Do you invest in fine art?

All my active life I was somehow engaged in the art world, sometimes as a critic, sometimes as a museum curator. And obviously I met lot of people who wanted to make money investing in art works. My experience is that it is one of the most difficult things to make a profit on unless you buy the most expensive art. That of course does not guarantee anything, either. You can potentially loose even buying Monet, but chances are low. On the other end there are the unnoticed masterpieces one can find sometimes even on ebay for almost nothing (you can even sometimes find artworks in the garbage and make a decent collection this way). But my impression is that in vast majority of cases it is the auction house that wins. What do you think?

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