The Independent: “Mr Nahmad, who is reputed to have a £2bn collection of some 5,000 paintings, including 300 Picassos, told The Independent on Sunday: “There are a lot of embarrassed people who bought art that is now not worth what they paid for it. For the past three or four years it’s been a very, very thin market, with just two or three buyers pushing up prices by bidding against each other.
“Unfortunately, a lot of people knew the game. So those people who did not know are realising it now. It’s almost a fraud. I would never advise my clients to buy contemporary art.””