Pablo Picasso’s iconic abstract painting the 1955 “Les femmes d’Alger” artist sold for a record $179,365,000 at an auction Monday in New York, at Christie’s. All our sources behind the curtain are reporting the markets are awash with cash so much so that on the short term paper rates are going negative without the 2009 crisis. Yet that is where we are in the short-term. There is so much cash and not enough short-term paper to be had. Even Russia has been buying back its 30 year dollar denominated debt.

Coins, art, and high end real estate are still rising in prices. The record sale price for the Picasso is illustrating that there is so much cash sloshing around,  but it has not found its way yet into the share markets.

More from Martin:

Yields Are Collapsing on Short-End

The Euro & the Press