As a young boy, I dreamed of accompanying Jim Hawkins on his quest to find the hidden treasure of Captain J. Flint of the pirate ship The Walrus. The ghosts of six murdered crewmen were said to protect padlocked chests of golden doubloons, precious gems, and jewelry buried on a remote island, the only guide to its location being a tattered old map found in the bottom of a dead man’s chest.
Stories about lost pirate booty, sunken ships filled with the gold and gems of the New World, and missing treasures of antiquity have been repeated generation after generation, mesmerizing listeners with the possibilities and perils of searching for them. Some of the tales are fiction, but others have a nucleus of truth. Whatever their source, the possibility of found treasure continues to inspire adventure-seekers to action.
Famous Fictional Treasure Hunts
Long before steel vaults and guarded treasure rooms, people sought to safeguard their valuables by hiding them in the ground in locations kept confidential via coded maps and complex ciphers. In many cases – such as imprisonment, wars, or death – those privy to the secret were unable to recover the buried assets, resulting in new tales and searches. Plundered gold and gems were lost at sea in transports sunk by pirates, privateers, or storms, plummeting to the depths and scattering across the seafloor to be covered by shifting sands.
These caches of lost valuables sparked the imaginations of storytellers and adventurers alike. Authors and movie-makers are especially adept at mining the lost treasure genre.
The desire to accumulate physical objects seems to be inherent, present in the little girl who collects Barbie dolls or the late-night TV host who keeps 126 classic cars and motorcycles in a specially built garage. For some, the motive to search for and acquire a specific item is the sheer fun of the activity. Others seek mementos that stir memories of the past. Fewer still acquire rarities for investment, hoping for enormous profits over time.
Some collectibles are only available to the super-rich due to the cost of acquiring and keeping their purchases safe and secure. What was once available only to kings and queens is now owned by captains of industry, successful financiers, and entertainment moguls. Though individual collections can be worth millions of dollars, well beyond the financial capability of 99% of humanity, they remain fascinating to the majority. Exhibitions of a rare collection draw thousands of visitors, each eager to view the individual pieces up close and personal.
For a look at 10 of the most noteworthy types of collections in the world, check out the following list:
The Consumer Price Index, or CPI, increasingly affects Americans of all ages, incomes, and location. Yet few citizens understand how it’s calculated, how it’s used, or its strengths and shortcomings.
The CPI is one of the most important figures calculated by the Bureau of Labor Statistics (BLS). It reflects the rate of inflation that has occurred from one period to another, allowing you to understand why your dollars buy less today than yesterday. The Federal Reserve uses the index to set monetary policy, and Congress considers it when determining cost-of-living adjustments to federal benefits and taxes.
Here’s what you need to know to understand the CPI and how it affects our nation’s economy — and your bottom line.
What Is the CPI?
Simply stated, the Consumer Price Index is a weighted measure of the change in prices paid by typical consumers for a representative collection of goods and services over time. The BLS uses a combination of sampling data and statistical analysis to establish the price for a fixed category of goods and service consumed by a family unit during a specific period. A comparison of the index price for two calendar dates provides a close approximation of inflation between the two periods.
Three separate, though related, Consumer Price Indexes are published each month:
I’ve never forgotten the details of my first purchase of an original oil painting, “Going Home” by cowboy artist Jimmy Cox in 1978. The scene is a panorama of a barren, West Texas prairie at dusk, the sky filled with a smattering of light cirrus clouds glowing purple from the setting sun. Three weary cowboys on their exhausted horses are in the forefront of the painting, the effects of their long workday evident in the slumped shoulders of the men and drooping heads of the horses.
While I’ve purchased other paintings and bronze sculptures over the intervening years, no piece of art has replaced my affection — even love — for that painting. It has occupied center stage in my offices for almost 40 years. The scene reminds me of my early childhood in Texas, the satisfaction of physical work, and the persistence required to build a future in any place. I recognize my father, grandfather, and uncles in the riders’ postures and expressions.
Art has always moved us and evoked memories and dreams of other times and places. British playwright George Bernard Shaw is alleged to have said, “You use a glass mirror to see your face; you use works of art to see your soul.”
Unsurprisingly, some are eager to monetize our attraction to fine art, viewing it as a new investment class alongside stocks, bonds, and gold. Investment-grade art can deliver an annual return of 10% or more, according to its advocates. Some say its movement is counter-cyclical to the movement of equities and thus can stabilize a portfolio during periods of volatility. Laurence Fink, CEO of Blackrock Financial, one of the world’s largest fund managers, claimed in a Bloomberg interview that contemporary art is a “serious” asset class and “one of the top two greatest stores of values internationally.”
Is fine art an appropriate investment for everyone? Should you forego the purchase of a stock or bond to buy a painting or invest in an art fund? How does ownership of art differ from traditional investments like stocks, bonds, real estate, or gold? Let’s take a look.
Why Art Attracts Us
Jean-Luc Godard, French film director and father of the New Wave film movement, claims, “Art attracts us only by what it reveals of our most secret self.” Art is the physical expression of thoughts and emotions. Creating artwork is intensely personal, with the artist expressing his unique perspective of the world — both real and imaginary — around him.
Research by neurobiologist Semi Zeki of the University College in London found that viewing art triggers a surge of dopamine — the chemical neurotransmitter that makes us feel good — in the brain. The feelings associated with art, Zeki found, were similar to those associated with romantic love.
Fine art — paintings, sculptures, drawings, photographs, and prints — transcends time and space. The perfection of physical beauty captured by Michelangelo’s “David,” the angst of Edvard Munch’s “The Scream,” and the mystery behind the Mona Lisa’s smile have fascinated viewers for centuries. However, purchasing art to make money is a relatively modern development.
Fine Art as an Investment
For centuries, the ownership of fine art was limited to society’s elite. Only the wealthy — aristocracy, churches, governments, and very successful tradesmen — could afford to purchase or sponsor a piece of art. Displaying a painting or sculpture in a private setting was physical evidence of one’s status. Steven Pritchard, writing in Culture Matters, notes that as early as the Renaissance, ownership of art signified “status, influence, power, and wealth.”
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