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If Someone Pays $100M for a Condo, Does That Make it Art?

Superluxury condos, like the ones in One57 and 432 Park, have gotten so expensive that they are once again drawing comparisons to art—not in the sense that they are actual works of art, but in the sense that billionaires with no discernible taste will pay exorbitant amount of money for them just because they can. "Art is a closer analogy than stocks or bonds," Christopher J. Mayer, a real estate professor at Columbia University told the Times. "What matters is the amount of this stuff available and the number of people looking at it." Buyers are buying into that concept too, with hedge fund manager William Ackman referring to his $90 million One57 penthouse as "the Mona Lisa of apartments."

But what is art, really? Curbed NY explores. >>