How many Picassos for a loaf of bread and a roll of toilet paper in Venezuela right now? I think art is a good holder of value against the continual grinding of inflation, but would be worthless in a hyperinflationary collapse. Also remember that gains in both art and gold are taxed as at a higher rate rather than capital gains so you get hit with high taxes for your attempt to fight inflation.
“How many Picassos for a loaf of bread and a roll of toilet paper in Venezuela right now?”
Venezuela has been reduced to a pre-industrial culture but with guns and aircraft. They are back to barter. Actually, they are worse off than a culture that never knew fiat money and, as a result, stayed stable. What we see in Venezuela is end-stage socialism.
However, there are always rich, powerful people (drug dealers, well-placed politicians and people entrusted with warehouse keys) with plenty of whatever today’s currency is. They will trade for art if only to show how rich they are.
But, you are correct. An economy must be well on the way to returning to health before people with art can cash in. (Cash-in, or perhaps fiat-in, is the perfect phrase.)