The American newspapers and periodicals have recently given nationwide publicity to the story that I have refused to sell, for $6,000, a painting by Picasso which I bought in Paris 25 years ago for $10.00. And that I have declined an opportunity to sell for $50,000 a painting by Renoir which I bought at that time for $800.00. The story is true, but it fails to state its perhaps most significant detail. That is, that new movements in art are usually misunderstood by the officials of art galleries, they are ignored by the uninformed public, and are vigorously condemned by contemporary critics. The result is that the real creative artists of the period are seldom recognized until they have either reached an advanced age or have passed away.
Intrinsically, the Picasso and the Renoir are certainly the same physical objects as they were when I acquired them. Why then the efforts to obtain now pictures which scarcely anybody wanted 25 years ago? The answer to this question is a very simple one. The passage of time was
