Last year, Louis Knickerbocker, a meat distributor from Newport Beach, California, bought a Picasso drawing from the online service of Costco for $40,000. Knickerbocker thought it a steal: 'They just sell the top quality,' he told the New York Times, 'whatever you buy at Costco, whether it's a washing-machine or a vacuum cleaner. I just thought, if it's a Picasso, you can't go wrong.'

LRB 8 June 2006 | PDF Download