhausted and amazed that my art is selling while banks are falling”.
“I guess it means that people would rather put their money into butterflies than banks. [It] seems like a better world to me.” Several of the works up for auction featured butterfly motifs.

Looks like people are withdrawing money from the banks as quickly as possible and investing into avenues that does not swing like a yo-yo, unlike stock market. Perhaps, the Indian model of having Nationalised Banks has some merit in it. A lot many people have suggested withdrawing their savings from the private sector banks and placing it in State Bank of India.

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