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Da Vincis Christ Portrait Shatters Art Record With $450 Million Sale

“Jesus Christ.” That was the reaction of mega art dealer Larry Gagosian after a rediscovered painting by Leonardo da Vinci became the most expensive work ever sold, soaring to $450.3 million at a Christie’s auction in New York on Wednesday. Alex Rotter, the auction house’s co-chairman of postwar and contemporary art in the Americas, placed the winning bid on behalf of an unidentified client after a 19-minute war that saw offers at $200 million, $300 million and $350 million fall short. The result obliterated previous world records for an art sale of…

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Crackdown on Billionaires and Other Top Officials Shakes Up Saudi Arabia

Even by the standards of Crown Prince Mohammed bin Salman, whose meteoric ascent has put him on the cusp of the Saudi throne at the age of 32, the Saturday night crackdown was stunning. In just a few hours, security forces arrested princes, billionaires, ministers and former top officials as soon as King Salman announced a sweeping anti-corruption drive. Those detained included billionaire Prince Alwaleed bin Talal, who was picked up at his desert camp outside Riyadh, according to a senior Saudi official. Before midnight, the suspects’ names were already…

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The Future Price of Investing: Zilch

Could fees for investing ever fall all the way to zero? For investors in bring customers in the door, razor-thin costs are where the asset growth is. Of the $738 billion that investors put into index funds and ETFs in the past 12 months, $509 billion went to funds costing 0.1 percent or less, according to data compiled by Bloomberg. “Investors are really cost-obsessed, so these asset managers are betting if they lower the fees, they’ll make a little money because they’ll get all the assets,” says Balchunas. For individual…

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