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Appearing on CNBC's "Squawk Box" Wednesday morning, Michael Novogratz of Fortress Investment Group said the art market has all the signs of speculation and that he could see a correction similar to the recent drop in gold.The high-priced art market may be poised for a fall, according to a top investor.He said the correction, when it comes, will be dramatic. While Novogratz is not shortSotheby's stock, he said the turn in prices could be more than 50 percent. "These $90 million paintings, you know, they might be worth eight one day. They won't go from 90 to 70, it will go from 90 to eight."

"Art is 100 percent a bubble—I mean it has all the markings for a bubble," Novogratz said. "Prices have gone parabolic. You go to any of the art shows and you know even the cheap stuff that was $10,000 two years ago is now $80,000. The expense of art has gotten crazy."

www.cnbc.com