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Flush with cash from all of their tax cuts and asset appreciation, the rich need new ways to entertain themselves. Pretending to be more connected to bohemia and artists appears to be the new black.

James Truman, formerly of Condé Nast, is starting up a magazine for LTB Media called Culture and Travel. Here is an excerpt from a Anthony Haden-Guest column in the Financial Times.

So to Culture and Travel. Truman was editorial director of Conde Nast for 11 years. How will the new title differ?

“We’re going to select the audience, 60,000 people, from proprietary lists that we’re compiling of art lovers, people who are very involved in culture, people who travel, rich people.” Another explosive laugh.

And the critical content? “It won’t be an art magazine in the sense of having reviews. It will work off the cultural calendar somewhat. But really it’s a travel guide for creative people. And those people who want to live a creative life for a few weeks.”

This reminds me of an article I saw in Business Week about Ian Schrager declaring that "design hotels" are over, and "art hotels" are the new thing. Read the Chelsea Hotel Blog for more on that story.