1 00: 00: 27,318 --> 00: 00: 30,030 FIFTEEN SEPTEMBER 2008 2 00: 00: 33,324 --> 00: 00: 36,411 There was no ransom for Lehman Brothers, so there was a move 3 00: 00: 36,494 --> 00: 00: 39,414 for its almost 12,000 employees In New York. 4 00: 00: 39,497 --> 00: 00: 41,666 I'd rather not talk about that. 5 00: 00: 41,750 --> 00: 00: 44,085 How long have you been working for Lehman? 6 00: 00: 45,044 --> 00: 00: 47,422 I never thought we would get to this. It's a tragedy. 7 00: 00: 49,424 --> 00: 00: 52,635 The worst financial collapse from the great depression, 8 00: 00: 52,719 --> 00: 00: 56,014 and maybe the end of an era for US companies 9 00: 00: 56,097 --> 00: 01: 03,063 TWENTY-FOUR HOURS AFTER SEPTEMBER 16, 2008 10 00: 01: 12,489 --> 00: 01: 14,282 Good evening, ladies and gentlemen, eleven 00: 01: 14,365 --> 00: 01: 17,118 Welcome to Sotheby's and to this historic auction, 12 00: 01: 17,202 --> 00: 01: 20,288 Beautiful Inside my Head Forever, by Damien Hirst. 13 00: 01: 21,790 --> 00: 01: 22,916 HIRST BATE RECORD 14 00: 01: 22,999 --> 00: 01: 24,334 When Oliver Barker fifteen 00: 01: 24,417 --> 00: 01: 28,338 opened the auction of the 223 new works 16 00: 01: 28,421 --> 00: 01: 30,423 by the artist Damien Hirst, 17 00: 01: 30,590 --> 00: 01: 35,178 it seemed that the art market I did not know what was wrong with the bag. 18 00: 01: 35,637 --> 00: 01: 40,934 Contemporary art is news daily for a reason: money. 19 00: 01: 41,100 --> 00: 01: 43,353 One hundred and eighty million for a Modigliani. twenty 00: 01: 43,436 --> 00: 01: 46,439 It does not seem novelty anymore. twenty-one 00: 01: 46,523 --> 00: 01: 50,235 I always think that museums they are for dead artists 22 00: 01: 50,318 --> 00: 01: 52,862 or something like that, so I always liked to go out 2. 3 00: 01: 52,946 --> 00: 01: 55,990 to feel that art lives, and I think ... 24 00: 01: 56,074 --> 00: 01: 59,160 I knew that this would bother some, and I always liked that. 25 00: 01: 59,244 --> 00: 02: 01,246 I think it highlights the wealth gap, 26 00: 02: 01,329 --> 00: 02: 02,914 the figures are very high. 27 00: 02: 02,997 --> 00: 02: 07,418 The only truly important 28 00: 02: 07,502 --> 00: 02: 09,796 for the artist is to make art. 29 00: 02: 10,755 --> 00: 02: 14,300 A lot of contemporary art It will be in the garbage in ten years, I think. 30 00: 02: 14,717 --> 00: 02: 15,593 There is too much. 31 00: 02: 15,885 --> 00: 02: 17,554 The art world is a religion, 32 00: 02: 17,637 --> 00: 02: 20,181 a belief system. You have to believe in him 33 00: 02: 20,348 --> 00: 02: 23,184 so that it becomes 50,000 pounds. 3. 4 00: 02: 23,601 --> 00: 02: 27,105 The art market is perfect And the best always reach the top? 35 00: 02: 27,188 --> 00: 02: 28,022 I do not think so. 36 00: 02: 28,106 --> 00: 02: 30,358 Everything is an instant reaction. 37 00: 02: 30,441 --> 00: 02: 33,319 "Buy this, the other, do not buy this, 38 00: 02: 33,444 --> 00: 02: 34,946 go to that person's market. " 39 00: 02: 35,029 --> 00: 02: 38,491 I think art is in its golden age. 40 00: 02: 38,950 --> 00: 02: 40,535 It is more valued than ever. 41 00: 02: 40,618 --> 00: 02: 42,287 Five million and 750. 42 00: 02: 42,370 --> 00: 02: 45,832 It was a great vote of confidence of buyers from around the world. 43 00: 02: 45,915 --> 00: 02: 51,379 The result was incredible, we sold 181 million in one night. 44 00: 02: 51,588 --> 00: 02: 55,675 What the fuck does matter, after all, Four. Five 00: 02: 55,758 --> 00: 02: 58,219 How much is something sold? 46 00: 02: 58,428 --> 00: 03: 00,763 Seriously, is life going to change? 47 00: 03: 01,431 --> 00: 03: 04,893 I can assure you one thing: art changed my life, 48 00: 03: 06,185 --> 00: 03: 08,563 not the result of an auction. 49 00: 03: 48,811 --> 00: 03: 50,480 CAMPBELL CONDENSED TOMATO SOUP fifty 00: 04: 16,506 --> 00: 04: 18,549 "ART IS FOR ANYONE, NOT FOR EVERYONE". 51 00: 04: 18,633 --> 00: 04: 21,135 ART CRITIC 52 00: 04: 21,803 --> 00: 04: 25,390 MARKET 53 00: 04: 37,902 --> 00: 04: 41,364 Who defines what constitutes contemporary art? 54 00: 04: 41,447 --> 00: 04: 42,615 DIRECTOR - MOMA - NEW YORK 55 00: 04: 42,699 --> 00: 04: 44,575 It is a very difficult question, 56 00: 04: 44,659 --> 00: 04: 47,745 because many different people do that. 57 00: 04: 47,829 --> 00: 04: 50,581 I think nobody cares about it anymore 58 00: 04: 50,665 --> 00: 04: 52,834 if something is a picture, a picture, 59 00: 04: 52,917 --> 00: 04: 55,920 a video or some digital manifestation. 60 00: 04: 56,004 --> 00: 04: 58,381 What we think is: Does it make sense? 61 00: 04: 58,464 --> 00: 05: 00,717 Does it cause any impact? 62 00: 05: 00,800 --> 00: 05: 04,470 And the limits that clearly define 63 00: 05: 04,554 --> 00: 05: 06,723 if something was an impression, a drawing 64 00: 05: 06,806 --> 00: 05: 10,643 or a painting are already much more blurred. 65 00: 06: 03,112 --> 00: 06: 07,700 The goal of art is money, for more than the industry 66 00: 06: 08,034 --> 00: 06: 09,160 tell us the opposite. 67 00: 06: 09,243 --> 00: 06: 10,203 JOURNALIST 68 00: 06: 10,620 --> 00: 06: 13,372 It is almost impossible to escape from the system. 69 00: 06: 13,623 --> 00: 06: 15,958 We live in an environment focused on the products. 70 00: 06: 16,084 --> 00: 06: 17,752 People buy products. 71 00: 06: 17,835 --> 00: 06: 18,961 COMMERCIAL HEAD OF ART 72 00: 06: 19,045 --> 00: 06: 21,089 And the same happens in the art world. 73 00: 06: 21,464 --> 00: 06: 25,510 Incredibly rich people with income with which to speculate. 74 00: 06: 25,593 --> 00: 06: 27,804 Art attracts that kind of money. 75 00: 06: 27,887 --> 00: 06: 28,721 ART CRITIC 76 00: 06: 29,472 --> 00: 06: 31,015 Many collect 77 00: 06: 31,099 --> 00: 06: 34,185 because they love art, others love the social and competitive aspect. 78 00: 06: 34,268 --> 00: 06: 35,478 JOURNALIST - ECONOMIST 79 00: 06: 35,937 --> 00: 06: 38,314 It allows you to show off. It's a treasure hunt 80 00: 06: 38,397 --> 00: 06: 39,607 among very wealthy people. 81 00: 06: 40,358 --> 00: 06: 43,528 Many people buy art Without knowing too much about art. 82 00: 06: 43,611 --> 00: 06: 44,612 WRITER / JOURNALIST 83 00: 06: 45,029 --> 00: 06: 48,741 So, they do not trust their criteria, it is not an educated criterion, 84 00: 06: 48,825 --> 00: 06: 51,994 so they usually choose the famous names that sound to them, 85 00: 06: 52,078 --> 00: 06: 54,122 with those who feel comfortable. 86 00: 06: 54,205 --> 00: 06: 57,917 Good part of the art world He was seduced in that sense. 87 00: 06: 58,000 --> 00: 06: 59,252 COLLECTOR 88 00: 06: 59,335 --> 00: 07: 00,795 And it seems very dangerous to me. 89 00: 07: 01,546 --> 00: 07: 05,675 It is the commodification of something that used to be outside, 90 00: 07: 05,842 --> 00: 07: 07,802 and now it is totally inside. 91 00: 07: 08,219 --> 00: 07: 09,804 ARTIST 92 00: 07: 11,139 --> 00: 07: 13,891 It is a perfect mirror of our society. 93 00: 07: 13,975 --> 00: 07: 17,812 The advertising and catalog version of the artistic world, 94 00: 07: 18,146 --> 00: 07: 20,064 that is what we face. 95 00: 07: 26,737 --> 00: 07: 28,739 The contemporary art market 96 00: 07: 28,823 --> 00: 07: 29,991 It moves a lot of money. 97 00: 07: 30,074 --> 00: 07: 31,701 DIRECTOR OF CONTEMPORARY ART AND POST-WAR 98 00: 07: 31,784 --> 00: 07: 33,286 We can not take it lightly. 99 00: 07: 34,495 --> 00: 07: 36,581 If many rich people want to show you 100 00: 07: 36,664 --> 00: 07: 39,625 to everyone how rich they are, this market shoots up. 101 00: 07: 40,376 --> 00: 07: 43,212 It has globalized, 102 00: 07: 43,296 --> 00: 07: 46,048 it's an almost parallel world to the real economy. 103 00: 07: 46,132 --> 00: 07: 47,717 GALLERY OWNER 104 00: 07: 48,092 --> 00: 07: 49,719 The market is like the weather. 105 00: 07: 49,802 --> 00: 07: 52,221 We have to tolerate it and know how to deal with it. 106 00: 07: 52,305 --> 00: 07: 53,473 EXECUTIVE VICE-PRESIDENT 107 00: 07: 53,556 --> 00: 07: 54,724 Will not disappear. 108 00: 07: 54,807 --> 00: 07: 56,851 Many people are surprised ... 109 00: 07: 56,934 --> 00: 07: 58,102 CODIRECTOR - ART FAIR 110 00: 07: 58,186 --> 00: 08: 00,146 ... something with no intrinsic value 111 00: 08: 00,229 --> 00: 08: 03,733 may have a monetary value so incredibly loud. 112 00: 08: 03,941 --> 00: 08: 06,652 It seems ridiculous, of course. 113 00: 08: 08,029 --> 00: 08: 10,823 I remember that about 30 years ago, 114 00: 08: 10,907 --> 00: 08: 13,451 the Metropolitan Museum of Art paid a million 115 00: 08: 13,534 --> 00: 08: 16,496 for an old painting. It was on the cover of the New York Times. 116 00: 08: 16,579 --> 00: 08: 18,998 A million seemed an impossible amount. 117 00: 08: 19,081 --> 00: 08: 22,960 Today, a million for a work of art It is not something extraordinary. 118 00: 08: 23,461 --> 00: 08: 26,547 At this time, there was another jump 119 00: 08: 26,631 --> 00: 08: 28,799 in the amount of money that is spent on art 120 00: 08: 28,883 --> 00: 08: 31,219 and the price they reach the works of art, 121 00: 08: 31,344 --> 00: 08: 33,554 but the phenomenon is not new. 122 00: 08: 33,638 --> 00: 08: 37,099 It is a new dimension for the same phenomenon as before. 123 00: 08: 37,892 --> 00: 08: 38,851 DREAMS OF A SEDUCTOR 124 00: 08: 38,935 --> 00: 08: 40,728 A beautiful play by Jackson Pollock, right? 125 00: 08: 40,811 --> 00: 08: 41,896 Yes. 126 00: 08: 44,190 --> 00: 08: 45,525 That tells you? 127 00: 08: 46,359 --> 00: 08: 49,862 Confirm the negativity of the universe, 128 00: 08: 50,154 --> 00: 08: 53,824 the atrocious and lonely emptiness of existence, 129 00: 08: 53,991 --> 00: 08: 57,203 nothingness, the man's dilemma 130 00: 08: 57,286 --> 00: 09: 00,706 forced to live in a sterile and atheistic eternity, 131 00: 09: 00,790 --> 00: 09: 04,877 like a llama that flickers in a huge vacuum 132 00: 09: 04,961 --> 00: 09: 09,006 surrounded by garbage, horror and degradation, 133 00: 09: 09,090 --> 00: 09: 14,595 forming a useless straitjacket in an absurd and dark cosmos. 134 00: 09: 15,471 --> 00: 09: 19,016 - What are you doing Saturday night? - I will kill myself. 135 00: 09: 19,767 --> 00: 09: 21,352 And on Friday? 136 00: 09: 21,894 --> 00: 09: 24,480 Now there is a lot of noise in the art world, 137 00: 09: 24,564 --> 00: 09: 27,650 but art is marketed for a long time. 138 00: 09: 27,733 --> 00: 09: 28,818 DIRECTOR IN NORTH AND SOUTH AMERICA 139 00: 09: 28,901 --> 00: 09: 30,069 The patrons of art, 140 00: 09: 30,152 --> 00: 09: 33,197 who commissioned art, they have existed since the Medici era. 141 00: 09: 40,496 --> 00: 09: 43,791 In the Renaissance there were patrons. 142 00: 09: 43,874 --> 00: 09: 46,836 A family financed you 143 00: 09: 46,919 --> 00: 09: 49,338 for you to create your art, 144 00: 09: 49,505 --> 00: 09: 53,259 but for that, the artist you have to meet a patron, 145 00: 09: 53,634 --> 00: 09: 56,554 and always has to be ingratiating with him. 146 00: 09: 57,847 --> 00: 09: 59,682 If we consider the history of art 147 00: 09: 59,765 --> 00: 10: 01,726 in culture and civilizations, 148 00: 10: 01,809 --> 00: 10: 04,061 they always wanted to order art ... 149 00: 10: 04,145 --> 00: 10: 05,021 DIRECTOR OF LACMA 150 00: 10: 05,104 --> 00: 10: 07,315 ... and take the artists to the cities 151 00: 10: 07,398 --> 00: 10: 11,777 to do great works that will last for many years. 152 00: 10: 11,861 --> 00: 10: 14,488 In the time of Manet, 153 00: 10: 14,697 --> 00: 10: 17,116 the collector was, in some way, 154 00: 10: 17,199 --> 00: 10: 19,410 tied to Manet's taste, 155 00: 10: 19,619 --> 00: 10: 21,579 to the genius of that particular artist. 156 00: 10: 21,662 --> 00: 10: 24,832 And he was almost supplicant before an artist. 157 00: 10: 28,252 --> 00: 10: 31,422 Many of us still have an image of 19th century art ... 158 00: 10: 31,505 --> 00: 10: 32,506 WRITER / ECONOMIST OF ART 159 00: 10: 32,590 --> 00: 10: 34,425 ... of an art oriented to beauty. 160 00: 10: 37,053 --> 00: 10: 40,056 Sometime in the 20th century, she became contemporary, 161 00: 10: 40,222 --> 00: 10: 42,391 it became abstract. 162 00: 10: 42,808 --> 00: 10: 46,646 It was not necessarily beautiful, one had to find the meaning. 163 00: 10: 58,240 --> 00: 11: 00,701 - I love... - They are great. 164 00: 11: 01,702 --> 00: 11: 03,871 I would not mind having one at home. 165 00: 11: 03,954 --> 00: 11: 05,748 Neon gallows 166 00: 11: 05,831 --> 00: 11: 08,626 What is neon? It looks liquid. 167 00: 11: 08,709 --> 00: 11: 11,754 It is an inert gas that ... 168 00: 11: 12,922 --> 00: 11: 15,633 My friends selling diamonds they loved art. 169 00: 11: 15,716 --> 00: 11: 16,550 COLLECTOR 170 00: 11: 16,634 --> 00: 11: 18,969 But the art that they liked It was different. 171 00: 11: 19,136 --> 00: 11: 22,807 Artists like Warhol or like Keith Haring, 172 00: 11: 23,849 --> 00: 11: 25,851 and they bought pieces just because. 173 00: 11: 26,185 --> 00: 11: 28,229 And I said: "I would never hang that garbage." 174 00: 11: 29,271 --> 00: 11: 32,733 I remember there was an exhibition of electric chairs. 175 00: 11: 33,025 --> 00: 11: 35,486 He showed me the place and I said: "How much is that worth?" 176 00: 11: 35,569 --> 00: 11: 38,739 He said: "That, a million and a half. The other, two million. " 177 00: 11: 38,864 --> 00: 11: 40,991 And I said, "Are you kidding? I can not believe it." 178 00: 11: 41,075 --> 00: 11: 45,246 I could buy a Renoir or an impressionist painting. 179 00: 11: 45,413 --> 00: 11: 48,290 And he said: "You should get into this." 180 00: 11: 54,338 --> 00: 11: 57,091 At the beginning of the 80s, everything exploded. 181 00: 11: 57,591 --> 00: 12: 00,845 A new generation of American artists 182 00: 12: 00,928 --> 00: 12: 04,014 started to work. People like Julian Schnabel 183 00: 12: 04,098 --> 00: 12: 07,435 and David Salle. Then, little by little, 184 00: 12: 07,518 --> 00: 12: 10,187 the world was enlarged, globalized, 185 00: 12: 10,396 --> 00: 12: 13,023 and the borders fell. 186 00: 12: 13,107 --> 00: 12: 16,569 There is no longer a center in the artistic world, 187 00: 12: 16,694 --> 00: 12: 19,321 and the market follows that. 188 00: 12: 20,698 --> 00: 12: 23,159 `Contemporary art, for the first time 189 00: 12: 23,242 --> 00: 12: 26,912 in history, it is tremendously popular 190 00: 12: 26,996 --> 00: 12: 30,082 among a very diverse public and international ... 191 00: 12: 30,166 --> 00: 12: 31,208 DIRECTOR OF MODERN ART 192 00: 12: 31,292 --> 00: 12: 33,419 ... who has no hurry, who can travel 193 00: 12: 34,003 --> 00: 12: 36,464 and enjoy and want a little 194 00: 12: 36,547 --> 00: 12: 38,799 of this lifestyle. 195 00: 12: 39,258 --> 00: 12: 41,719 If they bought this Bacon, this painting, 15 years ago ... 196 00: 12: 41,802 --> 00: 12: 43,304 PRESIDENT OF CONTEMPORARY ART AND POST-WAR 197 00: 12: 43,679 --> 00: 12: 45,264 ... it was worth three million. 198 00: 12: 45,347 --> 00: 12: 48,100 Now we offer it to about 75 million. 199 00: 12: 48,184 --> 00: 12: 51,520 That is proof of the great potential who has this art, 200 00: 12: 51,604 --> 00: 12: 52,938 and will continue to grow. 201 00: 12: 55,441 --> 00: 12: 59,653 The art market of every moment it's never the perfect measure 202 00: 12: 59,737 --> 00: 13: 02,907 who will be recognized 203 00: 13: 02,990 --> 00: 13: 05,951 for making a long-term contribution in 20 or 30 years. 204 00: 13: 06,035 --> 00: 13: 07,536 ART CONSULTANT 205 00: 13: 07,620 --> 00: 13: 11,540 "IN ART, THERE IS NOTHING NEW MORE THAN THE TALENT ". 206 00: 13: 13,751 --> 00: 13: 18,422 ARTISTS 207 00: 13: 19,548 --> 00: 13: 23,219 Every artist seeks validation. 208 00: 13: 23,969 --> 00: 13: 26,263 Validation takes different forms. 209 00: 13: 26,347 --> 00: 13: 30,017 The first stamp of approval It is usually the art school. 210 00: 13: 30,476 --> 00: 13: 34,313 Come from the right art school. 211 00: 13: 34,480 --> 00: 13: 38,025 It can be UCLA, Yale, CalArts, 212 00: 13: 38,108 --> 00: 13: 40,694 the Royal College of London. 213 00: 13: 41,362 --> 00: 13: 43,989 A local art school where nobody attends 214 00: 13: 44,073 --> 00: 13: 46,700 to the graduation exhibition 215 00: 13: 46,784 --> 00: 13: 51,413 it will not have the same impact that one close to the world of art. 216 00: 13: 52,206 --> 00: 13: 54,792 If the artist succeeds, It's like a movie star. 217 00: 13: 54,875 --> 00: 13: 58,003 You are ascending. You start at the university. 218 00: 13: 58,087 --> 00: 13: 59,547 Many do masters. 219 00: 14: 00,506 --> 00: 14: 02,967 Then you must choose a dealer, 220 00: 14: 03,384 --> 00: 14: 07,805 a credible one. And, generally, one younger and smaller, 221 00: 14: 07,888 --> 00: 14: 11,141 known for having a good eye for emerging talent. 222 00: 14: 12,059 --> 00: 14: 15,020 That you join a group exhibition 223 00: 14: 15,104 --> 00: 14: 18,482 a healer with potential. 224 00: 14: 18,566 --> 00: 14: 21,819 That you join a biannual, not just the big ones, 225 00: 14: 21,902 --> 00: 14: 26,949 but something like Made in LA, which is the biannual of the Hammer museum. 226 00: 14: 28,200 --> 00: 14: 30,202 Then, your own exhibition, and you will go ascending 227 00: 14: 30,286 --> 00: 14: 31,912 by the levels of the galleries. 228 00: 14: 33,038 --> 00: 14: 35,916 At some point, you arrive at the daytime auctions, 229 00: 14: 36,375 --> 00: 14: 39,420 then at night, they sell you well 230 00: 14: 39,503 --> 00: 14: 41,714 and you appear frequently in the night. 231 00: 14: 42,214 --> 00: 14: 43,966 Sold for 600,000. Thank you. 232 00: 14: 45,509 --> 00: 14: 49,263 The best thing is that all these things happen, 233 00: 14: 49,346 --> 00: 14: 53,642 that all these supports of high quality are given 2. 3. 4 00: 14: 53,726 --> 00: 14: 57,605 before a very spectacular financial one. 235 00: 14: 57,688 --> 00: 15: 00,441 Eight thousand dollars with Laura. 236 00: 15: 01,483 --> 00: 15: 03,110 Thanks friends. 237 00: 15: 03,193 --> 00: 15: 05,529 Thanks, Brad. LOO94 238 00: 15: 05,613 --> 00: 15: 08,449 Sold. Yes, to you, sir. 239 00: 15: 08,532 --> 00: 15: 11,118 One hundred seventy thousand. 240 00: 15: 11,201 --> 00: 15: 12,494 Thank my Lord. 241 00: 15: 14,622 --> 00: 15: 16,624 Art is supposed to be critical, 242 00: 15: 16,874 --> 00: 15: 19,209 at a social and cultural level. 243 00: 15: 21,462 --> 00: 15: 23,797 When the focus is money, the owner 244 00: 15: 23,881 --> 00: 15: 27,301 is how many zeros they accompany a certain work of art. 245 00: 15: 27,593 --> 00: 15: 29,720 And the critical sense falls apart. 246 00: 15: 29,887 --> 00: 15: 31,889 FEAR ART AUCTION 247 00: 15: 32,556 --> 00: 15: 36,936 Damien Hirst knows well fame and controversy. 248 00: 15: 37,019 --> 00: 15: 38,938 The bad boy of British art 249 00: 15: 39,021 --> 00: 15: 42,024 will charge more than any live artist in the history. 250 00: 15: 42,274 --> 00: 15: 46,403 They will remember Damien Hirst of a famous event in 2008 251 00: 15: 46,487 --> 00: 15: 49,698 in what it sailed its dealers and he took 200 of his works 252 00: 15: 50,157 --> 00: 15: 52,284 directly to auction. He said: 253 00: 15: 52,368 --> 00: 15: 55,621 "I do not need the auction house anymore." 254 00: 15: 55,704 --> 00: 15: 59,458 That was described as the worst fear of the auction houses. 255 00: 15: 59,541 --> 00: 16: 03,837 At that time, it might become in the most famous living artist in the world. 256 00: 16: 35,703 --> 00: 16: 39,832 Hirst was the most important artist after Warhol. 257 00: 16: 39,915 --> 00: 16: 42,459 I understood what lay behind art, 258 00: 16: 42,543 --> 00: 16: 45,379 that art was not what it was, 259 00: 16: 45,462 --> 00: 16: 48,298 but what one thought it was, what one saw. 260 00: 16: 48,382 --> 00: 16: 50,801 Hirst is an extraordinary character. 261 00: 16: 50,884 --> 00: 16: 53,512 And an extraordinary artist too. 262 00: 16: 53,595 --> 00: 16: 57,891 If we think in 1991, It's amazing what he produced that year. 263 00: 16: 58,058 --> 00: 17: 02,104 The formaldehyde shark, the butterfly room, 264 00: 17: 02,187 --> 00: 17: 05,441 sheep and other mammals, 265 00: 17: 05,524 --> 00: 17: 09,528 their shelves with medicine boxes. 266 00: 17: 09,611 --> 00: 17: 12,698 He also had fun playing with the media. 267 00: 17: 12,990 --> 00: 17: 15,826 It was like an enfant terrible. 268 00: 17: 15,909 --> 00: 17: 17,286 It caused a lot of shock. 269 00: 17: 17,369 --> 00: 17: 21,165 For me, it is usually enough reason. 270 00: 17: 21,248 --> 00: 17: 23,375 His work is perfect for the game ... 271 00: 17: 23,459 --> 00: 17: 24,293 CRITICAL 272 00: 17: 24,376 --> 00: 17: 27,838 ... to try to do innovative things. 273 00: 17: 28,297 --> 00: 17: 30,924 We get to the point 274 00: 17: 31,091 --> 00: 17: 35,012 of having an oiled machine that can produce at this level. 275 00: 17: 35,095 --> 00: 17: 37,973 I think he got involved transparently 276 00: 17: 38,057 --> 00: 17: 41,101 in the market for structural reasons, 277 00: 17: 41,185 --> 00: 17: 45,355 criticized the market, that was the reason for his work. 278 00: 17: 45,898 --> 00: 17: 48,650 Hirst produced the stuffed shark of 12 million. 279 00: 17: 48,734 --> 00: 17: 52,029 It was about life and death. If we think about it, 280 00: 17: 52,112 --> 00: 17: 55,407 the shark seems alive when it is dead, and dead when he is alive. 281 00: 17: 55,491 --> 00: 17: 57,785 Remember the internal space between life and death, 282 00: 17: 57,868 --> 00: 18: 01,205 the mortality. 12 million dollars. 283 00: 18: 09,671 --> 00: 18: 12,424 I really liked Damien when he began to exhibit. 284 00: 18: 12,508 --> 00: 18: 13,634 ARTIST 285 00: 18: 17,763 --> 00: 18: 21,642 He was an artist who produced works 286 00: 18: 21,850 --> 00: 18: 26,438 what they looked like totally original and novel. 287 00: 18: 27,856 --> 00: 18: 34,029 Over time, the theme It was replaced by money. 288 00: 18: 36,657 --> 00: 18: 42,246 I do not think about how much things cost. 289 00: 18: 43,080 --> 00: 18: 46,125 As the price of the works went up, 290 00: 18: 46,208 --> 00: 18: 51,213 I could make decisions that seem more autonomous to me 291 00: 18: 52,756 --> 00: 18: 58,137 At this height, I can totally separate those things 292 00: 18: 58,220 --> 00: 18: 59,429 of what I do 293 00: 19: 04,685 --> 00: 19: 07,813 The only really important ... 294 00: 19: 07,896 --> 00: 19: 08,897 ARTIST 295 00: 19: 08,981 --> 00: 19: 11,316 ... for the artist is to make art. 296 00: 19: 11,692 --> 00: 19: 17,281 It is a privilege to be able ... 297 00: 19: 17,364 --> 00: 19: 20,534 Always sorprise me when can I pay for dinner? 298 00: 19: 47,728 --> 00: 19: 50,397 As a boy, I spent a lot of time alone, 299 00: 19: 50,606 --> 00: 19: 52,733 and I could always draw, 300 00: 19: 52,816 --> 00: 19: 56,445 so I'm an artist since I was little. 301 00: 19: 56,528 --> 00: 19: 59,031 It could not be anything else. 302 00: 20: 00,199 --> 00: 20: 02,784 All I have to say It is in my paintings. 303 00: 20: 02,868 --> 00: 20: 06,622 The rest is pure chatter. 304 00: 20: 07,456 --> 00: 20: 10,417 My father told me: "Why did you cover his eyes?" 305 00: 20: 10,500 --> 00: 20: 12,628 And I said: "So you look at his chin." 306 00: 20: 14,379 --> 00: 20: 17,633 He is a genius, but being a genius, 307 00: 20: 17,716 --> 00: 20: 19,426 it has been for too many things: 308 00: 20: 19,509 --> 00: 20: 21,595 businessman, developer real estate, 309 00: 20: 21,678 --> 00: 20: 23,388 filmmaker or painter. 310 00: 20: 23,889 --> 00: 20: 25,807 If he had stayed with the painting, 311 00: 20: 25,891 --> 00: 20: 28,185 would have been one of the best painters in the world. 312 00: 20: 28,477 --> 00: 20: 31,230 I think I paint like a jazz musician. 313 00: 20: 31,313 --> 00: 20: 33,690 I know where to start, 314 00: 20: 33,774 --> 00: 20: 35,776 but I have no idea how it will end. 315 00: 20: 35,943 --> 00: 20: 39,613 He deconcentrated with his films and many other things, great. 316 00: 20: 40,656 --> 00: 20: 44,159 But if I had followed only as an artist, as a painter, 317 00: 20: 44,284 --> 00: 20: 46,328 everyone would know who he is and what he does. 318 00: 20: 47,287 --> 00: 20: 50,165 Obviously, I've had Certain success in life. 319 00: 20: 50,332 --> 00: 20: 53,835 And there were other times when people 320 00: 20: 53,919 --> 00: 20: 57,673 He forgot what I was doing. 321 00: 20: 57,881 --> 00: 21: 01,051 You have a strong enough ego. 322 00: 21: 03,804 --> 00: 21: 05,430 That's what they told me, yes. 323 00: 21: 05,514 --> 00: 21: 06,890 There's nothing wrong. 324 00: 21: 06,974 --> 00: 21: 09,810 No, but would you ask Marlon Brando Does he have a lot of ego? 325 00: 21: 10,102 --> 00: 21: 12,896 - Probably. - You have a lot of ego? 326 00: 21: 13,146 --> 00: 21: 15,649 - No I do not. - Surely yes. 327 00: 21: 16,441 --> 00: 21: 20,112 I remember that Clement Greenberg He told me at an airport, in 1982: 328 00: 21: 20,195 --> 00: 21: 22,489 "Early success never lasts." 329 00: 21: 22,572 --> 00: 21: 25,492 And I said: "How am I going to listen to you? I am very young". 330 00: 21: 26,243 --> 00: 21: 30,580 RETROSPECTIVE OF JULIAN SCHNABEL 331 00: 21: 30,664 --> 00: 21: 34,501 NEW AND NOT IMPROVED: THE SHOW BY JULIAN SCHNABEL 332 00: 21: 34,584 --> 00: 21: 37,004 He is not the best editor of his work. 333 00: 21: 37,337 --> 00: 21: 39,715 To many artists men they like to grow without stopping, 334 00: 21: 39,798 --> 00: 21: 42,592 and that does not mean that they improve. 335 00: 21: 43,302 --> 00: 21: 46,596 It's interesting, because few women do that. 336 00: 22: 01,194 --> 00: 22: 04,114 To be a performance artist You have to be a warrior 337 00: 22: 04,197 --> 00: 22: 06,074 You have to fight for your territory. 338 00: 22: 06,158 --> 00: 22: 07,284 ARTIST 339 00: 22: 07,367 --> 00: 22: 08,702 You have to conquer it. 340 00: 22: 10,037 --> 00: 22: 12,289 My position in art is very strange, 341 00: 22: 12,372 --> 00: 22: 14,166 because I was several times 342 00: 22: 14,541 --> 00: 22: 16,918 first or second 343 00: 22: 17,002 --> 00: 22: 19,421 in art criticism in England. 344 00: 22: 19,713 --> 00: 22: 21,590 But at the same time, 3. 4. 5 00: 22: 21,673 --> 00: 22: 24,843 my work does not sell much, and I doubt it will be sold. 346 00: 22: 24,926 --> 00: 22: 27,512 People can not locate me in the art market 347 00: 22: 27,596 --> 00: 22: 29,890 because he does not know what I do, 348 00: 22: 29,973 --> 00: 22: 34,978 the performance, which is a form of immaterial art. 349 00: 22: 35,145 --> 00: 22: 38,231 How to put value to this? 350 00: 23: 02,339 --> 00: 23: 05,550 His career has flourished through the show. 351 00: 23: 05,634 --> 00: 23: 09,096 Portals of naked people in the MOMA with people passing by ... 352 00: 23: 09,179 --> 00: 23: 13,058 That is a good way to awaken interest. 353 00: 23: 13,141 --> 00: 23: 17,896 I think good works of art they have to have many layers of meaning, 354 00: 23: 17,979 --> 00: 23: 21,358 and the various societies they can go taking layers 355 00: 23: 21,441 --> 00: 23: 23,068 as they need it. 356 00: 23: 23,151 --> 00: 23: 26,154 So a good work of art can have a long life, 357 00: 23: 26,404 --> 00: 23: 29,449 and can return again and again. 358 00: 23: 29,533 --> 00: 23: 31,701 The most ephemeral, 359 00: 23: 31,785 --> 00: 23: 33,870 that are fashionable, they have a very short life, 360 00: 23: 33,954 --> 00: 23: 35,872 and history shows that. 361 00: 23: 35,956 --> 00: 23: 38,875 He has developed a talent to hog headlines 362 00: 23: 38,959 --> 00: 23: 41,753 and become a celebrity. 363 00: 23: 41,878 --> 00: 23: 45,173 "The artist as a celebrity". That happened with Marina Abramovic. 364 00: 23: 46,675 --> 00: 23: 48,885 It is very important for the artist 365 00: 23: 49,052 --> 00: 23: 51,763 know when to stop and how to die. 366 00: 23: 51,847 --> 00: 23: 53,515 It is as important as living. 367 00: 24: 02,232 --> 00: 24: 05,318 It's a very sad story that, if you sell something 368 00: 24: 05,402 --> 00: 24: 08,446 by, I do not know, 155 million, 369 00: 24: 08,655 --> 00: 24: 11,741 you can not see that picture for its true value, 370 00: 24: 11,825 --> 00: 24: 15,745 because you will always see the money who paid someone 371 00: 24: 17,789 --> 00: 24: 21,835 Before, soap only used it the people with the most sensitive skin, 372 00: 24: 21,918 --> 00: 24: 24,171 so I started thinking in sensitivity. 373 00: 24: 24,254 --> 00: 24: 25,255 ARTIST 374 00: 24: 25,338 --> 00: 24: 28,550 That became the material, a material with which to interact, 375 00: 24: 28,633 --> 00: 24: 32,554 with which to draw, to melt in giant vats. 376 00: 24: 32,637 --> 00: 24: 34,973 And then, by spilling it on a surface, 377 00: 24: 35,056 --> 00: 24: 38,059 it hardens, and it gives you the opportunity 378 00: 24: 38,143 --> 00: 24: 41,062 to scribble, change it, redirect it. 379 00: 24: 41,146 --> 00: 24: 44,065 For me it was almost like creating a new topography, 380 00: 24: 44,149 --> 00: 24: 45,609 like a landscape. 381 00: 24: 46,776 --> 00: 24: 49,070 I try to be patient as an artist, 382 00: 24: 49,154 --> 00: 24: 52,824 I try to do what I feel what I need to do. 383 00: 24: 52,908 --> 00: 24: 55,493 And, when I enter this room, 384 00: 24: 55,952 --> 00: 24: 58,914 everything outside this space 385 00: 24: 59,414 --> 00: 25: 02,167 It is no longer important to me. 386 00: 25: 02,250 --> 00: 25: 05,712 It does not matter what people want 387 00: 25: 05,921 --> 00: 25: 08,089 or what he will say about it. 388 00: 25: 08,465 --> 00: 25: 12,427 Really, I do not feel much pressure. 389 00: 25: 14,888 --> 00: 25: 18,725 My work is produced, created, conceptualized ... 390 00: 25: 18,808 --> 00: 25: 22,687 Everything happens in a vacuum. We are my studio and me. 391 00: 25: 22,771 --> 00: 25: 23,605 ARTIST 392 00: 25: 23,688 --> 00: 25: 24,940 Nothing else. 393 00: 25: 25,023 --> 00: 25: 28,276 There are no external voices until the work is done. 394 00: 25: 28,360 --> 00: 25: 31,488 It was always like that for me. 395 00: 25: 33,990 --> 00: 25: 35,909 FASHION LOVES ART 396 00: 25: 35,992 --> 00: 25: 38,161 There is always a lot of confusion about my job, 397 00: 25: 38,245 --> 00: 25: 40,580 people think I make a criticism, but it's not like that. 398 00: 25: 40,664 --> 00: 25: 41,665 ARTIST 399 00: 25: 41,748 --> 00: 25: 46,294 I make an acceptance of ourselves and our history. 400 00: 25: 53,468 --> 00: 25: 57,639 Koons is the most expensive living artist 401 00: 25: 57,722 --> 00: 25: 59,140 in history auctions. 402 00: 25: 59,307 --> 00: 26: 01,393 It produces beautiful things. 403 00: 26: 01,685 --> 00: 26: 06,398 Today is the best selling artist of all the world. 404 00: 26: 06,815 --> 00: 26: 10,235 His work has moments of true genius. 405 00: 26: 10,318 --> 00: 26: 13,780 I love the Equilibrium series, what is the work 406 00: 26: 13,863 --> 00: 26: 17,867 with basketballs that float in tanks. 407 00: 26: 17,951 --> 00: 26: 21,788 Works with basketballs they are some of my favorites, 408 00: 26: 21,955 --> 00: 26: 25,125 are some of the objects more awesome than there are. 409 00: 26: 25,375 --> 00: 26: 29,504 He made an art of sharpness, and it is not any sharpness. 410 00: 26: 29,713 --> 00: 26: 33,341 It's the kind of sharpness that is totally full, 411 00: 26: 33,425 --> 00: 26: 38,388 to the edge, of notions of financial value. 412 00: 26: 38,471 --> 00: 26: 40,181 His work is one of those that generate me 413 00: 26: 40,265 --> 00: 26: 43,643 a first reaction, which is: "Well, the one that follows." 414 00: 26: 44,185 --> 00: 26: 45,979 It does not have anything deep. 415 00: 26: 46,438 --> 00: 26: 49,858 Some of his series they have become trophies 416 00: 26: 49,941 --> 00: 26: 54,696 for certain kind of people, 417 00: 26: 54,904 --> 00: 26: 58,450 and that status it usually annuls its other meanings. 418 00: 26: 58,908 --> 00: 27: 02,120 Jeff Koons has a series 419 00: 27: 02,203 --> 00: 27: 04,289 based on Popeye and Olivia. You will remember 420 00: 27: 04,372 --> 00: 27: 06,958 that Popeye was a character of 50's cartoons. 421 00: 27: 07,042 --> 00: 27: 09,461 Koons produced a series of sculptures, 422 00: 27: 09,753 --> 00: 27: 12,297 because he said that the transforming power 423 00: 27: 12,380 --> 00: 27: 14,257 of spinach on Popeye is the same 424 00: 27: 14,341 --> 00: 27: 18,136 that the transforming power of contemporary art about the buyer. 425 00: 27: 18,219 --> 00: 27: 20,347 One came to auction 426 00: 27: 20,430 --> 00: 27: 22,932 and it was bought in a single attempt by Steven Wynn 427 00: 27: 23,016 --> 00: 27: 25,810 for 28 million dollars. 428 00: 27: 26,644 --> 00: 27: 30,190 Two weeks later, appears with a sale tag. 429 00: 27: 30,273 --> 00: 27: 32,901 It was worth 60 million dollars. 430 00: 27: 32,984 --> 00: 27: 37,781 It went from 28 million to 60 million in 14 days. 431 00: 27: 38,031 --> 00: 27: 41,910 Not a single journalist from the art world wrote about this saying: 432 00: 27: 41,993 --> 00: 27: 43,161 "It's crazy." 433 00: 27: 43,828 --> 00: 27: 46,956 The world reached the point in which this is accepted. 434 00: 27: 47,624 --> 00: 27: 50,627 It's crazy, but it's interesting. 435 00: 28: 00,762 --> 00: 28: 03,098 It has to do with the future, with transforming, 436 00: 28: 03,181 --> 00: 28: 06,059 I want to become the artist in which I can transform. 437 00: 28: 06,518 --> 00: 28: 08,978 It is hard not to think about the work of Koons 438 00: 28: 09,062 --> 00: 28: 13,316 in relation to its owners. 439 00: 28: 13,650 --> 00: 28: 19,030 It is as if the origin I would have beaten the work. 440 00: 28: 19,739 --> 00: 28: 23,201 Will your work be respected in 50 years? 441 00: 28: 23,284 --> 00: 28: 24,953 I have no idea. 442 00: 28: 25,745 --> 00: 28: 27,330 But he is a great art seller. 443 00: 28: 29,624 --> 00: 28: 32,335 The works of Damien Hirst 444 00: 28: 32,419 --> 00: 28: 36,673 and Jeff Koons celebrate ... 445 00: 28: 36,756 --> 00: 28: 42,262 ... the great pit with no money fund which became the art market. 446 00: 28: 42,470 --> 00: 28: 44,889 They are what I would call "Production artists". 447 00: 28: 45,473 --> 00: 28: 47,726 Instead of working alone in the studio, 448 00: 28: 47,809 --> 00: 28: 51,187 limiting its production what they can do with their hands, 449 00: 28: 51,271 --> 00: 28: 53,690 they have teams of people who work for them. 450 00: 28: 54,315 --> 00: 28: 57,110 Sometimes, if you do not have control or you lose it, 451 00: 28: 57,193 --> 00: 29: 01,573 or you lose the sense of scale, you can produce more. 452 00: 29: 01,865 --> 00: 29: 04,242 What matters is the work. If it's interesting ... 453 00: 29: 04,325 --> 00: 29: 05,160 ARTIST 454 00: 29: 05,243 --> 00: 29: 09,122 ...how it was made It does not have to be questionable. 455 00: 29: 09,205 --> 00: 29: 13,001 In the Renaissance, They had assistants, apprentices. 456 00: 29: 13,084 --> 00: 29: 15,044 What matters is how the work is. 457 00: 29: 15,128 --> 00: 29: 17,630 How it is done is not what we see, 458 00: 29: 17,714 --> 00: 29: 20,675 We see the result of how it was done. 459 00: 29: 21,050 --> 00: 29: 23,720 They only mean money. 460 00: 29: 23,970 --> 00: 29: 27,265 The money is good. The truth, 461 00: 29: 27,348 --> 00: 29: 29,768 with this auction, There is no talk of anything else. 462 00: 29: 29,851 --> 00: 29: 33,605 "I WANT TO BE A STAR OF ROCK, NOT A GALLERY PET ". 463 00: 29: 35,774 --> 00: 29: 39,861 LOT 3: MARCHANTS 464 00: 29: 39,944 --> 00: 29: 41,738 It is very difficult to be a dealer, 465 00: 29: 41,821 --> 00: 29: 44,324 because you have the responsibility 466 00: 29: 44,407 --> 00: 29: 46,284 to welcome an artist and help him grow. 467 00: 29: 46,826 --> 00: 29: 48,495 They want to support the artists, 468 00: 29: 48,578 --> 00: 29: 51,873 They want to help them grow. 469 00: 29: 51,956 --> 00: 29: 56,377 The owners of the galleries, 90%, They just want money. 470 00: 29: 56,753 --> 00: 30: 00,340 The gallery first earns money for the artist, 471 00: 30: 00,423 --> 00: 30: 03,218 and then for the staff of the gallery ... 472 00: 30: 03,301 --> 00: 30: 05,553 GALLERY OWNER 473 00: 30: 05,929 --> 00: 30: 11,059 ... and activate the energy of creation. 474 00: 30: 11,768 --> 00: 30: 13,686 They have to deal with museums, 475 00: 30: 14,604 --> 00: 30: 17,190 great collectors who fund their gallery, 476 00: 30: 17,273 --> 00: 30: 20,026 great collectors who fund their artists. 477 00: 30: 20,109 --> 00: 30: 22,403 Your work is very difficult, 478 00: 30: 22,904 --> 00: 30: 26,366 because they can not please everyone, but that is what they ask you. 479 00: 30: 26,449 --> 00: 30: 28,034 COLLECTOR 480 00: 30: 29,702 --> 00: 30: 31,788 Those who sell the art 481 00: 30: 31,996 --> 00: 30: 36,167 they have like a luster, an incredible aura 482 00: 30: 36,251 --> 00: 30: 40,213 Intelligence, Knowledge and respectability. 483 00: 30: 40,547 --> 00: 30: 42,882 They usually speak five languages, 484 00: 30: 42,966 --> 00: 30: 46,970 they have last names that seem very exotic, 485 00: 30: 47,053 --> 00: 30: 50,974 and everything is part of the luster that accompanies the paintings. 486 00: 30: 51,057 --> 00: 30: 53,476 But it's just that, 487 00: 30: 53,560 --> 00: 30: 59,482 a luster that covers something much less attractive. 488 00: 31: 01,276 --> 00: 31: 05,947 The dealer is still the one with the key, 489 00: 31: 06,030 --> 00: 31: 09,117 at the primary level, for the artist. 490 00: 31: 09,367 --> 00: 31: 13,204 "Primary market" means that the painting is purchased for the first time, 491 00: 31: 13,288 --> 00: 31: 15,290 and it must be the most opaque of all, 492 00: 31: 16,332 --> 00: 31: 18,376 because the dealers want to make sure 493 00: 31: 18,459 --> 00: 31: 20,712 to have full control over the price, 494 00: 31: 20,920 --> 00: 31: 24,465 and that is, in part, to make sure that the price never goes down. 495 00: 31: 24,674 --> 00: 31: 26,676 So they make sure you never know 496 00: 31: 26,759 --> 00: 31: 28,845 how much you buy something 497 00: 31: 29,220 --> 00: 31: 32,932 They are not transparent with prices because, then, 498 00: 31: 33,016 --> 00: 31: 35,310 if you enter a store after me, 499 00: 31: 35,393 --> 00: 31: 37,979 You can quote twice as much as me. 500 00: 31: 38,646 --> 00: 31: 43,234 They tell me they do not publish the price 501 00: 31: 43,318 --> 00: 31: 47,363 because they say that the artist he wants the art to matter first 502 00: 31: 47,447 --> 00: 31: 50,825 and then the sale opportunity. 503 00: 31: 52,452 --> 00: 31: 57,040 The art is strange because its owner 504 00: 31: 57,123 --> 00: 31: 59,709 It affects your sense and reputation. 505 00: 32: 00,960 --> 00: 32: 05,089 The primary dealers "locate" the work with great care, 506 00: 32: 05,173 --> 00: 32: 09,385 because they know that the owner 507 00: 32: 09,469 --> 00: 32: 14,265 will increase or harm the credibility of the artist. 508 00: 32: 15,141 --> 00: 32: 20,104 All this process 509 00: 32: 20,188 --> 00: 32: 24,943 depends on the aura, the glamor, the mystic 510 00: 32: 25,026 --> 00: 32: 30,490 and the apparent inaccessibility from this world. 511 00: 32: 31,240 --> 00: 32: 33,117 Your business is selling art, 512 00: 32: 33,201 --> 00: 32: 34,619 for what one would expect 513 00: 32: 34,702 --> 00: 32: 37,163 someone at the counter I welcome you 514 00: 32: 37,246 --> 00: 32: 39,791 and I asked him if he wants to talk with a seller 515 00: 32: 39,874 --> 00: 32: 41,584 or know more about the works, 516 00: 32: 41,668 --> 00: 32: 45,755 but those galleries want to project certain aura, 517 00: 32: 45,838 --> 00: 32: 46,798 certain mystic. 518 00: 32: 47,131 --> 00: 32: 50,343 I hope we do not ... 519 00: 32: 50,426 --> 00: 32: 52,387 GALLERY OWNER 520 00: 32: 52,470 --> 00: 32: 55,223 It is a common criticism of the galleries. 521 00: 32: 55,306 --> 00: 32: 57,642 I hope we do not do that. 522 00: 32: 58,434 --> 00: 33: 00,228 If you are new to the game 523 00: 33: 00,311 --> 00: 33: 02,897 and you have posters hanging on the wall 524 00: 33: 02,981 --> 00: 33: 04,941 and you won some money and you think: 525 00: 33: 05,024 --> 00: 33: 07,694 "I want to buy a real picture for the living room ", 526 00: 33: 08,444 --> 00: 33: 12,115 maybe you can not access 527 00: 33: 12,198 --> 00: 33: 14,951 to the work of a highly sought-after artist. 528 00: 33: 15,159 --> 00: 33: 18,788 The most intelligent dealers they will make it very difficult for you. 529 00: 33: 19,038 --> 00: 33: 22,667 You will end up paying more yes you just want to belong. 530 00: 33: 25,128 --> 00: 33: 27,130 I have been a dealer, 531 00: 33: 27,213 --> 00: 33: 29,757 I understand why they do these things. 532 00: 33: 29,841 --> 00: 33: 33,761 You want the work of your artist finish at the MOMA, 533 00: 33: 33,845 --> 00: 33: 37,098 and, if the member of a board comes in, 534 00: 33: 37,181 --> 00: 33: 39,976 you prefer to take it that of the MOMA board, 535 00: 33: 40,059 --> 00: 33: 42,437 because it is more likely to get to the museum 536 00: 33: 42,520 --> 00: 33: 43,396 if it's from Boise. 537 00: 33: 45,815 --> 00: 33: 48,693 But that does not make it more correct. 538 00: 33: 50,069 --> 00: 33: 54,365 When you buy a mansion or a yacht, 539 00: 33: 54,449 --> 00: 33: 58,995 you know who the previous owner was from the mansion or the yacht, 540 00: 33: 59,078 --> 00: 34: 01,372 You know what that person paid. 541 00: 34: 03,041 --> 00: 34: 05,877 The intermediaries, the agents, whatever they are called, 542 00: 34: 05,960 --> 00: 34: 10,298 dealers, consultants ... They are very reserved people, 543 00: 34: 10,506 --> 00: 34: 15,178 and they do not say to whom they bought the work and for how much. 544 00: 34: 16,429 --> 00: 34: 18,222 No one knows how much art is worth, 545 00: 34: 18,306 --> 00: 34: 20,308 especially with a new artist. 546 00: 34: 20,600 --> 00: 34: 23,144 If the price goes down, everyone is afraid that the whole market 547 00: 34: 23,227 --> 00: 34: 25,646 of this artist collapsing and do not go back to work, 548 00: 34: 26,189 --> 00: 34: 28,316 and do everything to manipulate the market. 549 00: 34: 29,984 --> 00: 34: 32,111 A dealer can decide 550 00: 34: 32,195 --> 00: 34: 36,991 that your younger contemporary artist you need a little push in your prices 551 00: 34: 37,158 --> 00: 34: 43,289 and, basically, it will take a work to auction and will bid a little more. 552 00: 34: 43,372 --> 00: 34: 47,126 Among collectors, and one or several dealers, 553 00: 34: 47,210 --> 00: 34: 49,962 They raise the price up to a certain amount 554 00: 34: 50,046 --> 00: 34: 52,548 and they buy between them. 555 00: 34: 54,092 --> 00: 34: 57,512 That reduces the market. Remember 556 00: 34: 57,595 --> 00: 35: 03,142 that many artists have burned with prices that rise too fast 557 00: 35: 03,351 --> 00: 35: 05,812 and, one day, they discover 558 00: 35: 05,895 --> 00: 35: 08,022 that your market has disappeared. 559 00: 35: 09,774 --> 00: 35: 14,195 There are artists who are devoured for the art market. 560 00: 35: 14,570 --> 00: 35: 16,864 Certain galleries they are so commercialized ... 561 00: 35: 16,948 --> 00: 35: 17,949 GALLERY OWNER 562 00: 35: 18,032 --> 00: 35: 20,618 The idea that larger galleries 563 00: 35: 20,868 --> 00: 35: 22,787 choose very young artists 564 00: 35: 22,995 --> 00: 35: 27,208 and inflate the market so fast ... 565 00: 35: 27,333 --> 00: 35: 31,212 ... it's scary Very afraid.. 566 00: 35: 46,185 --> 00: 35: 48,396 Who is Larry Gagosian? 567 00: 35: 48,479 --> 00: 35: 51,858 He does not want them to know, that's for sure. 568 00: 35: 52,775 --> 00: 35: 55,736 A supermarker, the most merchant dealer, 569 00: 35: 55,820 --> 00: 36: 00,158 and I think you can not compare it with nobody else. 570 00: 36: 00,241 --> 00: 36: 04,537 Sells about one billion in art per year, 571 00: 36: 04,620 --> 00: 36: 06,789 they are three million per business day. 572 00: 36: 07,373 --> 00: 36: 09,458 The most important dealer in the world. 573 00: 36: 10,001 --> 00: 36: 14,547 I think of Larry the same that of the auction houses. 574 00: 36: 14,630 --> 00: 36: 15,798 They are in another world. 575 00: 36: 16,007 --> 00: 36: 18,968 Gagosian believes that artists are heroes ... 576 00: 36: 19,051 --> 00: 36: 20,052 DIRECTOR 577 00: 36: 20,136 --> 00: 36: 21,470 Men and women. 578 00: 36: 21,554 --> 00: 36: 26,017 But to do good art is something heroic, and that is what interests him. 579 00: 36: 26,350 --> 00: 36: 29,896 If your intention is to stay connected with your artists, 580 00: 36: 30,104 --> 00: 36: 32,523 It must be incredibly difficult 581 00: 36: 32,607 --> 00: 36: 35,234 if you have three, five or ten galleries Worldwide. 582 00: 36: 35,318 --> 00: 36: 37,862 GAGOSIAN EXPANDS THIRD GALLERY IN LONDON 583 00: 36: 39,322 --> 00: 36: 43,159 He knows who they are the right collectors, 584 00: 36: 43,242 --> 00: 36: 47,163 who are the right artists and how to unite all that. 585 00: 36: 47,288 --> 00: 36: 49,749 The art world does not work without him. 586 00: 36: 56,422 --> 00: 36: 58,674 I know Larry since we were both agents 587 00: 36: 59,175 --> 00: 37: 01,928 from the William Morris agency, when we were young. 588 00: 37: 02,094 --> 00: 37: 06,307 He left the agency to sell posters 589 00: 37: 06,390 --> 00: 37: 09,143 in Westwood to students at UCLA. 590 00: 37: 09,227 --> 00: 37: 13,481 Larry took a model that we used in California, 591 00: 37: 13,606 --> 00: 37: 17,902 what is to represent to a group of numerous talent, 592 00: 37: 18,069 --> 00: 37: 21,948 to give that group advantage and, to do that, 593 00: 37: 22,365 --> 00: 37: 26,327 you need many places where to exhibit art. 594 00: 37: 51,018 --> 00: 37: 55,523 His galleries have more meters in total than the Tate Modern in London. 595 00: 37: 58,150 --> 00: 38: 00,069 GAGOSIAN GALLERY 596 00: 38: 00,152 --> 00: 38: 02,196 He started in Los Angeles, and went to New York, 597 00: 38: 02,280 --> 00: 38: 06,742 to London, Athens and Paris 598 00: 38: 06,826 --> 00: 38: 09,412 and Hong Kong, 599 00: 38: 09,495 --> 00: 38: 13,749 and I think he had local for a while in Moscow. 600 00: 38: 13,833 --> 00: 38: 18,713 It is very special because it represents more than 70 artists, 601 00: 38: 18,879 --> 00: 38: 22,508 and he is the only representative of many of them. 602 00: 38: 22,758 --> 00: 38: 25,803 It has a group of collectors who only buy from him, 603 00: 38: 25,886 --> 00: 38: 28,514 have relationships with all the important museums, 604 00: 38: 28,723 --> 00: 38: 30,599 he himself is an ecosystem. 605 00: 38: 30,683 --> 00: 38: 33,936 It is a heavy weight. And it is also an enigma. 606 00: 38: 38,941 --> 00: 38: 40,609 A certain mystique surrounds Larry, 607 00: 38: 40,693 --> 00: 38: 43,612 everyone wants to do the best movie about Larry, 608 00: 38: 43,696 --> 00: 38: 45,865 write the best book about him. 609 00: 38: 45,948 --> 00: 38: 48,367 He has not cooperated in any way, 610 00: 38: 48,451 --> 00: 38: 50,995 and it's a story that we will not be able to tell, 611 00: 38: 51,078 --> 00: 38: 53,331 at least, for 50 more years. 612 00: 38: 53,706 --> 00: 38: 57,168 If you are the intermediary, as Larry Gagosian, 613 00: 38: 58,085 --> 00: 39: 00,880 What is the use of staying 614 00: 39: 00,963 --> 00: 39: 04,383 and talk about how you work? 615 00: 39: 04,467 --> 00: 39: 07,511 Very little, I suppose, because your clients do not want to know 616 00: 39: 07,595 --> 00: 39: 10,723 with what percentage he stayed. 617 00: 39: 10,806 --> 00: 39: 12,767 I would give them a heart attack. 618 00: 39: 19,023 --> 00: 39: 21,776 Curators participate of what they want, 619 00: 39: 21,859 --> 00: 39: 24,278 what it is to see what interests them, 620 00: 39: 24,362 --> 00: 39: 27,031 and think whether it is possible or not 621 00: 39: 27,114 --> 00: 39: 29,325 make it interesting to the public. 622 00: 39: 29,408 --> 00: 39: 31,702 The dealers think differently. 623 00: 39: 31,786 --> 00: 39: 35,748 Can you market it? Can you find a way to sell it? 624 00: 39: 36,207 --> 00: 39: 40,211 And I do not want to reduce the dealers to simple merchants, 625 00: 39: 40,294 --> 00: 39: 42,546 because many of them they believe in their artists, 626 00: 39: 42,630 --> 00: 39: 45,216 and they believe in the mission of trying to ensure 627 00: 39: 45,299 --> 00: 39: 47,426 that there is an audience for these artists. 628 00: 39: 49,387 --> 00: 39: 52,306 Larry is extremely important in the world of art. 629 00: 39: 52,390 --> 00: 39: 55,810 He has achieved amazing things, incredible exhibitions, 630 00: 39: 56,227 --> 00: 40: 01,649 but it's not my role model, I'm not interested in that ... 631 00: 40: 02,024 --> 00: 40: 03,567 That part of the industry. 632 00: 40: 04,443 --> 00: 40: 06,987 Albert Oehlen was an artist whose work 633 00: 40: 07,071 --> 00: 40: 09,949 we started to exhibit in our gallery in Los Angeles. 634 00: 40: 10,032 --> 00: 40: 12,535 He was a wonderful person, 635 00: 40: 12,618 --> 00: 40: 14,495 a great artist, 636 00: 40: 14,578 --> 00: 40: 18,290 and he said he would leave the gallery, 637 00: 40: 18,541 --> 00: 40: 20,251 and he left with Gagosian. 638 00: 40: 20,709 --> 00: 40: 25,881 Some artists like something that Larry offers and we do not. 639 00: 40: 25,965 --> 00: 40: 29,218 Larry has a private plane. You can pick up Albert 640 00: 40: 29,301 --> 00: 40: 32,763 at your home in Switzerland and take him to London with his wife. 641 00: 40: 33,097 --> 00: 40: 34,765 It was difficult, it destroyed us, 642 00: 40: 34,849 --> 00: 40: 39,812 because I had no reason to leave. 643 00: 40: 39,895 --> 00: 40: 42,815 There were no problems. But I think he was looking for something more 644 00: 40: 42,898 --> 00: 40: 46,694 that we could not give him. 645 00: 40: 47,069 --> 00: 40: 51,031 And I do not regret, 646 00: 40: 51,115 --> 00: 40: 53,576 It does not bother me not to have a private plane. 647 00: 40: 53,659 --> 00: 40: 58,956 If that needs, You have to go somewhere else. 648 00: 41: 01,584 --> 00: 41: 06,046 If I spent my time deciding who can buy my work, 649 00: 41: 06,130 --> 00: 41: 09,091 I think I would kill myself. 650 00: 41: 10,593 --> 00: 41: 13,137 To choose a gallery I thought about relationships, 651 00: 41: 13,345 --> 00: 41: 15,431 in how they deal with people. 652 00: 41: 15,639 --> 00: 41: 18,809 I started working with the David Kordansky gallery 653 00: 41: 18,893 --> 00: 41: 21,187 when we were both younger, 654 00: 41: 21,645 --> 00: 41: 22,897 and I think we grew up together. 655 00: 41: 22,980 --> 00: 41: 27,860 Neither of them knew what he was doing, We only did it and now. 656 00: 41: 28,027 --> 00: 41: 30,654 And I want David as a brother, 657 00: 41: 30,738 --> 00: 41: 34,658 and he loves what I do, 658 00: 41: 34,909 --> 00: 41: 39,371 and I love that you help me to do what I do 659 00: 41: 41,415 --> 00: 41: 45,044 I know this is not the story they have many artists 660 00: 41: 45,127 --> 00: 41: 47,171 with its galleries. 661 00: 41: 48,214 --> 00: 41: 51,800 Many galleries take advantage of the artists, 662 00: 41: 51,884 --> 00: 41: 54,220 they do things that do not suit the artists. 663 00: 41: 54,303 --> 00: 41: 57,890 The truth, I have not spoken for years with my gallery 664 00: 41: 57,973 --> 00: 42: 02,728 about the price of my works. We talk about art. 665 00: 42: 05,064 --> 00: 42: 09,860 I'm not a car salesman, I have a gallery, 666 00: 42: 10,110 --> 00: 42: 12,154 and there are individuals in the gallery 667 00: 42: 12,238 --> 00: 42: 17,785 who love to make deals and close deals, so ... 668 00: 42: 17,868 --> 00: 42: 22,748 The artist has to be bigger than any of the galleries 669 00: 42: 22,873 --> 00: 42: 24,708 in which he exhibits his work. 670 00: 42: 24,792 --> 00: 42: 25,626 ARTIST 671 00: 42: 25,709 --> 00: 42: 27,670 Art is worth more than that. 672 00: 42: 27,753 --> 00: 42: 30,714 The galleries disappear, they break, 673 00: 42: 30,798 --> 00: 42: 35,844 the dealers die, but we still look at the Mona Lisa. 674 00: 42: 36,679 --> 00: 42: 39,723 THE INDESTRUCTIBLES III DIRECTOR: PATRICK HUGHES 675 00: 42: 40,641 --> 00: 42: 42,393 When the artist painted this, 676 00: 42: 42,476 --> 00: 42: 45,104 Did you imagine that it would be sold? for such a ridiculous price? 677 00: 42: 46,230 --> 00: 42: 48,107 What is it? A little paint, 678 00: 42: 48,190 --> 00: 42: 51,277 brushes, a cheap canvas. It's not so bad. 679 00: 42: 55,489 --> 00: 42: 57,783 It's bullshit. How much do you want for it? 680 00: 42: 57,866 --> 00: 42: 59,118 Three million. 681 00: 42: 59,910 --> 00: 43: 00,911 Fact. 682 00: 43: 02,705 --> 00: 43: 03,664 Fact. 683 00: 43: 04,873 --> 00: 43: 08,210 Art is an intellectual subject and fascinating 684 00: 43: 08,294 --> 00: 43: 10,254 Money should have nothing to do with it. 685 00: 43: 10,337 --> 00: 43: 12,715 But if you do not have much money, you can not buy it 686 00: 43: 12,965 --> 00: 43: 17,803 LOT 4: COLLECTORS 687 00: 43: 20,514 --> 00: 43: 23,892 He was 17 and a half years old, I graduated from high school 688 00: 43: 23,976 --> 00: 43: 26,687 and, believe it or not, I did not know New York. 689 00: 43: 28,105 --> 00: 43: 32,318 When I toured the MOMA and I saw the masterpieces on display, 690 00: 43: 33,402 --> 00: 43: 37,615 the depth and breadth of what they exhibited, 691 00: 43: 37,698 --> 00: 43: 40,367 works from the beginning of the century and more ... 692 00: 43: 40,784 --> 00: 43: 45,789 That caused me a kind of cultural shock. 693 00: 43: 46,498 --> 00: 43: 51,462 Being a collector It is the hardest thing there is. 694 00: 43: 51,712 --> 00: 43: 55,633 It becomes an industry Too big. 695 00: 43: 55,716 --> 00: 44: 00,429 When I started, it was something intellectual, solid, 696 00: 44: 00,512 --> 00: 44: 03,849 there was not so much art available, it was an honor to buy something, 697 00: 44: 03,932 --> 00: 44: 07,269 an honor to see something, before the contemporary madness. 698 00: 44: 07,519 --> 00: 44: 11,190 Today it is very difficult to be a collector, 699 00: 44: 11,273 --> 00: 44: 14,193 and it is difficult because it is very easy to make mistakes. 700 00: 44: 15,903 --> 00: 44: 18,781 Each collector has his own path. 701 00: 44: 18,864 --> 00: 44: 20,908 My long-term goal is that my collection 702 00: 44: 20,991 --> 00: 44: 23,994 worth more than the sum of its parts. 703 00: 44: 25,704 --> 00: 44: 28,832 I like to see what others do not see. 704 00: 44: 29,041 --> 00: 44: 31,794 This is what I do. I do not want to join the flock of another 705 00: 44: 31,877 --> 00: 44: 35,297 and say: "I want that too". 706 00: 44: 35,756 --> 00: 44: 37,549 100% STUPID 707 00: 44: 39,009 --> 00: 44: 42,638 I buy constantly, but I need to have discipline 708 00: 44: 42,721 --> 00: 44: 46,767 with respect to the amount, because it can be something infinite. 709 00: 44: 46,975 --> 00: 44: 49,520 It talks about collecting as if it were a virus. 710 00: 44: 49,603 --> 00: 44: 51,772 That you get contagious and it's addictive, 711 00: 44: 51,855 --> 00: 44: 53,774 or you can not get rid of him, there's no cure. 712 00: 44: 54,108 --> 00: 44: 57,694 Not a month goes by in which you do not acquire something new. 713 00: 44: 58,028 --> 00: 45: 03,367 I love collecting art, in some strange sense. 714 00: 45: 03,617 --> 00: 45: 09,331 I wish I collected photos of the work of art instead of art itself. 715 00: 45: 09,498 --> 00: 45: 12,292 Many collect to make a contribution 716 00: 45: 12,376 --> 00: 45: 14,002 to society and culture, 717 00: 45: 14,253 --> 00: 45: 16,213 and there is also the idea that ... 718 00: 45: 16,296 --> 00: 45: 17,297 GALLERY OWNER 719 00: 45: 17,381 --> 00: 45: 18,882 ... I can succeed in this life, 720 00: 45: 18,966 --> 00: 45: 21,135 but my life is mortal, 721 00: 45: 21,218 --> 00: 45: 23,053 And what is going to immortalize me? 722 00: 45: 23,137 --> 00: 45: 28,100 And that is very important for collecting. 723 00: 45: 30,811 --> 00: 45: 33,564 I dedicated myself and dedicate myself to art because I love it. 724 00: 45: 33,856 --> 00: 45: 36,400 But to resellers they do not care about the artist, 725 00: 45: 36,483 --> 00: 45: 39,445 they just want to make money. 726 00: 45: 39,778 --> 00: 45: 41,321 The contemporary art market 727 00: 45: 41,405 --> 00: 45: 45,993 attracts collectors, but also to speculators. 728 00: 45: 46,326 --> 00: 45: 48,912 There is a term, "reseller", which is not very attractive, 729 00: 45: 48,996 --> 00: 45: 52,082 for those who buy and sell more regularly 730 00: 45: 52,166 --> 00: 45: 53,750 than in other markets. 731 00: 45: 55,210 --> 00: 46: 00,924 Nobody should want a buyer I bought art just to invest. 732 00: 46: 01,675 --> 00: 46: 05,137 Nobody should want a buyer that only think 733 00: 46: 05,220 --> 00: 46: 09,057 how fast you can resell the work. 734 00: 46: 09,433 --> 00: 46: 12,144 And that does not help the artist. 735 00: 46: 12,227 --> 00: 46: 16,356 I'm not interested in speculators. 736 00: 46: 16,440 --> 00: 46: 19,276 But I like them the collectors really. 737 00: 46: 19,359 --> 00: 46: 24,698 I like my work to go to stable collections. 738 00: 46: 24,948 --> 00: 46: 28,118 In my life, I do not sell, 739 00: 46: 28,202 --> 00: 46: 32,122 but they say: "Death, debt and divorce." 740 00: 46: 32,206 --> 00: 46: 34,208 So, maybe ... 741 00: 46: 34,291 --> 00: 46: 36,877 Well, I hope it does not happen to me none of those things. 742 00: 46: 50,516 --> 00: 46: 54,561 I make it clear to the galleries I work with 743 00: 46: 54,645 --> 00: 46: 59,066 I hope they sell my works to "good people". 744 00: 46: 59,149 --> 00: 47: 02,319 That means that, six months later, 745 00: 47: 02,402 --> 00: 47: 05,948 are not in an auction, where, I think, 746 00: 47: 06,031 --> 00: 47: 07,533 they do not belong. 747 00: 47: 08,283 --> 00: 47: 13,080 They deserve to be at home of someone to take care of them. 748 00: 47: 13,330 --> 00: 47: 15,749 You are never the true owner. For me, 749 00: 47: 15,832 --> 00: 47: 18,293 they always belong to the artist. 750 00: 47: 18,377 --> 00: 47: 21,588 You can be their caretaker, their protector. 751 00: 47: 21,672 --> 00: 47: 24,216 It is a huge responsibility. 752 00: 47: 24,800 --> 00: 47: 27,427 So I tell my dealers 753 00: 47: 27,511 --> 00: 47: 30,430 that they do not sell to people They do not understand that. 754 00: 47: 32,266 --> 00: 47: 36,144 We must distinguish between collectors and buyers. 755 00: 47: 36,228 --> 00: 47: 39,189 Unfortunately, this time 756 00: 47: 39,273 --> 00: 47: 42,192 It is the era of the buyer. 757 00: 47: 42,276 --> 00: 47: 44,861 The era of guys with a lot of money, 758 00: 47: 44,945 --> 00: 47: 47,155 so much that they do not know what to do with it. 759 00: 47: 47,781 --> 00: 47: 50,909 Every many years, a new group of collectors appears, 760 00: 47: 50,993 --> 00: 47: 53,078 billionaires of hedge funds, 761 00: 47: 53,161 --> 00: 47: 55,122 a new litter of Hollywood people. 762 00: 47: 55,205 --> 00: 47: 56,999 We had the mineral people, 763 00: 47: 57,499 --> 00: 48: 00,877 and also to the Middle East, and the Qatari royal family. 764 00: 48: 01,295 --> 00: 48: 03,255 A new litter always appears. 765 00: 48: 03,630 --> 00: 48: 06,967 Usually, the taste they develop 766 00: 48: 07,050 --> 00: 48: 09,845 with that money is ... Well, it does not develop. 767 00: 48: 10,053 --> 00: 48: 12,014 Sometimes, I go to a collector's house 768 00: 48: 12,097 --> 00: 48: 14,933 and I think: "Shit, you need a consultant." 769 00: 48: 18,103 --> 00: 48: 21,106 The art consultant is like a therapist. 770 00: 48: 21,189 --> 00: 48: 25,068 Do you know what kind of art they like their customers 771 00: 48: 25,152 --> 00: 48: 28,280 or he teaches his clients what kind of art should you like? 772 00: 48: 28,739 --> 00: 48: 32,492 They usually work like eyes and ears, 773 00: 48: 32,576 --> 00: 48: 36,622 more than anything, the ears, of buyers and collectors. 774 00: 48: 36,705 --> 00: 48: 40,542 They hear that this or that bought, or that Stevie Cohen has such a thing. 775 00: 48: 40,626 --> 00: 48: 43,295 It is part of the herd mentality of the art world. 776 00: 48: 43,378 --> 00: 48: 45,047 It became a global asset, 777 00: 48: 45,130 --> 00: 48: 47,424 and has added to the patrons 778 00: 48: 47,507 --> 00: 48: 50,010 and art fans richest in the world. 779 00: 48: 50,093 --> 00: 48: 52,179 New people in the art market 780 00: 48: 52,262 --> 00: 48: 55,641 demands a higher level of service, of transparency, 781 00: 48: 55,724 --> 00: 48: 58,977 knowledge or expertise by the amount of capital at stake. 782 00: 48: 59,186 --> 00: 49: 02,314 Art moves very fast. You have to keep an eye on it 783 00: 49: 02,397 --> 00: 49: 03,690 and not lose sight of it. 784 00: 49: 03,774 --> 00: 49: 06,652 It can be useful have someone to help you 785 00: 49: 07,819 --> 00: 49: 09,571 If you were looking for a consultant, 786 00: 49: 09,821 --> 00: 49: 12,491 I would make sure he was not a dealer, 787 00: 49: 12,574 --> 00: 49: 16,495 that I did not have inventory and do not buy or invest in art. 788 00: 49: 16,828 --> 00: 49: 19,665 I do not want the consultant take the painting A 789 00: 49: 19,748 --> 00: 49: 22,501 and sell the paintings to their clients 790 00: 49: 22,584 --> 00: 49: 26,838 to make sure to shake the artist's market And it usually happens. 791 00: 49: 28,674 --> 00: 49: 31,802 I dedicate myself to art because I love it. 792 00: 49: 31,927 --> 00: 49: 34,429 But unfortunately, you may like it today, 793 00: 49: 34,513 --> 00: 49: 37,224 but not tomorrow, because the taste changes. 794 00: 49: 37,474 --> 00: 49: 39,351 Sir, 969, thank you. 795 00: 49: 39,434 --> 00: 49: 42,187 There are not many masterpieces. If you trip over one, 796 00: 49: 42,437 --> 00: 49: 45,941 you will do more extraordinary things to take over her. 797 00: 49: 46,191 --> 00: 49: 49,903 "MOST MUSEUMS THEY DO NOT HAVE MONEY TO ACQUIRE ART. " 798 00: 49: 52,698 --> 00: 49: 55,534 LOT 5: MUSEUMS 799 00: 49: 55,742 --> 00: 49: 59,579 The meaning of the same work It may vary depending on the place. 800 00: 50: 00,497 --> 00: 50: 03,250 Have your picture reach the Guggenheim 801 00: 50: 03,333 --> 00: 50: 05,460 your value and your brand will rise. 802 00: 50: 05,544 --> 00: 50: 07,421 It's an incredible seal of approval. 803 00: 50: 21,727 --> 00: 50: 24,771 One of the most important functions of the institutions 804 00: 50: 24,855 --> 00: 50: 29,443 is to make sure not to talk to you only 805 00: 50: 29,526 --> 00: 50: 33,447 to the tiny group that is so rich who can buy art, 806 00: 50: 33,530 --> 00: 50: 36,825 but also to an audience harder to reach. 807 00: 50: 37,826 --> 00: 50: 40,704 And that's why the artists still consider that the institutions 808 00: 50: 40,787 --> 00: 50: 43,749 they are the most prestigious context for his work, 809 00: 50: 43,832 --> 00: 50: 46,918 because it makes it influential and important. 810 00: 50: 47,127 --> 00: 50: 48,628 MIDNIGHT IN PARIS 811 00: 50: 48,712 --> 00: 50: 50,338 If I'm not mistaken, he painted this portrait 812 00: 50: 50,422 --> 00: 50: 54,676 of his French lover, Madeleine Pressuit, in the 20s. 813 00: 50: 55,135 --> 00: 50: 57,846 Paul, I have to contradict you. 814 00: 50: 57,929 --> 00: 51: 00,098 - Seriously? - Gil, pay attention. 815 00: 51: 00,182 --> 00: 51: 01,641 Maybe you learn something. 816 00: 51: 01,725 ​​--> 00: 51: 05,645 If I'm not mistaken, this was a failed attempt 817 00: 51: 05,729 --> 00: 51: 09,649 to portray a young Frenchwoman, Adrianna, from Bordeaux, 818 00: 51: 09,733 --> 00: 51: 11,777 yes my memory of art history it does not fail me, 819 00: 51: 11,860 --> 00: 51: 15,655 who came to Paris to study costume design for the theater. 820 00: 51: 15,739 --> 00: 51: 18,450 And I think he had an adventure with Modigliani, 821 00: 51: 18,533 --> 00: 51: 22,204 then with Braque, and that's how Pablo met her. Picasso 822 00: 51: 22,287 --> 00: 51: 25,165 Of course, what is not seen in this portrait 823 00: 51: 25,248 --> 00: 51: 29,795 It is the subtlety of its beauty. It was a doll. 824 00: 51: 30,837 --> 00: 51: 32,339 What have you been smoking? 825 00: 51: 34,007 --> 00: 51: 36,927 Today, while the price of art 826 00: 51: 37,010 --> 00: 51: 39,721 continues to rise drastically, 827 00: 51: 40,305 --> 00: 51: 45,310 the museum competes with collectors of all the world 828 00: 51: 45,393 --> 00: 51: 47,646 with incredibly immense fortunes. 829 00: 51: 47,813 --> 00: 51: 51,233 Your work is much more complicated 830 00: 51: 51,441 --> 00: 51: 54,194 of what it was 30 years ago, 831 00: 51: 54,277 --> 00: 51: 58,323 when they only had to say: "Heavens, 832 00: 51: 58,406 --> 00: 52: 01,326 How nice would it be to have that particular painting in the museum. 833 00: 52: 01,409 --> 00: 52: 04,329 Can I invite the owner to lunch? " 834 00: 52: 04,412 --> 00: 52: 06,414 It is a business. 835 00: 52: 06,498 --> 00: 52: 09,543 There is no museum, as far as I know, 836 00: 52: 09,626 --> 00: 52: 14,172 there is no important museum to earn money with your visitors. 837 00: 52: 14,256 --> 00: 52: 17,259 For the MOMA, 838 00: 52: 17,342 --> 00: 52: 21,096 yes you divide your total cost structure by the number of visitors, 839 00: 52: 21,680 --> 00: 52: 24,307 the average visitor costs them about $ 50, 840 00: 52: 24,891 --> 00: 52: 26,643 but pay between 15 and 20 to enter. 841 00: 52: 28,520 --> 00: 52: 31,606 So they have to compensate that difference somehow, 842 00: 52: 31,690 --> 00: 52: 34,192 and that way are the donors. 843 00: 52: 45,495 --> 00: 52: 51,459 The best museums are not directed by any member of the board, 844 00: 52: 52,002 --> 00: 52: 56,882 and you need a museum director very strong for that to happen. 845 00: 52: 57,090 --> 00: 53: 00,594 Many ask if there is tension between some donor 846 00: 53: 00,677 --> 00: 53: 03,138 with a particular point of view 847 00: 53: 03,221 --> 00: 53: 07,934 and if it is aligned or misaligned with the organization of the museum. 848 00: 53: 08,143 --> 00: 53: 11,271 To begin with, understand that, without donors, there are no museums, 849 00: 53: 11,354 --> 00: 53: 14,024 so we fight with everything in its complexity. 850 00: 53: 14,274 --> 00: 53: 16,359 Money always comes with demands. 851 00: 53: 17,235 --> 00: 53: 19,613 Leon Black buys 852 00: 53: 19,696 --> 00: 53: 22,240 what is not a great work of art, 853 00: 53: 22,324 --> 00: 53: 23,783 The scream, from Munch. Emblematic 854 00: 53: 23,867 --> 00: 53: 26,202 but it is not a work of art particularly good 855 00: 53: 26,578 --> 00: 53: 30,040 At that time, It was the most expensive work of art. 856 00: 53: 30,206 --> 00: 53: 34,336 I think it was 2012. And, almost immediately, It was exhibited at the MOMA. 857 00: 53: 34,419 --> 00: 53: 39,341 It's something almost unprecedented, and it's because it was part of an agenda. 858 00: 53: 39,549 --> 00: 53: 43,428 The MOMA board is not there for his knowledge of art, 859 00: 53: 43,595 --> 00: 53: 48,892 but to contribute and raise funds, 860 00: 53: 49,059 --> 00: 53: 53,605 and it happens with almost all the great museums of the western world. 861 00: 53: 53,688 --> 00: 53: 57,776 If we do not support the arts, there is no reason to continue. 862 00: 53: 57,984 --> 00: 54: 01,821 The role of the museum changed. They are marketing attractiveness. 863 00: 54: 01,905 --> 00: 54: 04,324 On the one hand, they appeal to members 864 00: 54: 04,407 --> 00: 54: 07,202 of hedge funds to be on the board, 865 00: 54: 07,410 --> 00: 54: 10,163 on the other, to mass worship. 866 00: 54: 10,246 --> 00: 54: 12,999 This is how they show the world and themselves 867 00: 54: 13,208 --> 00: 54: 16,836 that are not only the richest, but also the most popular. 868 00: 54: 18,254 --> 00: 54: 21,508 Every day you have to convince 869 00: 54: 21,883 --> 00: 54: 23,969 to someone or to a group, 870 00: 54: 24,052 --> 00: 54: 26,262 or to the government or to a company 871 00: 54: 26,513 --> 00: 54: 29,808 of why you exist, why it is important that you exist 872 00: 54: 29,891 --> 00: 54: 31,434 and why your work is important. 873 00: 54: 31,643 --> 00: 54: 35,522 I think the complexity is in there is a mixture 874 00: 54: 35,605 --> 00: 54: 39,484 between the commercial part of art and the other part of the art world, 875 00: 54: 39,567 --> 00: 54: 43,446 the public or institutional sector, who contributes 876 00: 54: 43,530 --> 00: 54: 47,409 to greater marketing and privatization 877 00: 54: 47,492 --> 00: 54: 52,080 of what were once only public institutions. 878 00: 54: 52,497 --> 00: 54: 55,000 People buy works of art, 879 00: 54: 55,083 --> 00: 54: 57,544 he gives them away sometimes, 880 00: 54: 57,627 --> 00: 55: 01,715 they leave them to their heirs, that they keep them for a while. 881 00: 55: 01,798 --> 00: 55: 06,261 But, in the end, all the art of some importance 882 00: 55: 06,344 --> 00: 55: 09,222 ends in some public institution. 883 00: 55: 09,431 --> 00: 55: 12,434 Think of the twentieth century, 884 00: 55: 12,517 --> 00: 55: 15,353 in the great museums of this country, 885 00: 55: 15,437 --> 00: 55: 19,607 the Frick, the Huntington, the Clark Art Institute, the Morgan. 886 00: 55: 20,316 --> 00: 55: 25,155 All are museums created by individuals who bequeathed his collection, 887 00: 55: 25,238 --> 00: 55: 26,573 basically, to the public. 888 00: 55: 26,781 --> 00: 55: 30,368 A new generation of extraordinarily rich people 889 00: 55: 30,452 --> 00: 55: 32,996 wants to do the same 890 00: 55: 33,246 --> 00: 55: 35,123 Some will say that it does not motivate them 891 00: 55: 35,206 --> 00: 55: 38,376 the same altruism that motivated Frick, 892 00: 55: 38,460 --> 00: 55: 41,629 but I do not know what altruism motivated Frick. 893 00: 55: 41,713 --> 00: 55: 44,382 I know that, after all, 894 00: 55: 44,466 --> 00: 55: 46,801 created an institution and he left her collection 895 00: 55: 46,885 --> 00: 55: 49,512 to that institution, and we are all better for that. 896 00: 56: 02,984 --> 00: 56: 06,279 "THE AUCTION HOUSE, INHERENTLY, EQUAL CAPITAL AND VALUE ". 897 00: 56: 06,362 --> 00: 56: 08,823 ART CRITIC 898 00: 56: 09,449 --> 00: 56: 13,787 LOTE SIX: AUCTION HOUSES 899 00: 56: 19,834 --> 00: 56: 21,961 The night auctions from Sotheby's and Christie's 900 00: 56: 22,045 --> 00: 56: 23,421 They are the great pinnacle. 901 00: 56: 23,546 --> 00: 56: 27,300 500 people go, 40 make offers, the others go to be seen. 902 00: 56: 27,509 --> 00: 56: 29,052 They are part of a play, 903 00: 56: 29,260 --> 00: 56: 31,596 and the auction house he uses them as evidence 904 00: 56: 32,055 --> 00: 56: 34,599 how important this show is 905 00: 56: 48,071 --> 00: 56: 51,616 The best of the world of auctions is seen at Christie's and Sotheby's. It is a duopoly. 906 00: 56: 52,200 --> 00: 56: 53,993 They compete, basically, between them. 907 00: 56: 54,786 --> 00: 56: 59,207 There's also Phillips, but to say that I bought a work at Sotheby's 908 00: 56: 59,290 --> 00: 57: 02,043 It is not the same as saying: "Come to my house, 909 00: 57: 02,127 --> 00: 57: 04,045 You'll see something I bought in Phillips. " 910 00: 57: 05,672 --> 00: 57: 09,717 Compete for iconic works, the works that appear on the cover, 911 00: 57: 09,801 --> 00: 57: 11,261 of those that are spoken in the Times, 912 00: 57: 11,344 --> 00: 57: 15,348 because that's what attracts the public, what attracts more commissions. 913 00: 57: 15,598 --> 00: 57: 18,643 This portrait of Liz Taylor made by Warhol is another star 914 00: 57: 18,726 --> 00: 57: 20,812 which will be auctioned this week. 915 00: 57: 21,104 --> 00: 57: 24,149 The auction house feels optimistic with respect to this season. 916 00: 57: 24,441 --> 00: 57: 26,776 We are doing very well, the market is strong. 917 00: 57: 26,860 --> 00: 57: 28,653 AUCTIONEER 918 00: 57: 28,736 --> 00: 57: 30,697 The market has globalized, 919 00: 57: 30,780 --> 00: 57: 32,740 because there are buyers from all over the world 920 00: 57: 32,824 --> 00: 57: 35,493 who participate in these auctions. 921 00: 57: 35,910 --> 00: 57: 40,582 Our catalogs will be great, academic and juicy, 922 00: 57: 40,790 --> 00: 57: 44,878 and we will contribute the highest possible values 923 00: 57: 45,044 --> 00: 57: 47,505 to the presentation and sale of art. 924 00: 57: 48,047 --> 00: 57: 50,842 We are the only ones we offer Live telephone participation. 925 00: 57: 51,050 --> 00: 57: 53,094 This is how we try to beat the competition. 926 00: 57: 53,178 --> 00: 57: 54,679 CHIEF OF CONTEMPORARY ART 927 00: 57: 54,888 --> 00: 57: 57,140 The competition between the big houses, 928 00: 57: 57,223 --> 00: 58: 01,436 that was always intense, It is now more intense than ever. 929 00: 58: 02,520 --> 00: 58: 06,399 Christie's leads in recent years. 930 00: 58: 06,566 --> 00: 58: 11,279 Your auctions have gathered, by far, larger sums of money. 931 00: 58: 11,905 --> 00: 58: 16,618 Sotheby's has had a bad time. 932 00: 58: 16,701 --> 00: 58: 17,535 SOTHEBY'S ACQUIRES 933 00: 58: 17,619 --> 00: 58: 18,536 PRESTIGIOUS ART CONSULTANT 934 00: 58: 18,620 --> 00: 58: 19,454 THE BET OF SOTHEBY'S 935 00: 58: 19,537 --> 00: 58: 21,122 ACQUIRED AGENCY FOR 50 MILLION 936 00: 58: 21,748 --> 00: 58: 26,586 Amy Cappellazzo had an art agency, Art Agency Partners. 937 00: 58: 26,669 --> 00: 58: 31,466 The main reason why Sotheby's paid 50 million dollars 938 00: 58: 31,549 --> 00: 58: 36,763 it was because I was desperately urged to have internal talent. 939 00: 58: 36,846 --> 00: 58: 40,850 Amy Cappellazzo was very ambitious, 940 00: 58: 40,934 --> 00: 58: 44,354 a famous and successful dealer 941 00: 58: 44,437 --> 00: 58: 48,775 with many very powerful clients. 942 00: 58: 49,359 --> 00: 58: 52,654 They needed their contacts, 943 00: 58: 53,071 --> 00: 58: 55,907 they needed someone with that kind of power. 944 00: 58: 55,990 --> 00: 58: 58,034 And Allen Schwartzman, 945 00: 58: 58,117 --> 00: 59: 04,374 one of the art consultants of better reputation in the United States. 946 00: 59: 06,793 --> 00: 59: 09,546 It's a very small and gossipy world, 947 00: 59: 09,629 --> 00: 59: 12,173 so I guess people I wanted to talk about that. 948 00: 59: 12,257 --> 00: 59: 13,883 The art is not a market ... 949 00: 59: 13,967 --> 00: 59: 15,343 SOTHEBY'S ACQUIRES CONSULTANT 950 00: 59: 15,426 --> 00: 59: 16,803 ... with many acquisitions. 951 00: 59: 16,886 --> 00: 59: 17,887 WHY BUY A CONSULTANT 952 00: 59: 17,971 --> 00: 59: 20,223 In other industries, I would not have made so much noise. 953 00: 59: 21,724 --> 00: 59: 25,937 The biggest surprise of the sale it was not the people who acquired, 954 00: 59: 26,020 --> 00: 59: 30,400 which is the best in the industry, but the figures, 955 00: 59: 30,733 --> 00: 59: 33,528 and we still do not know if it will be worth it. 956 00: 59: 36,072 --> 00: 59: 38,366 The auction houses they were wholesale businesses 957 00: 59: 38,616 --> 00: 59: 43,162 for many years, but they became retail operations 958 00: 59: 43,246 --> 00: 59: 44,789 They sell directly to collectors 959 00: 59: 44,872 --> 00: 59: 46,916 and that influence them 960 00: 59: 47,000 --> 00: 59: 50,336 and help them assemble collections. Today they are referees of the market. 961 00: 59: 50,628 --> 00: 59: 56,718 The auction market prices rise a lot 962 00: 59: 56,801 --> 00: 59: 59,262 because those who do not have access to it 963 00: 59: 59,470 --> 01: 00: 03,266 through the primary dealer You can access in this way. 964 01: 00: 04,726 --> 01: 00: 08,521 The best thing about auctions is that they do that the price is transparent. 965 01: 00: 08,605 --> 01: 00: 11,983 We do not know the sales of the secondary market among dealers, 966 01: 00: 12,066 --> 01: 00: 13,693 we do not know the values, 967 01: 00: 13,776 --> 01: 00: 16,863 but the auction houses They always make prices clear. 968 01: 00: 16,946 --> 01: 00: 19,699 It is an eternal function. Without that, 969 01: 00: 19,782 --> 01: 00: 22,410 the market is so opaque that nobody knows what happens. 970 01: 00: 22,535 --> 01: 00: 25,580 When something is sold at auction, 971 01: 00: 26,039 --> 01: 00: 31,794 it is one of the few points of transparency in the art market. 972 01: 00: 33,296 --> 01: 00: 35,923 The world of auctions seeks to show 973 01: 00: 36,007 --> 01: 00: 39,385 as totally transparent, as the place where you know 974 01: 00: 39,469 --> 01: 00: 43,097 what is the true price, but it is not so like that. 975 01: 00: 43,890 --> 01: 00: 46,309 Now, if you go to an auction 976 01: 00: 46,392 --> 01: 00: 48,978 to bid for a contemporary work of art, 977 01: 00: 49,062 --> 01: 00: 53,608 and you do not understand, once the bidding starts, 978 01: 00: 53,691 --> 01: 00: 55,693 what happens in the auction, 979 01: 00: 56,027 --> 01: 00: 58,946 they are taking you for a fool, 980 01: 00: 59,030 --> 01: 01: 02,575 because everything around you It is totally fixed. 981 01: 01: 03,576 --> 01: 01: 07,622 There are spider bids at auctions. 982 01: 01: 07,955 --> 01: 01: 11,042 There are spider bids when nobody offers anything, 983 01: 01: 11,125 --> 01: 01: 16,089 but the auctioneer accepts offers of the ceiling spiders. 984 01: 01: 17,090 --> 01: 01: 21,052 That's because he wants to get there at the reservation price. 985 01: 01: 21,344 --> 01: 01: 24,180 If the reservation price it's one million dollars, 986 01: 01: 24,263 --> 01: 01: 28,851 You can start the bidding at 700,000 987 01: 01: 28,935 --> 01: 01: 30,770 and try to generate enthusiasm. 988 01: 01: 30,853 --> 01: 01: 33,439 If you are on the phone or you're watching it by video, 989 01: 01: 33,523 --> 01: 01: 36,567 maybe you do not realize that, really, 990 01: 01: 36,651 --> 01: 01: 37,902 nobody is offering anything. 991 01: 01: 37,985 --> 01: 01: 41,447 Should the reserve be revealed? 992 01: 01: 41,698 --> 01: 01: 44,242 If so, it would start with the reserve price. 993 01: 01: 44,534 --> 01: 01: 46,285 Would that hurt someone? 994 01: 01: 46,369 --> 01: 01: 48,538 I CAN NOT BELIEVE THAT BUY THIS SHIT, IDIOTS 995 01: 01: 48,621 --> 01: 01: 50,707 Very occasionally, 996 01: 01: 51,249 --> 01: 01: 56,504 there are situations that expose this kind of perverse activity 997 01: 01: 56,587 --> 01: 02: 01,926 which, by the way, would be considered illegal in any other industry. 998 01: 02: 02,760 --> 01: 02: 06,514 Maybe a collector raise with your offer the price of a Hirst, 999 01: 02: 06,723 --> 01: 02: 07,849 not because I want to buy it. 1000 01: 02: 07,932 --> 01: 02: 11,436 Do not want the value of your inventory download, 1001 01: 02: 11,686 --> 01: 02: 12,812 and that happens in public. 1002 01: 02: 12,895 --> 01: 02: 15,690 The Mugrabi family of New York she is very sincere and says 1003 01: 02: 15,773 --> 01: 02: 20,027 that raise the price of the Warhol because they have several hundred 1004 01: 02: 20,111 --> 01: 02: 23,156 and, if you have a small box of Warhol flowers, 1005 01: 02: 23,740 --> 01: 02: 25,867 you can sell for a million and a half, 1006 01: 02: 26,117 --> 01: 02: 29,203 because those who have works by Warhol they will not let it sell 1007 01: 02: 29,287 --> 01: 02: 32,123 for less than that. They will raise the price. 1008 01: 02: 33,541 --> 01: 02: 36,169 Are there people who manipulate the market? 1009 01: 02: 36,252 --> 01: 02: 38,796 Are there dealers who want to protect their artists? 1010 01: 02: 39,130 ​​--> 01: 02: 41,591 It's possible, but as soon as you lift the palette, 1011 01: 02: 41,924 --> 01: 02: 44,594 There is no guarantee that someone else pick her up, 1012 01: 02: 44,677 --> 01: 02: 47,180 even if I want to die, I'm not obligated to do it. 1013 01: 02: 47,513 --> 01: 02: 49,265 So it may end up being yours. 1014 01: 02: 50,016 --> 01: 02: 54,437 Yes, they talk about those cliques, of those people 1015 01: 02: 54,520 --> 01: 02: 57,356 who is not interested in the artist and he only clings to his work 1016 01: 02: 57,440 --> 01: 02: 59,150 to earn money someday, 1017 01: 02: 59,233 --> 01: 03: 03,029 but there is no proof of that, It is very difficult to prove, 1018 01: 03: 03,362 --> 01: 03: 05,114 and it is not illegal. 1019 01: 03: 06,532 --> 01: 03: 08,826 If something is auctioned, 1020 01: 03: 08,910 --> 01: 03: 11,204 It is estimated that it is worth between four and five million 1021 01: 03: 11,412 --> 01: 03: 13,080 and it sells for 14, 1022 01: 03: 13,539 --> 01: 03: 15,917 How can you go to an auction 1023 01: 03: 16,000 --> 01: 03: 19,545 and expect to pay four or five million and end up paying 14? 1024 01: 03: 20,463 --> 01: 03: 23,633 The answer is that you knew what would happen, 1025 01: 03: 24,217 --> 01: 03: 27,804 but also that you want the object and you do not care too much 1026 01: 03: 28,971 --> 01: 03: 30,807 And that is the top of the art world. 1027 01: 03: 31,390 --> 01: 03: 35,394 Warning: your offer, not yours. I'm sorry, but I'm happy for you. 1028 01: 03: 35,686 --> 01: 03: 37,021 Thirty-three. 1029 01: 03: 37,104 --> 01: 03: 40,942 It is the least interesting concept 1030 01: 03: 41,025 --> 01: 03: 43,194 talk about the auction houses. 1031 01: 03: 44,445 --> 01: 03: 47,156 Why do not we talk about art? 1032 01: 03: 47,365 --> 01: 03: 50,910 "ART FAIRS BECAME IN A PRIVATE JETS PARKING ". 1033 01: 03: 53,371 --> 01: 03: 55,373 LOTE SEVEN: FAIRS 1034 01: 03: 59,502 --> 01: 04: 02,672 The art fair of Basel it was not only the first fair, 1035 01: 04: 03,464 --> 01: 04: 07,510 but it is still the most important art fair in the world. 1036 01: 04: 07,718 --> 01: 04: 12,306 And I think, to this day, which is the most difficult to access. 1037 01: 04: 12,390 --> 01: 04: 17,270 The great magnates crowded, literally, 1038 01: 04: 17,353 --> 01: 04: 19,939 with your nose against the glass, 1039 01: 04: 20,022 --> 01: 04: 22,733 waiting for the opening of the fair. 1040 01: 04: 22,817 --> 01: 04: 27,822 It was a race to see who came first to the first floor, 1041 01: 04: 27,905 --> 01: 04: 33,578 where the best galleries They sold to the best artists. 1042 01: 04: 33,661 --> 01: 04: 40,209 I never saw a massive panic like that between the super-millionaires. 1043 01: 04: 40,293 --> 01: 04: 42,211 It was an extraordinary spectacle. 1044 01: 04: 50,261 --> 01: 04: 53,222 When I come, I feel like it gives me 1045 01: 04: 53,306 --> 01: 04: 54,891 a perspective of the art world, 1046 01: 04: 54,974 --> 01: 04: 57,351 to see what happens in art. 1047 01: 05: 02,315 --> 01: 05: 05,651 We always pay attention to what happens in the art world. 1048 01: 05: 05,735 --> 01: 05: 07,778 We always try to adopt things ... 1049 01: 05: 07,862 --> 01: 05: 08,863 INTERNATIONAL DIRECTOR 1050 01: 05: 08,946 --> 01: 05: 09,989 ...more important. 1051 01: 05: 10,072 --> 01: 05: 11,282 The things that came up. 1052 01: 05: 14,911 --> 01: 05: 17,204 When I started going to Basel, in Switzerland, 1053 01: 05: 17,622 --> 01: 05: 22,710 It was a very small group. Everyone knew each other. 1054 01: 05: 22,793 --> 01: 05: 25,838 They were art collectors very passionate 1055 01: 05: 26,005 --> 01: 05: 28,966 The majority of the material It was not pre-sold, 1056 01: 05: 29,050 --> 01: 05: 30,301 so there was opportunity 1057 01: 05: 30,384 --> 01: 05: 33,179 yes it was just opening. 1058 01: 05: 33,804 --> 01: 05: 36,057 Now, that is very difficult. 1059 01: 05: 36,474 --> 01: 05: 40,394 More than half of the art It is pre-sold by the big dealers. 1060 01: 05: 45,149 --> 01: 05: 48,527 There is something we forget of art fairs, 1061 01: 05: 48,611 --> 01: 05: 51,238 because now they are magnets 1062 01: 05: 51,322 --> 01: 05: 54,033 for celebrities and all kinds of people, 1063 01: 05: 54,116 --> 01: 05: 55,910 and it is that they are commercial fairs. 1064 01: 05: 56,827 --> 01: 05: 59,497 The galleries were going to get rid of the deposit, 1065 01: 05: 59,580 --> 01: 06: 02,750 the things they had saved and they could not sell. 1066 01: 06: 03,376 --> 01: 06: 07,338 Now they ask the artists that produce directly for the fairs. 1067 01: 06: 07,922 --> 01: 06: 11,634 The great change that occurred in the last 30 or 40 years 1068 01: 06: 11,717 --> 01: 06: 14,095 is that the rich they used to inherit wealth, 1069 01: 06: 14,178 --> 01: 06: 17,723 and now they are rich in their own right, working people 1070 01: 06: 17,807 --> 01: 06: 20,476 that does not have time 1071 01: 06: 20,559 --> 01: 06: 23,938 to spend two or three days a week visiting galleries. 1072 01: 06: 24,230 --> 01: 06: 26,565 That's why they serve art fairs, 1073 01: 06: 26,649 --> 01: 06: 29,110 It is a very efficient use of time. 1074 01: 06: 29,193 --> 01: 06: 31,821 All in one place. It's like a shopping center. 1075 01: 06: 31,904 --> 01: 06: 34,073 DIRECTOR OF THE HAYWARD GALLERY 1076 01: 06: 34,615 --> 01: 06: 37,660 It is the same, it is very comfortable. 1077 01: 06: 37,994 --> 01: 06: 43,124 I always believed that there should be many fairs, 1078 01: 06: 43,207 --> 01: 06: 45,126 what should be great, 1079 01: 06: 45,209 --> 01: 06: 47,837 because they enlarge the purchase. Nothing else. 1080 01: 06: 53,759 --> 01: 06: 56,095 Miami is a totally different beast. 1081 01: 07: 00,766 --> 01: 07: 05,146 I never went to Miami Basel, because it seems like a nightmare. 1082 01: 07: 07,606 --> 01: 07: 11,110 Many parties, a lot of marketing. 1083 01: 07: 11,235 --> 01: 07: 14,905 Marketing of anything. Of vodka, 1084 01: 07: 14,989 --> 01: 07: 18,325 of jewelry brands. 1085 01: 07: 18,492 --> 01: 07: 21,662 This work is aggressive, it is dangerous, 1086 01: 07: 21,746 --> 01: 07: 23,622 It's stupid, and that's why I like it. 1087 01: 07: 23,706 --> 01: 07: 27,710 This is called Blue Box, It's about the Civil War, of course. 1088 01: 07: 28,085 --> 01: 07: 32,089 This work was done on a ship, then he was sent to a car, 1089 01: 07: 32,173 --> 01: 07: 33,799 and in a car they took her to a plane. 1090 01: 07: 33,883 --> 01: 07: 36,469 It's challenging, it would be a good addition to your collection. 1091 01: 07: 36,552 --> 01: 07: 39,764 It's so stupid that it's hard to understand, and that can be interesting. 1092 01: 07: 40,014 --> 01: 07: 41,849 You talk about my jeans, do not you? 1093 01: 07: 42,058 --> 01: 07: 46,687 It offers a lot to think about in his show, 1094 01: 07: 46,771 --> 01: 07: 49,607 but it's much harder Concentrate on art. 1095 01: 07: 49,774 --> 01: 07: 51,108 And it gets socialized a lot, 1096 01: 07: 51,192 --> 01: 07: 54,153 they all want to kiss you on the cheek and give you a hand. 1097 01: 07: 54,236 --> 01: 07: 55,780 When are you going to see art? 1098 01: 07: 56,530 --> 01: 07: 58,657 More people are going than ever. 1099 01: 07: 58,741 --> 01: 08: 00,659 People who do not know anything about art, 1100 01: 08: 00,743 --> 01: 08: 02,620 which may not even be interested, 1101 01: 08: 02,703 --> 01: 08: 04,246 but that adds to the party. 1102 01: 08: 04,705 --> 01: 08: 07,500 Basel Miami will attract 65,000 people, 1103 01: 08: 07,583 --> 01: 08: 10,961 of which There may be 2,000 buyers, 1104 01: 08: 11,045 --> 01: 08: 13,422 and that may be too optimistic. 1105 01: 08: 13,672 --> 01: 08: 16,550 The others are spectators. 1106 01: 08: 16,967 --> 01: 08: 18,511 If you go to an art fair, 1107 01: 08: 18,594 --> 01: 08: 21,305 the conversations are ridiculous, because they come from people 1108 01: 08: 21,388 --> 01: 08: 23,265 who has no idea about art. 1109 01: 08: 23,349 --> 01: 08: 28,437 Miami became in an orgy of positional spending. 1110 01: 08: 28,646 --> 01: 08: 31,857 It became the Comic-Con of the billionaires. 1111 01: 08: 47,915 --> 01: 08: 51,168 Everything adapted to the world of entertainment. 1112 01: 08: 51,252 --> 01: 08: 54,296 You have to attract the crowds, to the heads, to the people, 1113 01: 08: 54,380 --> 01: 08: 58,008 and they will do everything that is necessary to call them attention. 1114 01: 08: 58,759 --> 01: 09: 02,721 It is part of the great phenomenon of shopping events. 1115 01: 09: 02,805 --> 01: 09: 05,766 There may be good art at an art fair. 1116 01: 09: 06,016 --> 01: 09: 08,269 But I do not know if it's good art 1117 01: 09: 08,352 --> 01: 09: 12,064 because the context hurts it. 1118 01: 09: 15,985 --> 01: 09: 19,530 There is an echo chamber that does not produce exactly 1119 01: 09: 19,613 --> 01: 09: 22,241 the surprises that one, as an art spectator, 1120 01: 09: 22,324 --> 01: 09: 24,368 not even as a critic, wants to see 1121 01: 09: 24,451 --> 01: 09: 25,911 at Art Basel Miami Beach, 1122 01: 09: 25,995 --> 01: 09: 28,956 which is supposed to be the best art event, 1123 01: 09: 29,039 --> 01: 09: 30,833 or the best art fair in the world. 1124 01: 09: 31,083 --> 01: 09: 34,211 There is a bit of intellectual snobbery 1125 01: 09: 34,295 --> 01: 09: 36,714 in dismissing all art fairs 1126 01: 09: 36,797 --> 01: 09: 41,677 and say that they are a horrible event who sees the development 1127 01: 09: 41,760 --> 01: 09: 45,139 of a world of venal art at its maximum expression. 1128 01: 09: 46,599 --> 01: 09: 49,393 I think there's a lot of pressure about the artists 1129 01: 09: 49,476 --> 01: 09: 52,688 and the galleries so that they continue producing works 1130 01: 09: 52,771 --> 01: 09: 56,775 for the endless art fairs that keep showing up, 1131 01: 09: 57,193 --> 01: 09: 59,612 because you can earn a lot of money, 1132 01: 09: 59,695 --> 01: 10: 01,071 and there are many cities 1133 01: 10: 01,155 --> 01: 10: 04,450 who love having that 0.1% 1134 01: 10: 04,533 --> 01: 10: 08,913 of the richest people in the world in your city to spend money. 1135 01: 10: 08,996 --> 01: 10: 10,080 LIFE AND DEATH OF INCREDIBLE PEOPLE 1136 01: 10: 10,164 --> 01: 10: 14,543 Everyone talks about the pressure for artists to produce. 1137 01: 10: 14,627 --> 01: 10: 17,922 If you choose to be the artist who will work for art fairs 1138 01: 10: 18,005 --> 01: 10: 22,927 and the constant flow of products, in that your art becomes. 1139 01: 10: 23,093 --> 01: 10: 26,430 "THE PRICE OF AN ARTWORK IT HAS NOTHING TO DO WITH THE WORK ". 1140 01: 10: 29,558 --> 01: 10: 32,770 LOT EIGHT: OVEREXPOSURE 1141 01: 10: 36,315 --> 01: 10: 38,776 Offer and demand they can be reversed in the world of art. 1142 01: 10: 38,859 --> 01: 10: 41,445 A greater offer It can generate more demand. 1143 01: 10: 41,779 --> 01: 10: 43,364 If a dealer like Gagosian, 1144 01: 10: 43,447 --> 01: 10: 46,909 which has 12 or 13 galleries Worldwide, 1145 01: 10: 47,117 --> 01: 10: 50,246 exhibits an artist in several galleries 1146 01: 10: 50,329 --> 01: 10: 52,957 and art fairs, get more promotion, 1147 01: 10: 53,040 --> 01: 10: 56,543 more articles in art magazines and it is perceived as "in vogue". 1148 01: 10: 56,627 --> 01: 10: 59,838 And there is a greater demand for his art because it produces more. 1149 01: 11: 00,965 --> 01: 11: 03,926 Unlike everything else In the economy. 1150 01: 11: 04,176 --> 01: 11: 07,179 For the scale of the current galleries, 1151 01: 11: 07,346 --> 01: 11: 11,892 that a gallery has offices in Beijing, 1152 01: 11: 12,017 --> 01: 11: 14,311 London, New York and Los Angeles, 1153 01: 11: 14,395 --> 01: 11: 19,149 there is demand, a constant need to feed the machinery, 1154 01: 11: 19,233 --> 01: 11: 21,902 an art demand that makes artists produce, 1155 01: 11: 21,986 --> 01: 11: 27,658 produce and produce without time to say: "This year I do not participate", 1156 01: 11: 27,741 --> 01: 11: 29,910 "I will not participate in this fair." 1157 01: 11: 29,994 --> 01: 11: 32,788 You have to feed the machinery. If not, 1158 01: 11: 32,871 --> 01: 11: 35,374 Do you become irrelevant? Are you worried about that? 1159 01: 11: 35,541 --> 01: 11: 37,334 I do not know if I could live with this ... 1160 01: 11: 38,168 --> 01: 11: 42,214 I like it, but the green it's ... Institutional medium. 1161 01: 11: 42,298 --> 01: 11: 44,508 Find yourself a decorator. 1162 01: 11: 44,800 --> 01: 11: 46,885 These paintings are not finished. 1163 01: 11: 49,638 --> 01: 11: 50,889 We take the green. 1164 01: 11: 51,181 --> 01: 11: 54,184 To begin with, you learn to say no. 1165 01: 11: 54,393 --> 01: 11: 58,022 If I talk to a young artist road to New York 1166 01: 11: 58,105 --> 01: 12: 00,065 and I see that his work is very good 1167 01: 12: 00,149 --> 01: 12: 03,777 and that he takes it seriously, I'll tell him: 1168 01: 12: 03,861 --> 01: 12: 06,447 "It is important that you learn to say no, 1169 01: 12: 06,530 --> 01: 12: 08,741 Not all opportunities are good. " 1170 01: 12: 08,824 --> 01: 12: 11,035 You say yes until you can say no 1171 01: 12: 11,118 --> 01: 12: 14,496 and, when you can say no, You must say it whenever you can. 1172 01: 12: 15,622 --> 01: 12: 18,500 The frenzy with younger artists, 1173 01: 12: 18,584 --> 01: 12: 22,588 which is to make money ... You can not make a career like that. 1174 01: 12: 22,671 --> 01: 12: 27,718 It's too speculative, there is no base, it is difficult for the artist. 1175 01: 12: 27,801 --> 01: 12: 30,304 If we add the pressure on artists 1176 01: 12: 30,387 --> 01: 12: 32,681 for them to produce, everything is overwhelming. 1177 01: 12: 32,765 --> 01: 12: 35,976 Galleries can refuse fairs, the artists, the galleries. 1178 01: 12: 36,060 --> 01: 12: 39,188 You can reject collectors They ask for more works. 1179 01: 12: 39,438 --> 01: 12: 42,191 Everyone has their responsibility, 1180 01: 12: 42,274 --> 01: 12: 45,444 nobody is pointed at the head. 1181 01: 12: 46,111 --> 01: 12: 49,365 "A GREAT ARTIST IS LIKE A LOADED WEAPON: DANGEROUS IN THE HANDS OF ANYONE ". 1182 01: 12: 52,743 --> 01: 12: 56,955 LOTE NINE: A CRIME WITHOUT VICTIMS? 1183 01: 13: 08,008 --> 01: 13: 11,970 They are a market and a system Very high performance. 1184 01: 13: 12,054 --> 01: 13: 13,764 Do some win and others lose? 1185 01: 13: 13,847 --> 01: 13: 15,599 Yes, that happens in all markets. 1186 01: 13: 16,642 --> 01: 13: 18,977 It is a very particular business model. 1187 01: 13: 19,061 --> 01: 13: 23,148 The bigger, more texture, more layers and nuances. 1188 01: 13: 23,899 --> 01: 13: 27,319 Art has a different aura, 1189 01: 13: 27,403 --> 01: 13: 30,447 and it leads to a lot of corruption. 1190 01: 13: 30,531 --> 01: 13: 34,034 The problem is that the corruption of this world 1191 01: 13: 34,118 --> 01: 13: 37,246 it is basically among the richest. 1192 01: 13: 37,329 --> 01: 13: 42,334 Does it matter to someone, out of this little group? 1193 01: 13: 42,501 --> 01: 13: 44,962 Some think that the only ones manipulated 1194 01: 13: 45,045 --> 01: 13: 49,842 they are the Arab sheikhs, the Russian oligarchs, 1195 01: 13: 49,925 --> 01: 13: 51,844 so they go and cheat them. 1196 01: 13: 53,095 --> 01: 13: 54,638 I do not like that argument. 1197 01: 13: 54,721 --> 01: 13: 59,059 I think it affects life and the market of the artists. 1198 01: 13: 59,143 --> 01: 14: 03,230 Only a small group of artists You can live on this. 1199 01: 14: 03,313 --> 01: 14: 04,440 UPLOAD THE DEMAND, THEY BENEFIT A FEW 1200 01: 14: 04,523 --> 01: 14: 05,941 As an economist, I wonder: 1201 01: 14: 06,024 --> 01: 14: 08,694 "These are the artists more talented and capable? " 1202 01: 14: 08,902 --> 01: 14: 12,489 And there are so many distortions that maybe it's not like that 1203 01: 14: 12,573 --> 01: 14: 15,284 I think we should worry 1204 01: 14: 15,367 --> 01: 14: 18,495 that maybe collectors they do not suffer for paying a lot for bad art, 1205 01: 14: 18,579 --> 01: 14: 20,205 or worse things happen in the world, 1206 01: 14: 20,414 --> 01: 14: 23,667 but we could have a market with better artists. 1207 01: 14: 24,168 --> 01: 14: 26,545 And the art could be a little more accessible, 1208 01: 14: 26,628 --> 01: 14: 30,716 because more artists could afford to work full time. 1209 01: 14: 32,134 --> 01: 14: 35,512 I think what worries me ... If it were better regulated 1210 01: 14: 35,596 --> 01: 14: 38,849 or there would be more transparency in prices, 1211 01: 14: 38,932 --> 01: 14: 41,602 more artists would be better, or we would have more of those. 1212 01: 14: 41,685 --> 01: 14: 45,439 Could we create, then, a market to fund more artists, 1213 01: 14: 45,522 --> 01: 14: 47,649 instead of that elite of artists 1214 01: 14: 47,983 --> 01: 14: 50,235 who are very clever and know 1215 01: 14: 50,319 --> 01: 14: 54,698 how to please a small group of very famous collectors? 1216 01: 14: 56,074 --> 01: 14: 57,826 The bag is regulated, 1217 01: 14: 57,910 --> 01: 15: 01,205 Why can not you regulate the art market at this level? 1218 01: 15: 02,080 --> 01: 15: 03,665 A few years ago I worked 1219 01: 15: 03,749 --> 01: 15: 06,126 with a legislative commission from United States 1220 01: 15: 06,210 --> 01: 15: 07,461 which I considered regular. 1221 01: 15: 08,587 --> 01: 15: 11,840 And, like most commissions who considered it in the country, 1222 01: 15: 11,924 --> 01: 15: 15,177 They lowered their arms and said: "Forget it." 1223 01: 15: 15,260 --> 01: 15: 19,973 I keep asking why nobody regulates the art market. 1224 01: 15: 20,057 --> 01: 15: 23,685 It seems terrible, but the problem 1225 01: 15: 23,769 --> 01: 15: 29,191 is that as, basically, there are no poor people in this industry, 1226 01: 15: 29,483 --> 01: 15: 34,112 the government shrugs and says: "Who are the victims?" 1227 01: 15: 34,196 --> 01: 15: 35,864 It's not our thing, 1228 01: 15: 35,989 --> 01: 15: 39,993 it's a rich thing. " So they turn a blind eye. 1229 01: 15: 41,245 --> 01: 15: 43,372 The collapse of Lehman shudders everyone 1230 01: 15: 43,455 --> 01: 15: 45,916 Goodnight. There were pessimistic predictions 1231 01: 15: 45,999 --> 01: 15: 48,877 about what would happen in financial systems 1232 01: 15: 48,961 --> 01: 15: 52,631 of our country. In fact, this morning, when the bell rang, 1233 01: 15: 52,714 --> 01: 15: 58,178 the Dow plummeted into what it seemed, For a moment, a panic sale. 1234 01: 15: 59,513 --> 01: 16: 01,473 If the federal government 1235 01: 16: 01,557 --> 01: 16: 06,478 decided not to prosecute the bankers for what happened after 2008, 1236 01: 16: 06,603 --> 01: 16: 09,773 the message is that what happened 1237 01: 16: 09,856 --> 01: 16: 13,360 when the roof gave way, there were no victims. 1238 01: 16: 13,777 --> 01: 16: 18,115 So, what happens in the art world it's nothing, 1239 01: 16: 18,365 --> 01: 16: 21,034 nothing for these people. And it's a shame, 1240 01: 16: 21,118 --> 01: 16: 24,288 because I'm convinced that you have to regulate the art world. 1241 01: 16: 24,496 --> 01: 16: 28,041 It is a posture Very unpopular, I must say. 1242 01: 16: 28,125 --> 01: 16: 31,420 I think they should expose the prices in the galleries. 1243 01: 16: 31,503 --> 01: 16: 33,922 That basic act of transparency 1244 01: 16: 34,006 --> 01: 16: 36,800 I could climb very strongly. 1245 01: 16: 37,134 --> 01: 16: 40,220 For me, regulation 1246 01: 16: 40,304 --> 01: 16: 41,972 It is a matter of ethics. 1247 01: 16: 42,639 --> 01: 16: 46,101 A note came out in the New York Times on a sculpture by Picasso 1248 01: 16: 46,184 --> 01: 16: 48,186 which is on display at the MOMA, 1249 01: 16: 48,270 --> 01: 16: 51,440 that seems to be sold to two different people. 1250 01: 16: 51,523 --> 01: 16: 52,941 A PICASSO WAS SOLD TWICE 1251 01: 16: 53,025 --> 01: 16: 55,611 Those are the things 1252 01: 16: 55,694 --> 01: 16: 57,821 that leave the world of art in bad shape. 1253 01: 17: 00,115 --> 01: 17: 03,994 It is a very little regulated industry, 1254 01: 17: 04,077 --> 01: 17: 07,039 because the products we sell, 1255 01: 17: 07,122 --> 01: 17: 11,752 the goods are heterogeneous. Each work is different. 1256 01: 17: 12,252 --> 01: 17: 14,338 And it is very difficult to legislate 1257 01: 17: 14,421 --> 01: 17: 18,634 for a market with totally unique items, 1258 01: 17: 19,217 --> 01: 17: 22,763 with its own sales history 1259 01: 17: 22,846 --> 01: 17: 27,392 and a personal relationship between seller and buyer. 1260 01: 17: 30,312 --> 01: 17: 32,856 Now, people buy JPEG files, 1261 01: 17: 33,065 --> 01: 17: 37,527 he does not see the works live, in flesh and blood, 1262 01: 17: 37,611 --> 01: 17: 41,406 do not see the texture or feel the scale. 1263 01: 17: 44,951 --> 01: 17: 48,205 We move away from the heart and soul 1264 01: 17: 48,288 --> 01: 17: 49,706 of what really matters. 1265 01: 17: 50,874 --> 01: 17: 53,752 I remember that I spoke with Frank Stella at a dinner 1266 01: 17: 53,835 --> 01: 17: 56,380 a year ago, and he told me: 1267 01: 17: 56,463 --> 01: 18: 00,801 "Can you think of one day in which the New York Times published 1268 01: 18: 00,884 --> 01: 18: 03,512 on its cover something about art 1269 01: 18: 04,221 --> 01: 18: 07,516 without talking about its price? " 1270 01: 18: 08,475 --> 01: 18: 10,811 And no, that does not happen. 1271 01: 18: 11,895 --> 01: 18: 14,189 I came to the art world before ... 1272 01: 18: 14,356 --> 01: 18: 17,484 Before the money was glimpsed. 1273 01: 18: 17,567 --> 01: 18: 19,653 Nobody did this if they did not love him, 1274 01: 18: 19,736 --> 01: 18: 21,947 if I did not have faith. 1275 01: 18: 24,241 --> 01: 18: 27,452 The obsession with money it is not healthy in any context, 1276 01: 18: 27,536 --> 01: 18: 30,497 and, without doubt, it is not in the art world. 1277 01: 18: 30,664 --> 01: 18: 32,124 It is a fact, it is a reality. 1278 01: 18: 32,958 --> 01: 18: 36,253 On the one hand, the price tag 1279 01: 18: 36,336 --> 01: 18: 38,755 have everyone say: "My God!" 1280 01: 18: 39,798 --> 01: 18: 42,050 More money does not mean more quality art, 1281 01: 18: 42,134 --> 01: 18: 48,473 means more art in tune with how to make money. 1282 01: 18: 49,182 --> 01: 18: 53,687 I think it hurts us all, harms the culture. 1283 01: 18: 54,855 --> 01: 18: 58,316 We are in a world that produces many works, 1284 01: 18: 58,400 --> 01: 19: 02,070 and good part because of the market. 1285 01: 19: 02,446 --> 01: 19: 04,781 Things must have a reason for being. 1286 01: 19: 04,865 --> 01: 19: 09,327 Many works do not have the need to exist. 1287 01: 19: 09,619 --> 01: 19: 10,829 Six and a half million. 1288 01: 19: 10,996 --> 01: 19: 15,125 There is a false reading of what is important, of the history of art. 1289 01: 19: 15,709 --> 01: 19: 18,795 At this time, 1290 01: 19: 18,879 --> 01: 19: 22,758 the value defines it how much something is sold 1291 01: 19: 23,091 --> 01: 19: 26,470 and how much fame it gives to someone. 1292 01: 19: 28,555 --> 01: 19: 31,016 Very few can create value 1293 01: 19: 31,099 --> 01: 19: 34,186 that lasts a long time. 1294 01: 19: 34,978 --> 01: 19: 39,399 Ultimately, value is created people who are no longer alive. 1295 01: 19: 40,192 --> 01: 19: 42,444 That does not mean That is the only value. 1296 01: 19: 42,778 --> 01: 19: 47,032 I think the value of the moment It is another type of value. 1297 01: 19: 47,741 --> 01: 19: 48,950 But it does not last. 1298 01: 19: 55,957 --> 01: 19: 58,502 Maybe there is a bubble of contemporary art. 1299 01: 19: 58,585 --> 01: 20: 01,129 Some investors are wrong 1300 01: 20: 01,213 --> 01: 20: 03,173 when buying contemporary, 1301 01: 20: 03,256 --> 01: 20: 06,343 but with works that already have their place in the history of art, 1302 01: 20: 06,426 --> 01: 20: 08,887 like the Talbin collection, I do not think it's a bubble. 1303 01: 20: 08,970 --> 01: 20: 11,014 I think the price will continue to rise. 1304 01: 20: 12,182 --> 01: 20: 15,519 "THE NEW FUNCTION OF ART IT'S HANGING AND BECOMING MORE EXPENSIVE. " 1305 01: 20: 20,065 --> 01: 20: 22,609 LOTE TEN: PREDICTIVELY UNPREDICTABLE 1306 01: 20: 22,859 --> 01: 20: 25,737 There is a price bubble when the price of a product 1307 01: 20: 25,821 --> 01: 20: 28,365 rises faster than PBN, that the income, 1308 01: 20: 28,448 --> 01: 20: 32,035 that inflation, and that can not happen forever. 1309 01: 20: 32,118 --> 01: 20: 36,498 The question, then, is: will it explode? or will it deflate slowly? 1310 01: 20: 43,421 --> 01: 20: 45,048 What the world of art has 1311 01: 20: 45,131 --> 01: 20: 49,803 what has made him stay since the 50s 1312 01: 20: 50,011 --> 01: 20: 51,721 is that prices always went up. 1313 01: 20: 51,805 --> 01: 20: 53,723 And art overcame several recessions. 1314 01: 20: 53,807 --> 01: 20: 55,141 STUDY OF A NUDE WITH FIGURE IN A MIRROR 1315 01: 20: 55,225 --> 01: 20: 57,185 So, the prices are sustainable, 1316 01: 20: 57,269 --> 01: 21: 00,480 with the records that there are, of 150 or 170 million? 1317 01: 21: 00,564 --> 01: 21: 04,109 No, but the slowdown will ... 1318 01: 21: 04,192 --> 01: 21: 06,027 It is believed that art is something 1319 01: 21: 06,111 --> 01: 21: 09,948 with what you can generate money, and that is a lie. 1320 01: 21: 10,407 --> 01: 21: 12,784 I think that bubble is going to explode. 1321 01: 21: 13,034 --> 01: 21: 16,788 At some point, there will be a fall. 1322 01: 21: 16,955 --> 01: 21: 21,376 When that happens, we will know clearly 1323 01: 21: 21,459 --> 01: 21: 24,254 what is good that will last, 1324 01: 21: 24,754 --> 01: 21: 27,841 that has truth value, and everything else will fall. 1325 01: 21: 28,300 --> 01: 21: 31,344 That will happen, it is inevitable. 1326 01: 21: 32,053 --> 01: 21: 33,847 In the end, everything is solved. 1327 01: 21: 33,930 --> 01: 21: 38,226 You can only control one market like art 1328 01: 21: 38,310 --> 01: 21: 40,186 for a short time. 1329 01: 21: 40,604 --> 01: 21: 44,065 I have no doubt that, in 50 or 100 years, 1330 01: 21: 44,357 --> 01: 21: 47,193 yes an artist is not necessary for the next generations, 1331 01: 21: 47,277 --> 01: 21: 49,988 yes a work was unjustly elevated by the market, 1332 01: 21: 50,071 --> 01: 21: 53,867 It will only be for a short time. It can not last forever. 1333 01: 21: 53,950 --> 01: 21: 56,870 But the story is cruel. 1334 01: 21: 56,953 --> 01: 22: 00,165 He gets rid of the things he does not need. 1335 01: 22: 00,332 --> 01: 22: 04,502 They are 59, 60 million, 66 million, 67 million, 1336 01: 22: 04,586 --> 01: 22: 09,591 68 million, 74 million, 75 million, 77 million, 1337 01: 22: 09,674 --> 01: 22: 13,261 83 million dollars. Warning: are you finished? 1338 01: 22: 13,345 --> 01: 22: 17,140 It sells for 95 million.