That big Yves Saint Laurent art auction certainly has saved the art world. By proving that the dumb money is still out there. That $28 million chair was just one of the craziest buys:

"An early 18th-century Gobelins tapestry of a Brazilian native potentate being carried through a jungle in a hammock fetched 553,000 euros yesterday. The 12-foot-high hanging had been expected to fetch 100,000 euros to 150,000 euros.
'That was a crazy price,' said Machault, who specializes in tapestries. 'The top of the tapestry was restored and it was worth half that.'"

"A telephone bidder paid a 10 times-estimate 46,600 euros for a lump of black quartz that had been owned by Saint Laurent.
Similar mineral samples can be bought in specialist stores for less than 500 euros, said dealers."

"Saint Laurent's silver fetched 19.9 million euros against an upper estimate of 7.1 million euros on Feb. 24. All 111 lots sold." [Like this table service for $405k—four times the high estimate!]

"A 17th-century German silver-gilt ceremonial cup sold to the Paris-based dealers Galerie J. Kugel for 853,000 euros, more than eight times the low estimate."

And these two bronze Chinese sculptures, which were looted, were sold over the objections of the Chinese government for $39 million. Ain't that something? [Bloomberg]