'They'd prefer to spend $500,000 here or at auction on something they could buy privately for $50,000. These people are traders, and they're incredibly savvy about markets.'

I went back and had a close look at this quotation from Amy Cappellazzo, co-head of contemporary art for Christie's Worldwide.

Yes, that's precisely what she said in a story that appeared in this past Monday's New York Times story about Art Basel Miami Beach, happening as you read this.

Now, you may recall my recent piece about the new magazine Trader Monthly.

A fellow with a blog called "Tradermike" wrote a scathing critique of my post: he found my comments "dumb," "nonsense," and closed his with, "Your ignorance is a nightmare."

But I must say that I loved the title of his post: "The Miseducation of bookofjoe."

Just loved it. But I digress.

Back to Amy Cappellazzo's comment which heads this post: "These people are traders, and they're incredibly savvy about markets."

So being "incredibly savvy" means paying a half-million dollars for something you could buy for one-tenth the price?

I mean, I thought I knew what arbitrage meant, but I guess not.

If this is what traders do, it's no wonder there are so many former traders.

What a joke.

It'd be funny if it weren't true.