Was it back in the '70's or '80's that people justified buying art because it was an, 'investment'? I don't know when that was, but I do recall that position as to, why buy art'.
From The Economist, comes an article about the motivation behind buying art, based on
a new report (Barclay Bank) entitled “Profit or Pleasure? Exploring the Motivations Behind Treasure Trends”, only a tenth of those questioned said they bought art purely as an investment, whereas 75% cited enjoyment as the key. The study is based on interviews with 2,000 rich people in 17 countries. Read more here...
(image from artasmoney site)