For example, a painting by J.M.W. Turner sold for $35,000 in 1897, and resold for $35.8 million in 2006, giving the owner an average return of six percent per-year for over a century.
Much to the surprise of the art world, Moses found: the more expensive the purchase price, the lower the returns. In other words, those old masterpieces that sell for astronomical sums are not very good investments.
