Former hedge fund manager Howard Rachofsky knows his art.
Bloomberg Businessweek reported that Rachofsky, who founded Dallas-based Regal Asset Management, believes that it is a good time to buy contemporary art, even though prices have never been higher.
Rachofsky, who along with his wife Cindy are considered one of the most prominent art collectors in the U.S., also stressed that “the market for masterpieces and trophies couldn’t be stronger.”
Art Basel, the world’s largest showcase of contemporary art, said in a press release that this year's six day event “generated an attendance of 86,000” and resulted “in strong sales.”
The Bloomberg article also said that Rachofsky has been buying Japanese postwar art in the last four years, calling it “an undervalued area of the market.”
In 1986, Financial World magazine named Rachofsky one of the 100 highest-paid people on Wall Street.