Good point, if you look at it from an acquisitions point of view and trending markets, my prediction is that the two auction houses will someday merge, and then they will really be a much bigger combined monster to be reckoned with
It’s often not only the painting itself, but more the story behind it what makes it popular and therefore expensive. Think about banksy who hates these auctions, however his painting was sold for a million pounds.
The fact that he says the buyers are coming from whatever sector of the economy are doing well says it's obvious they only use these as vehicles to move cash and dodge taxes. They aren't interested in the art. You don't have to have money to suddenly be interested in art.
Rock Paper Scissors is a genius marketing ploy for the individual. You know the piece is valuable and so you decide its fate on luck sparking controversy, free press coverage, etc. Very smart.
It's only when it comes to art people have that objection that it is elitist but are fine with it in any other industry. Everyone assumes you are a moron in you want to dig a little deeper in your understanding of what captivates you/moves you etc. It's also often people who have no interest in art (and thats fine) who are suddenly experts on what is percieved as "good" and "bad."
@@calamorta I don't know where your from, but where I am from the poor are pooree and the rich are even rich than usual. I feel the poorest I've ever felt in my adult life.
@@calamorta Nah. Globally the richest people are feeling the heat as jobs move to poorer countries. The global poor have never been better. Only unskilled labor in rich countries are feeling left out.
Kind of amazing that France and Italy have such a small amount of global art market share, both widely fostered and birthed multiple forms of art. And since when did the US become so artistic 😅
It's only in the art market where people are annoyed with people making money. But in ANY other market people don't have a problem with companies making money.
Lol yeah actually. Me and my husband bought a painting that was priced at 150. But it was on sale 3 times over, ended up paying a little less than 60 bucks. Somethings not right with the economy. I mean, more than 200 for a painting? Pshhh, but still, art isn't valueless either.
@@Q_QQ_Q it was on sale at the store for like 60 percent I want to say. The thing was, it wasn't just an abstract paintsplotch or something stupid like that. It made sense to spend 100 bucks on it (it's a stylized map of the earth with nautical stuff and lots of bright colors)
then actually sit down and try to draw like ur in 1st grade art class again... as an adult but also use a color wheel to get every colour to pop in unison
As an artist watching this i see these two auction houses as the destruction of art for the average person. Original art does really bring a source of power into your home like nothing else. You can have a sparse home with one powerful work of art that enlightens the viewer everyday.
Just because I can't afford an original Picasso, doesn't mean I can't support local artists by purchasing or commission a piece directly from them. Personally, I think those top five auction houses serve a different clientele but they've never taken away the ability and privilege to own art. Of course that's not to say that the people who can afford Christie's and Sotheby's won't also purchase art from an up and coming artist (like yourself).
Art is such an interesting investment. On the surface it looks like a super safe and smart investment. But, as they mention, tastes are always changing... how to take that into account? Seems tricky... but fun.
Buying a famous work of art in a highly publicized auction to launder money is a thing of the past. There are much more efficient and anonymous methods out there today. Decentralized exchanges can transfer hundreds of millions of dollars in digital currencies with no trace and in total privacy.
I love how all these auction houses and the people within them seem to think that they benefit and evolve the art world... what a mindset to have! Shouldn't art be public and not looked away in some big mansion?
It’s common practice to loan art to museums if requested. The owner is incentivized to do so as it raises the profile of the art and will likely increase its value.
I have found the Art World an ever-increasingly unscrupulous place. It's most evident in the high-end market which in turn sets trends and $$$ over the whole market and sets an over-inflated value of what we view.
Years ago, one of my artists (Captn Budd, now mostly blind) had art in Center Art Galleries, Honolulu. That gallery was accused of having fraudulent Red Skelton art. They closed and gave him back his art framed.
@buntovnik bez razloga value is set by the seller, you know how cheap it is to create computers, clothes, cell phones, and designer bags? like 1% of how much they sell them for
@buntovnik bez razloga well without money as a motivational factor, why bother developing newer and stronger models of technology? why would anyone want to get into that industry and try to get a backbreaking degree in computer engineering only to sell their products for pennies and make as much as a cashier nothing to do with greed, if healthcare and medicine was free, most people wouldn't want to be doctors and we'd have less
@@synecdoche8783 you are correct about bags and clothes. But electronics is a bit different. Companies spend hundreds of billions of dollars each year in research and development. Which, may not even be used in the actual device. So, companies like apple are overpriced but not nearly as much as branded clothes
Art should be treated as a priceless historical artifact, it should be in museums for everyone to see. Like what.. You buy it for investment and probably look at it twice a year? It's waste that everything is just hidden in your basement and everyone can't even see it.
I think, that there should be =as much support, as poss_ABLE, for: "Artists, from: across:_ Africa, Ireland, ASIA, "Indigenous_Australasia", "The [very]_Native_AmeriCAN_ ART-ists" -etc. -M.K.S.
Soon enough, once artists wake up and realize you can just market yourself on social media.. these companies will soon and hopefully crumble. Just imagine those $67.4 billion dollars being distributed among all of the artists around the world.. the poorest artists will still make a living! Not all 7.8 billion of us humans on Earth are artists! But like I said.. artists gotta stop being so romantically tied and wake the fudge up. It's much easier to market yourself as a brand rather than wait and "sell-out." It's hard to even get to the point of selling-out!
The Extremely Rich: This speaks to me. I've never seen anything so magnificent! Art Dealer: Yes, and for only $698 million this 4x9 Post-It note can have a home in your heart! 😘 T.E.R. : 🤔🤔🤔 I'll give you $700 million and not a penny less! A. D. : 🤑 DEAL!!!!!! 😍 Me: Cool, so universal health insurance is feasible and saves money overall, we just need to raise the taxes of the bazillionaires. T. E. R. : That's unaffordable. Me: 😡😡😡 You just paid hundreds of millions for Windows '98 clip-art! T. E. R. : So?
There are millions of people in Africa and other developing countries dying from lack of access to fresh water or food. Should the government raise taxes on you to feed them? Billionaires and millionaires who legitimately earned their wealth deserve to spend it however they'd like. Instead of spending $1k on an iphone or $2K on a laptop, you could've used that money to help hundreds or thousands of dying kids in Africa. Why didn't you do it?
@@xxxxxxxyyyyyyy Well, Economies thrived and bloomed. 2020 was generally, a profitable year. Don't consider the average man, think about the upper strata. Many industries did better than usual. There was a lot of money in circulation.
Where does these millions of dollars go??? If the original artist is not alive does it go to family member, a foundation, or estate? Does the artist get a good percentage of the sell?
Imagine buying a painting for $5000000 to hang it in your living room instead of rebuilding 10 schools or helping out 100 families financially. I know the money laundering thing, but some people there just do it for fun. They called that fun . Astonishing. Human nature is fascinating.
Perhaps this world's poor will be enjoying a feast while these "humans" are caged in the after life, you never know, you can't escape cosmic punishment.
@@sharongillesp That's a trait we subconsciously or consciously sometimes tend to search in our partners. But now that you mentioned it , in art too. We love songs, sculptures and paintings that mean,feel and show something , and are not just plain beautiful or executed.
Nice to see some transparency. I have made some art and sold it, not for crazy amounts, but the time it takes and the reputation of the artist will only increase arts value. I’m a nobody and I sold a piece I made for 1,300$
@@yugiohpokemon5285 I don't typically like using Adam Ruins Everything videos, but this one is good. ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-NSdbASDdwU4.html
@@SpaseGoast adam is wrong moat of the time he actually had to re edit certain videos lol but its worth whatever someone is willing to pay just like everything else.
What they didnt tell you in this video is that many of the purchases are done to hide large sums of money. A buyer will get the artwork and stash it in a warehouse somewhere to be sold at a later date. Its great for these big auction houses who make a fortune off iconic artists but bad for the public who loose the chance to experience the work in person.
All the comments that are ignorant enough saying " I can just steal some kindergartners art blah blah blah make monies" doesn't understand how this industry works. It's based on name, where it's made, trends, & so much more. It's the exact equivalent of a beauty pageant; What's seen as pretty now isn't pretty in the future
Want to make a corporations lose $67.4 billion ? Next time they display their bought art in museums, put on a mask walk in with spray paint & destroy the art. In case you think well don't they have insurance, how will they lose money? When did an insurance company ever willingly hand out money without a good fight & excuses not to pay with obscure loop holes. Also most insurance companies are owned by major corporations anyway...so it's a win/win situation.
First of all its not money laundering because they have to pay capital gains tax, Second, they dont buy a painting because it's pretty, they buy it because they know if they pay $100 million today, they might get $150 million in 5 years.
John Roscoe and all lefties do is tilt the paper, being lefties barely has anything to do with how you hold the pen (source: me and my parents are all lefties)
Marc Porter being does not even want to mention "Sotheby's ", however, he was with Sotheby's for 3 months before going back to Christie's! Interesting..... This reminds all of us, Cola WARS, Pepsi vs Coke!
For centuries, art has fascinated people. The sensitivity of the audience resulted from being stimulated by cultural events, social changes, wars, etc. This is how new directions in art emerged. Today's world needs something else, and that's why Compmaturism. The works of the Compmaturists relate to today's human needs; they are emotional, devoid of routine and calculation. They are filled with art juice.
Do these auction houses only sell items that are by well known artists? I have an EP MGil painting I want to sell, and one I want to sell by an artist I cannot identify but have info on the back saying he was a cousin to a famous theater actress in the 1800. Then I have some pottery, like newcomb ext. but how do they decide what they’re going to sell? Would Sothabees or Christie’s sell my stuff too?
I knew I saw the bronze statue at 5:43 somewhere! It was on Antique Roadshow : Best Moment: Early 15th-Century Chinese Bodhisattva Gilt Bronze (2018). Paid 100$ in a garage sale, valued at 100,000-125,000$. Made 1,300,000$ at Sotheby's.
In order to sell a million dollars piece of Cloth with paint splattered on it. 1st Create Hype. Pay news media for a spot. Create Flyers and Billboards. Create type: Saying how exclusive this piece is. How wonderful. Taking about Who, what when and where it was created. Build a mystique around it. Make people gawk at it. Put it on display in a central location and create a Public Relations bonanza around it being exhibited. It’s YOUR chance to see it, IN PERSON! Make an event out of it. Once EVERYONE is talking about it. You put it up for auction. Have your person in the crowd to bid on the piece. To hike up the bid. SOLD! It doesn’t matter if it’s a junk of junk. Hype is what matters
The auctioneer really shouldn't make a difference if most art buyers are experienced investors... perhaps they are not. I can imagine how a great auctioneer can push new money to spend that extra little bit to flaunt that wealth.
