The billionaire in question is one Paul Singer, who wrote an epic screed to his investors about the "fake" economic numbers coming out of Washington. Singer issued the following caveat: "check out London, Manhattan, Aspen and East Hampton real estate prices, as well as high-end art prices, to see what the leading edge of hyperinflation could look like."
Now, it seems to me that other factors may be coming into play here. For example, when 1% of the world's population holds as much wealth as the bottom half, you're going to see some pressure on those Picasso price points. It's a clash of the titans — titans with near-infinite resources to spend impressing each other to death!
When you see the price of luxury homes as a more reliable indicator of inflation than the price of milk or gas — or government data showing that inflation is under control — it says more about your limited, paranoid perspective than anything else.