In 1927 - 1928 a lot of people, including Paul Warburg and Bernard Baruch, warned of a bubble and it went on another two years. It can go on for quite some time.
When I compare the prices people paid for homes for Rothko, Warhol and Picassos in the 1970s and early 1980s, for Hampton properties, for Greenwich Village in New York properties and what they pay today, there has been colossal asset inflation.
Now, for the people that inherit these things it's all well and good, and for the people who own them. But if you are 20 years old and you went to college and you have student debt, I think a lot of these things are less affordable than when I was a trainee in 1970 at White Weld in New York.
So I think this has contributed to a lot of misgivings.
