One Picasso isn’t cool. You know what’s cool?

Two, obviously.

Via the Telegraph on a nutty art market and the nutty luxury market more generally:

“The prices of so many of these artworks are disproportionate to their art historical importance,” says Josh Spero, the editor of Spear’s, a magazine that caters to the yacht-owning, Picasso-aspiring classes. “It’s all about ‘my Giacometti is bigger than your Giacometti’ now. Will you really get $140 million worth of pleasure from it? I doubt it. But you know you had to outbid three US hedge fund managers and a Russian oligarch to secure it.”

What is the point of this, you ask? Is it simply an ironically cheap way to segue into a chunk of BofAML’s belated attempt to create a new asset class called Vanity Capital?

Yes.