A major investor in art says that art prices for contemporary art “are in fantasy land — they’re near lunacy.” “Prices for works by Andy Warhol and Jackson Pollock have trebled since 1996, according to index-maker Art Market Research, and New York’s $300 million of contemporary art auctions in May set more than 30 records. While some hedge funds may be putting investors at risk, buyers of contemporary art have more chance of losing money on their purchases.”