Pablo Picasso’s iconic abstract 1955 painting “Les femmes d’Alger” sold for a record $179,365,000 at an auction Monday in New York, at Christie’s. All our sources behind the curtain are reporting the markets are awash with cash, so much so that on the short-term paper rates are going negative without the 2009 crisis. Yet, that is where we are in the short-term. There is so much cash and not enough short-term paper. Even Russia has been buying back its 30-year dollar denominated debt.
Coins, art, and high-end real estate are still rising in price. The record sales price for the Picasso illustrates that there is a lot of cash sloshing around, but it has not found its way yet into the share markets.
