The Economist. Hello and welcome to the intelligence from The Economist. I'm your host,

Rosie Bloor. And I'm Jason Palmer. Every weekday, we provide a fresh perspective on the events

shaping your world.

Read the headlines and you'd be forgiven for thinking there was a mass exodus from Britain.

But when our correspondent dug into the data, the evidence wasn't so clear cut.

And in the past, you could buy a loaf of bread or a pint of beer with it.

Now it will barely get you anything at all.

As part of our World Ahead series, our obituries editor mourns the death of the American

Penny. First up, though.

First up, though.

The property boom that started in China in the early 2000s became one of the fastest generators of wealth in history.

Don Weinland is our China Business and Finance Editor.

Some of China's Nouveau Ries were keen to flash their newfound cash.

One way of doing that was to get into the art market.

They started buying very expensive pieces of art, and this was One way of doing that was to get into the art market. They started buying very expensive

pieces of art, and this was a way of flaunting their wealth. So we moved to the beautiful

Modigliani, lot eight, painted in Paris in 1718, $75 million, $80 million. In 2015, $1,000, $80 million. In 2015, Leo E. Chan, a cab driver turned property magnet, bought Amadeo Modi Liani's painting

New Cochet at auction.

I'm selling it. Last chance. All done.

At $152 million.

Sold here. 1561. Including the buyout. $152 million.

Sold here, 1561.

...