Jefff Gundlach Says Auctions Like $179 Million Picasso Depend On Russian And Chinese Billionaires – Forbes

Doubline Capital’s Jeffrey Gundlach, the new ‘Bond King,’ and an avid collector of modern and contemporary art from the likes of Piet Mondrian, Jasper Johns and Andy Warhol said he believes the record $160 million price Pablo Picasso’s 1955 Les Femmes d’Algerfetched at a Christie’s auction on Monday evening is sustainable “as long as the world continues to mint new billionaires in Russia and China who can’t get their money out of there fast enough.”

Gundlach’s comments, made on a Tuesday evening call with Doubline investors, indicate he sees no slowing at the high end of the art market as long as new emerging market wealth is being created and in need of a safe store of value

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