CNBC | Robert Frank:

Conventional wisdom holds that the art market is highly cyclical and moves with stock markets. But recent comments from Sotheby’s CEO Tad Smith suggest that fine art prices have room to grow — and may be in for a structural (rather than cyclical) surge.

Sotheby’s looked at the wealth of today’s billionaires and compared it to the most expensive works of art sold. To do this, Sotheby’s used the 201st richest American on the Forbes 400 to get a median wealth level. In 2006, the 201st on the list would have had to spend 10 percent of their wealth to buy the most expensive piece of art sold that year…read more

Image | Picasso | Femme assise 1909