Abstract depressionism

How is a Vincent van Gogh painting like a junk bond? When its sale is underwritten by an auction house, but fails to sell at a premium in the secondary market. That’s what happened on Wednesday when the aurally-challenged Dutch painter’s “Wheat Fields” failed to attract the minimum $28m bid that Sotheby’s was seeking. Since Sotheby’s guaranteed the painting’s owner an undisclosed amount of cash, it now effectively owns the van Gogh - potentially at a loss. Sound familiar? This is how Wall Stree...