The Economics Of The Art Market: Why This Painting Isn't Worth $450 Million
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- Опубликовано: 8 июн 2024
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In 2017, at Christie’s Auction House in New York, a mysterious #Art buyer bid a record-breaking $450 million dollars for the #SalvatorMundi; a painting by the legendary Leonardo da Vinci.
News of the staggering purchase price sent shockwaves throughout the entire art market (which, interestingly, has been a reliable indicator of impending market bubbles for decades).
What drives the high-end #ArtMarket? How can art be used to move money in creative ways and get around taxes? And perhaps above all, why would anyone park so much money in a picture when there are other asset classes that actually generate cash, like real estate rentals or dividend-paying stocks? … all this and more in today’s episode!
📚 If you want to learn even more about the history of the art market, you should check out the book "A History of the Western Art Market" 👉 amzn.to/2XP642n (note: as an Amazon Associate, we earn from qualifying purchases).
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Yay, you got sponsored by Squarespace, you are a real youtuber now
I'm pretty early
Hey EE, can you buy me a burger cause I’m hungry
Paintings are strokes of brush on canvas
RUclips is a combination of 0 and 1 on semiconductors
congratulations for the new sponsorship keep the great work 🎉🎉🎉
"The high end art market is not filled with creative artists...it's filled with creative accountants" - that my friend, it's brilliant said
Ah yes... I can finally move money and avoid taxes by auctioning and donating my drawings from pre-school.
I mean, don't let your dreams be dreams...
well,..If its good..and you have a name of your self why not,,,
Start by selling it to your family members, then artificially raise the price and create hype around your paintings, and eventually you can make a significant profit from a few pieces of paper.
Just say your dog did them
"I'm not making any more of these..."
Video idea: the economics of megaprojects (e.g. the pyramids of ancient Egypt, the great wall of China, Manhattan project, International Space Station)
That's a great topic that I think about often. It's a nation investing heavily in creating a wonder of the world for the purpose of fame or long term stability and it's fascinating. Good idea.
The economics of something like Stonehenge are really different from the economics of the Manhattan project, though. Megaprojects started showing up all over the Eastern hemisphere during the late stone age and anthropologists can't agree why. The leading theory is that you had people tied to the land like never before (in other words, they couldn't just run away), plus you had an agricultural surplus, and that led to social stratification... but now your local God-Kings had tons of people with nothing to do for part of the year. So they had them dragging and lifting stones as busy work, essentially, to keep them too tired and distracted to revolt. And now you've got permanent proof that you command forces far beyond the reach of mortal men.
Ooooh I like that *writes down furiously*
@@user-nf9xc7ww7m bro 😂
@@EconomicsExplained Your the best, keep on producing content! Thanks
Premium art = money laundering and tax evasion
Paintings are strokes of brush on canvas
RUclips is a combination of 0 and 1 on semiconductors
Meanwhile, a black guy gets killed for a 20$ counterfeit bill...
@@cherrypoutines6269 It was (allegedly) a $10 counterfeit bill
sharon s how do we even know if he did it on purpose, Ive at least passed a few counterfeit bills and not known it
@@pudanielson1 never said he did it on purpose. Just pointing out how messed up this society is.
Here's how the Art World really works:
Step 1: John Doe is an art dealer. He persuades his friends Alice and Bob to buy works by an up and coming young artist, for $2 million each, on the understanding that they will be a good investment.
Step 2: Over the next few years, John Doe uses his position to hype the artist. He hires people to write about the artist in academic journals, organises exhibitions, helps the artist to 'win' prizes, etc.
Step 3: John Doe puts some of the artist's works into auctions, and bids the prices up with the help of friends. As he is ultimately buying from himself, the only cost is the auctioneer's commission.
Step 4: Ten years later, Alice and Bob own works that are worth, on paper at least, $10 million.
Step 5: In the meantime, Alice has just pulled off the real estate deal of a lifetime, and made a huge profit. Unfortunately, she now owes the IRS $10 million.
Step 6: She decides to donate the painting to her local modern art museum. The trustees are happy to state it's value at $10 million. The IRS accepts the valuation and allows Alice to write of her $10 million tax bill. She is now a noted philanthropist, and she gets a wing of the museum named after her.
Step 7: Bob, on the other hand, isn't doing so well. He needs cash quick, but he can't sell his painting on the open market - because it isn't worth very much without John Doe manipulating the price.
Step 8: Bob goes to his bank and asks for a loan, using the painting as collateral. However, the bank wants an independent assessment of its value, so they ask a world expert on this particular artist - John Doe. John Doe confirms that, based on previous auction prices, it's worth $10 million.
Step 9: The bank agrees to lend Bob 70% of the value - $7 million.
Step 10: So Alice has saved herself $10 million in taxes from an initial outlay of $2 million. And Bob has gotten himself $7 million to play with from an initial outlay of $2 million.
*DISCLAIMER: THIS IS FOR ENTERTAINMENT PURPOSES ONLY, AND DOES NOT CONSTITUTE MONEY LAUNDERING ADVICE. ALWAYS CONSULT A TOP NOTCH TEAM OF LAWYERS AND ACCOUNTING EXPERTS WHEN LOOKING TO LAUNDER MONEY PROFESSIONALLY*
Thanks! Another John Doe will born.
When looking to launder money professionally xD
you forgot 'professional art assessment by experts (in need of money)'.
🥳 I loved your disclaimer
Whats the current art/stock ratio currently?
No, but a painting of a money printer going "BBBRRRRRRR" would be worth $450M
Ironic, the money printer is only worth 450M because it went brrrrrrr
@@user-nf9xc7ww7m I don't know why that cracks me up so much lol :D
True Art!
Print an oak stake
I can't wait for BRRRcoin to come out. Well, I guess we have Bitconnect. That's pretty close.
Producer: How much do you want to offend artists?
Economics Explained: Yes
:)
Nice
i would say most commercial artist (ppl who makes movie or advert, basically every one else)
unanimously agree that none of them like the fine art market, probably because of envy but also because compared to the kind of time spent and labor put into, normal artist gets way less money than fine artist
im an artist and not offended. to be more exact, the art market makes my stomach churn with disgust. its really fucked up lol
@@aronseptianto8142 What? You tell me that putting a blank canvas or sticking a banana to a wall with duct tape isn't as time consuming as making a gorgeous stunning artwork for a movie, which would cost weeks to do? You must be kidding me, lol
12:05 "This is kind of a win-win all around"
Government: Cries without taxes.
The tax payer gets defrauded, but hey everyone still wins...
Everyone tries to minimize the amount of taxes they have to pay. You should ask yourself why the system is set up in a way that the wealthy elite have more options to do so than you. Why is art effective and not BTC for this purpose when they are extremely similar in application? Because any plebeian can buy BTC, and plebeians can't afford to bankroll politicians.
@@del46_60 The BTC comparison was very weak imo. You can go to an auction house with your artwork and sell it to yourself for whatever price you want within reason, and that is now the public value of that piece of art, and maybe others by that artist. You can't go on the BTC exchange and sell your bitcoin for 10x the price of all the others and claim that that is now the price of your BTC, regardless of the price of the rest of the market.
@@Septimus_ii The weirdest thing I learned today is that you can sell your own stuff to your self in anction house. That defeats the purpose of selling something and sounds like a loophole.
del46 _
Last I checked kids can’t own their poor parents house if they say so.
Last I checked Kickstarter unionized to turn biased, and Walt Disney had to have his name on Nazi propaganda because the commies there unionized the animation studio, Something FDR was quite fond of until Hitler turned on Mussolini
The funniest thing about the Da Vinci painting is no one is really sure if he painted it. If it was a student of his then the value would plummet to near nothing. The actual painting itself doesn't change, but the perceived value around it does.
It’s not even great
Paintings Jesus looks like he has smoked too much weed.
@@sherifnabil9663 Davinchi was mid
Haha!! This video reminded me of the ending scene in "The Wolf of Wall Street", where Leonardo Di Caprio's character - after being publicly proven to be a selfish criminal - holds a pen to a large and absorbed audience saying "sell me this pen", or Charly Munger's answer on how he became great investor:
A young man asked Mozart about how he could begin composing symphonies. Mozart told the man that at 22 years old, he was too young. “You were writing symphonies when you were 10 years old,” the man protested. “Yes, but I wasn’t running around asking other people how to do it,” Mozart responded.
I had no idea Mozart was that brutal
Difference between innate talent and learned skill
@@user-qo7vq6yx8q Also arrogance and a VERY pushy father. But immense talent too
Another great video from economics explained
As usual
Thanks mate :)
Do a video about Bulgaria's economy. We've got the world's highest rate of population decline and severe brain drain. It'll be an interesting video for sure.
Me: *Sneezes paint into canvas*
Rich guy: *Exquisite, powerful painting. $100 million*
@Egg T god bless
Paintings are strokes of brush on canvas
RUclips is a combination of 0 and 1 on semiconductors
@@jaiparwani4279 RUclips allows you to share videos and, if you are successful, make money of it.
Paintings allow you to avoid taxes.
It reflects a world, created in an instant and living in filth!
@@adrienconverset6571 yes so both have economic values to consumers
Gotta love that "1812 Overture" playing really quietly throughout the video.
You've just saved me from madness, I recognized the dance of the flowers at the begining and part of the 1812 overture, but couldn't get it at the 15:32 mark haha. Thanks a lot for my mental health I'd probably search it for all night.
@@Arceydelaborbolla, More audible around 15:47 onwards
"The Greater Fool Theory? I wonder where I have seen this before...."
Dutch Turnip Mania, South Sea Bubble, Great Depression, Dot Com Bubble, 2008 Real Estate Crisis, 2017 Bitcoin Bubble, etc.....
*"Nah, Stonks only go up."*
Tulip, not turnip.
@@mirzaahmed6589 That's where you're wrong kiddo, better get your hands on some turnips before they go to the moon
"Bitcoin Bubble" Hoo boy, prepare for triggered crypto traders...
lol turnips
lol at dumb rich people who ever thought a mystery crime token makes a good investment
Mississippi bubble (France's equivalent of the South Sea Bubble, happening at the exact same time 300 years ago)
The closing line is killer: "the art world is not filled with creative artists, it is filled with creative accountants" lol! Reminds me of a book by the Aussie writer Peter Carey "Theft: A Love Story". Word!!
4:00 Picasso is a funny example because he was incredibly prolific, making thousands of paintings, tens of thousands of illustrations and >100k prints. He was a driven man, and existed in a time when his art was valued and commodified, and eventually leaned into it quite a bit. You used to be able to get a Picasso print or sketch for a few hundred bucks, because there are soo many... now the cheapest are a few thousand. This is in contrast to most artists from 100 years ago who indeed had a relatively miniscule output of like 100 paintings, or 50 sculpture, and 1000 sketches, and did not embrace print making.
The last time I was this early it was the renaissance.
I think it's interesting to note that in the case of Salvator Mundi which was purchased by Saudi prince Mohammed Bin Salman is part of Saudi Arabia's economic diversification efforts. The Salvator Mundi is to be displayed in a new museum being built in the UAE that is supposed to rival Le Louvre (it's even called Louvre Abu Dhabi) and generate tourist income. In this sense, it's purchase doesn't apply to any of the reasons mentioned in this video, as it is a real investment to generate cash flow.
I love this episode so much, it made me realize a lot of things especially the effectiveness of the very sweet sounding bullsh!t of contemporary art and why it't so popular today lol
That banana taped to a wall that was priced in the millions:
'-' -_-
I'd buy it.
@@carlosandleon I'll tape a banana to your wall for $2.5 million.
리주민 it’s not about connections, it’s about the contribution of meaning that the work brought to the world. You can tape a banana to the wall, but you will only be imitating the original. An imitation will not bring any new meaning into the world.
@@DrunkAncestor We don't seem to mind for clones, otherwise there'd only be one valuable Pollock painting
Its all money laundering.
No only in the super epensive art scene
"if you have to ask, it's money laundering"
Not only the super expensive end of the market. This can be done at say the $500 per painting level just as easily. The middle class can do it too.
*Monet laundering.
bradOLF pittLER underrated comment
"People are dumb" 6:30
That's it. That's the explanation I wanted to hear.
I have to say, for first time in my life art makes sense, I mean I like art, I some times buy pictures or posters of famous painting, mainly impressionist paintings, but I am not willing to pay millions for one no matter how famous and dead the author is. But you described them like a huge million dollar bill on the wall, I see how some people may be willing to pay for that.
Absolutely love this guy's videos. Yet another great educational one. Brilliant work!
Thanks mate :)
Once visited a van Gogh exhibit, in one room the guide mentioned that the pictures in the room could very well be worth more than a billion dollars.
I stood on air craft carriers that were worth less than some oil on paper what the heck
They're literally pieces of history
@@aBirdAndHisBoy Pieces of history that can't protect your life and home.
@none I reread my comment and I don't even know why my point was. Maybe I was conflicted, because I love history, but I also love aircraft carriers :)
@@aBirdAndHisBoy They are pieces of canvas with some paint on them. Their value is just imagination. Someone has made up story which says they are very valuable. Believers believe.
They're literally original paintings that defined art history.
@@rickrandom6734
Wow. This really helps explain how so much modern, Ugly art still gets made, talked about so much, and valued so highly. I could never understand how people loved ugly paintings and statues so much. I knew art could be useful for moving money around off the books, but the whole system, from artificially driving up the price to multi-million dollar tax breaks - WOW!
What a fascinating channel. This is rapidly becoming my favourite channel on RUclips.
Paintings are strokes of brush on canvas
RUclips is a combination of 0 and 1 on semiconductors
like and subscribe to my digits plz
And 0-60 Mins & Thank God for that
Accounting is low-key one of the great art forms. It's more creative than any painting I've ever seen
For the most part no ..
you say that because you don't know accounting ...
Reminds me of "The accountant" where he keeps artworks, first edition comic books etc in his trailer so he would be able to get money fast everywhere without being tracked
This is so much money, that every subscriber to this channel would need to donate $1000 each!
Specifically 1,020.4 Dollars
And if Pewdiepies 100Mil subscribers were to buy this painting they would only need to pay 4.5 Dollars each
I mean, Patreon link in the video description....
The economics of philanthropy coming soon? 👀
"A few hundred original picassos"
Hahaha, boy let me tell you something...
Are referring to some more "original" Picassos 🤔?
There are about 50,000 pieces, arent there?
Well the batshit he made clearly didn't take too long so yeah there's quite a few
Wait Picasso painted 100 of the same piece?
@@livethefuture2492 I've seen there are series, such as plates, where several of the same Picasso were made
Really informative video! Thanks for your work.
I learned one thing or two from this channel, for "money moving purpose"
This is an interesting explanation of the economics of the art market, but can you explain the economics of the music industry, especially of classical music. Love the music you use in the background to your videos btw.
Hey! Love your videos, have been watching for months and have learned so much! After watching this one, I immediately thought of the watch market. Is that a topic that interests you to do a video on at all? Thanks!
My favorite video on this channel. Thank you
it was always demoralising as a young art student spending a long time on a piece of art, and then seeing Jackson Pollock selling for millions.
Pollock was a pioneer in the abstract expressionist movement. If you don't understand why his work is worth so much then perhaps you have not looked into him enough. At first sight, you may think that anybody could recreate his work, but this is not at all the case. Check this out! www.discovermagazine.com/the-sciences/pollocks-fractals
@@riverresidentfilms1902 all art is just paint on canvas they are just a tool used to enlustrate expression there no good or bad painting there is just painting
Find your self a good dealer and you'll be a millionaire too! 😎
thing is, works of artists of modern or contemporary styles still took a lot of time and effort into it. Yves Klein, for example, created his own color using different types of chemical stuff for his monochromes, the IKB (hex #002fa7 btw)
Check pollock latter years, its not just paint flailing arround the canvas. His piece the deep is amazing
Hello :). Please consider making a video about the economics of Peru! I would thank you from the bottom of my heart and i think your fans from Peru would benefit a lot from your knowledge! Thank you and keep going:)
Absolutely spectacular. Really enjoyed this one, really interesting. Great work dude.
I love this video! Really explains the niche topic of the collectors market :)
Keep seeing Zoidberg in my head. "One art please." Lol
new logo, looks great
❤️
I love your videos! So insightful!
amazing video again !
Using jewelry (Rolex) as a portable emergency fund sound straight up like a pirate (those gold earring weren’t just to look fabulous ).
So sad that at 13:00 he puts up the statue of Marcus Aurelius who would vehemently disprove of "fine art" haha.
Thanks for the great vid though!
Thanks for subtitles
This was very educational!! Thank you for sharing!!
Goddam!! This was on a next level! I'm overwhelmed! Tysm for making this video! If I ever become a billionaire, definitely gonna gift u couple of rare paintings
But only if you incorporate as a museum ...
I’ll donate fine art dildos instead. Care to take a $150M seat sir? >:3
Aye! That residential shot in the at 0:41 is of my neighborhood in LA, that's the 100 block of Mansfield Avenue in Hancock Park!
Best 17 minutes of my day...thanks!
Quite possibly the greatest video ever done on the high end art market. I will be covering this video on my own channel. You covered it all; speculative bubbles, taxation, and ego. Superb!
Ah yes, I've just learned how to launder money
With detergent?
Learning needs practice and repetition to consolidate.
Please do a video on fascist economies
Hmm... I don't usually think of fascism as an economic system, unlike communism or capitalism. I would think that of all the fascist governments that have ever existed throughout history, each one probably had quite different economies. So you could do Nazi Germany, Mussolini's Italy, or Franco's Spain (and all the other examples outside of Europe) but not all together. But maybe there is something that economically links them, I'd be curious to find out.
Their economic system is pretty good
@@Croz89 Germany was not faschist. It was national socialist. Faschism is a Italien thing, and has differences.
@@foty8679 Well, it didn't _call_ itself fascist, but most people do seem to consider it fascist, and it does tick most if not all of the boxes.
You are really talented, i instantly subscribed
So glad you got a sponsor!
You aren't accounting for the status signalling properties of owning a Picasso.
Not wanting to buy another Picasso isn't a 'dumb' person not understanding opportunity cost. They are just seeing the massive diminishing returns in status points from buying extra Picassos once they've already got one.
I think this is true with a lot of luxury items, the expenditure Vs signalling properties graph is exponential, not linear so once you've got a Louis Vuitton bag, you need a Lamborghini to jump to the next incremental gain in status. Buying another bag might be almost meaningless.
You are actually quite accurate, there is a term in economics that is known as diminishing returns. Basically for all products, the first good you buy will always give you the highest satisfaction with subsequent becoming lower and lower until its not worth it for you to buy more it. Its like eaying an ice cream, the first scoop is delicious and cooling and by the 20th scoop you will be feeling sick and stop.
I mean... Gold is equally as worthless as Art but folks like to pretend otherwise
Gold actually has some practical use. Mostly as good conductor in electronics (there's GOLD in you PC, phone etc..) but in very small amounts.
@@chronos5090 yeah, but it's price is extremely pushed up due to the fact people are buying it to store in vaults. For example: even if Ruthenium is a bit rarer then Gold on Earth, it is less then half the price per kg. Ruthenium is used for spark plugs for example.
I'm sad the squarespace site is down. I really wanted to see more haha. I couldn't find that s&p index vs. art speculation chart u had. Ngl I kinda wanted to follow that statistic. But love the work keep it up!
Lovely contents, I have learnt some things from your content videos.
Who last night I decided to do some research and read some books about the renaissance. I looked through some the the artworks of the time and thought about how their values had changed over the years
This cannot be a coincidence
What did you find out?
Charade of Fine Art:
You’re not getting played, you’re getting paid.
You do not dissapoint! Thank you
Some nicetakeaways as per usual like the definition of a collectors item, the fact that economists finally pay attention to psychology of buyers and sellers, the inapplicability of opportunity cost, the speculation angle, how art is just a dollar bill of sorts
Customs officer: So about that $3mill watch you are attempting to cross the border with....
Binge watchin economics
i actually learned something from a youtube video! you just earned yourself a new subscriber my guy
I have to say as a student of economics who is obsessed with countries your channel is a gold mine
Every investment is speculating.
Paintings are just as useless as expensive cars, gold watches and really anything once you have billions. There are only a couple 100 paintings that are worth ridiculous amounts and they are all paintings with importance in art- and human history.
Most paintings are worth nothing. Even most Picasso’s are less than 10k.
Some paintings that are of great importance in the history of humankind are worth a lot because there are enough people with stupid amounts of money and not enough masterpieces on the private market.
There are actually a lot of counterfeit arts appearing in auctions these days, way more than anyone can think of.
But if every one believes it is real, then it is doing what it its supposed to do properly and everyone is happy. No harm in it.
I was eagerly anticipating this video. Suffice it to say, I’m quite satisfied :)
Great video as always!
I’d be great if you could do a video of books you recommend us reading!
The reality is that I can only really afford like 4 of those 20$ ikea prints
This must be what artists call "The Process"
It would be great to see more videos on other unique items like this
I am awed by this video.
I am going to paint a blue colour on a canvas and it’s gonna symbolise about 2020 and my grand kids will sell it for 500$ million dollars
hmmm... if they Make (like art) the 500 mil, then the exchange can be a performance piece combining two generations and two pieces of art. Im sure that experience has to be worth something
500 million? That might get you a cup of coffee, if things continue as they are...
@@Mythhammer uh what country's inflation rate are you looking at
@@lioraselby5328 What happens when a country starts printing up currency in the trillions out of thin air?
@@Mythhammer well it kinda depends if they have the military might to back up their currency's status or not.
0:28 Uhhhhh, is it just me or do those two graphs have nothing to do with each other.
You're not the only one. At quick glance, 2011 and 2015 are another record setting peaks, that didn't result in downturn.
agreed
Your too focused on the peaks, look at the general growth.
Magnificent video! What about economics of writing a book next? Keep up the good work as always.
I love your videos. They give such a thoughtfully condensed pack of financial info to people like me, who would otherwise never understand this financial world.
Last time I was this early Van Gogh could use headphones
One of most famous SIMP.
Hi, how would you economicaly explain the rapid rise in price of Banksy´s picture during several seconds after shredding?
Besides it is now close to unique. It has a highly public moment and attention. As art it was rendered useless...as a collectible it became more special and desirable (like a misprinted baseball card or mistruck coin)...as it is the collectable value is what is driving the value more than the art value the price rose overall when the work shredded itself.
It got attention.
@@scottkirby5016 isn't it still useful as art? wasn't destroying the painting itself an artistic statement?
because nothing says victory like using the statements of a man who opposes what you do to further what you do. having banksy's statement of disdain for this legalized money laundering scheme be incorporated to further that scheme is the high art equivalent of ripping off superman's arm and beating him to death with it while saying 'stop hitting yourself' over and over again.
@@lioraselby5328 Not really, at least in my opinion. because now what gives it value is the story of that act. It is physical memento of that act. The painting is gone. As a painting it now has minimal value. You could argue the destruction was some kin of artistic performance if you felt like it but again the painting is gone and the act is also gone because time works like that. For the purpose of making your hallway/bedroom/etc look nice (what people use non-collectable art for) it is worse now. If people somehow forgot how it was put through the shredder it would be worth far less, close to what any other Banksy would be if you were so foolish to shred it yourself. But the story exists. And the "artistic statement" drives the story that drives the attention that makes it yet more collectable.
A basic question to ask if the person at your local art gallery tried to sell you a normal non-Bansky painting for $200 and then tried to sell it to you sliced up for twice that would you see that as a fair upcharge for the artistic statement? Probably not because you would have been buying that on its value as art, in its ability to make your life better, basically you would use it....collectable art runs on different rules.
This is the one I've been waiting for
1812 overture in the background was a nice touch
DO ECONOMICS OF INDONESIA 🇮🇩
That painting says "Bless ya soul, ni**a."
Blessed painting
WOW,
thankyou!!
Man your channel is good
It's always humorous when people try to pair price with utility. All I say is artwork and sports memorabilia, and they go quiet.
All that really matters is speculation, and expectations of a future ROI will make people pay anything for anything.
Money laundering = artwork
Love the videos I have a recommendation maybe do an episode on the art money in Denmark
Only a slight touch up to the logo but I love it
0:53, 'retire comfortably' after investing 450 m... ill just keep 450m.
The art market has to be one large money laundering scheme.
just like the housing market.
Not really. Most people buy art because they like it. I know I do, and most art doesn't cost so much. Buy it if you like it and can afford it.
The best channel for economics, that i found so far.
Mind - blown!