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Nearly 100 in nineteen million dollars that was the winning bid for Edward monk's the scream.
When it went up for auction -- -- this time -- but our next guest says well.
Need millions to make a good art investment -- -- is the founder and owner of the -- galleries -- New York City any joins us now at spring auction season kicks off.
In New York so people Graham welcome -- you -- think.
General people are just intimidated by the art seeing you -- you got one billion dollars in.
Precious paintings going up for auction this season a lot of people say it -- for me I wish it was.
But I can't get there but you brought some works today that may be a little bit more affordable.
-- -- -- -- That you can buy an original Aqua tent.
For less than 3000 dollars by the most famous bird artist that ever lived so it's very portable the original worked -- in London.
You -- the vast.
How do you do your -- what are the best -- people like you gallery owners.
Research how much homework how much background you have to do before showing up in the -- which -- can -- -- little intimidating great question and of course barring a reference books.
Becoming a friend of the library is becoming a friend of the New York Public Library they have three complete sets.
Become a friend of the New York Historical Society they have a -- and they have all the work collars up on exhibit at the New York Historical Society now so.
Use -- librarians use the museum curators to get information other auction houses and read the reference books.
Did it -- rich use -- because.
He'll hold onto it for example like gold it's safe haven it's at a firm -- -- -- real thing with.
Markets which can sometimes involved too uncertain although the stock market lately -- -- to -- you oval where the market is going.
But -- is seen as an alternative investment class.
So again how do you know that you're paying the appropriate amount for our because it seems to just always appreciate.
All the sophisticated art collectors now.
Use the Internet which give auction records going back over a hundred years for virtually any kind of book -- for print did -- wanna collect.
Generally -- -- bonds of me going up about 400%.
Every ten years or about 13% a year.
That's been pretty steady since I've been in business for the last 43 years OK so tell me specifically what you brought it into the towels and I believe there.
Going to start about 150 to 175000.
Dollars in option correct the last time one of this quality came up -- -- -- 187000.
Dollars at Christie's.
So why do you start with a lower price than what it last option for well we're still not quite over the depression of 2008.
Times are good stock market's up but.
A lot of people are still very confused about the new tax -- -- -- Our rules that are in place for how you handle your finances.
We're still trying to sell things for less in the 2008 -- so when you think -- ultimately go for the alpha I think I'd be very happy pencil for 150000.
Really OK so that -- bases pretty much are right on you don't expect that -- going up left and right in -- strong -- -- -- a lot of damage to people from the crash at this level yes so it's it it would you say is that a fair statement to say at a higher level -- much the screens you know those that those are just because those -- it's a whole different class of investors hedge fund guys and a hundred people can afford and are -- dollars -- -- I would say that I really don't understand those people in some cases.
Nation's -- bidding for these things the national galleries.
-- places like Australia that's become newly rich from their resources are bidding for these things for their country's art collections.
So it might not be hedge fund guys it might be Chinese it might be Indians it could be the everybody in the Middle East.
Very very hard to understand that but I know that for this area.
People who have -- traditional.
History love the traditional things that.
Say the rockefellers collected eighty years ago this is what was in their homes.
Back then and so.
It's very much sort of the kind of market you've seen around -- plus just beautiful and we're so grateful to Graham for bringing into our studio today generator thank you so much thanks.
That's great stuff right.
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