Making Money off High Costs

By chance, I was an overnight guest at the Bellagio the week Steve Wynn's $1.6 billion Las Vegas hotel with the $300 million art collection opened, and I have one question that was left unanswered even by the extensive coverage in TIME: Why didn't Wynn spend more of the $300 million on the art in my room? After careful inspection of all the pictures on the walls of our standard double, my wife and I arrived at a ballpark estimate of $83 for the lot.

That figure was based partly on the market in the sort of "genuine, one-of-a-kind oil paintings"...

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