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Thursday June 20, 2024

Jeff Bezos once spent massive $53m on this historic thing — what was it?

Dubai's richest man Sheikh Mohammed bin Rashid al Maktoum is also a huge fan of collecting art pieces

By Web Desk
May 11, 2024
Jeff Bezos most prized possession breaks historical auction records at almost $53 Million. — AFP/Christies/File
Jeff Bezos' most prized possession breaks historical auction records at almost $53 Million. — AFP/Christie's/File

Amazon founder Jeff Bezos is the second richest man in the world. He has amassed a fortune of $205 billion through stocks, real estate, and art, Benzinga reported. 

Among his massive million-dollar art collection is the iconic "Hurting the Word Radio #2" by Ed Ruscha, bought in 2020, for a record price of $53 million.

This artwork, a prime example of Ruscha’s text-based paintings, stands as a signature piece in Bezos’ collection.

As concerns over stock market volatility persist, the world’s wealthiest individuals, including not only Bezos but royal elites such as Dubai’s king Sheikh Mohammed bin Rashid al Maktoum, are increasingly turning to art as a strategic investment avenue.

Art investment, often viewed as exclusive to the ultra-wealthy, offers a unique combination of cultural prestige and financial resilience.

As per a Billionaires Report published in 2022, 30% of billionaires possess art collections averaging $300 million in value.

French luxury goods conglomerate, Bernard Arnault, who is also the richest man in the world has a huge art collection ranging from artists such as Picasso to Henry Moore.

According to What A Portrait, Salvator Mundi by Leonardo Da Vinci is the most expensive painting ever sold at $400 million.