"In 1998, Christie's was bought by French tycoon François Pinault for $1.2 billion, setting off a 20-year period during which Christie's, with no particular need to make a profit, out-competed Sotheby's.
The value of Christie's to Pinault is not financial. Rather, the auction house gives him unparalleled insight into the behavior of the world's wealthiest individuals, and also effectively acts as his primary art acquisition vehicle."
Dropping 1.2 Billion on an auction company so you can figure out why the other rich people buy what they buy so you can buy it first and make more money...
Damn, that's brilliant!
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