Now if this isn’t a 1 percenter problem, we don’t know what is. According to Bloomberg, rich people buying enormous pieces of art (like 24 5.5 foot-tall canvases by Sam Falls that sold for $200,000 and that take up 120 feet of wall space) are facing a crisis: they don’t have enough space to display it!
It all started with the Unlimited section at Art Basel. Devoted to large-scale pieces like a 16-foot-tall and 29.5-foot-wide painting that comes with six pink chairs by the Swiss artist John Armleder (listed for 400,000 euros ($446,000) to 500,000 euros), the section was originally intended for sales to public museums. However, the festival’s organizers clearly underestimated how much billionaires want to be able to buy whatever comes in front of them — even if it’s a tower of 760 bicycles by Ai Wei Wei.
The solution? Apparently billionaires are building their own private museums to store and display all of their over sized loot. Because heaven forbid the public sees it.