Money Maze Podcast 99: How Tech & AI Are Disrupting The Multibillion Dollar Art Market - With Brett Gorvy, Former Chairman of Christie’s and Partner in LGDR
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Jun 15, 2023 Former Chairman of Christie's and Partner in LGDR, Brett Gorvy, discusses the demand and supply factors driving the growth and prices in the art market. He explores the challenges faced by major auction houses, the role of technology in changing behaviors, the significance of art fairs, and the timing of art buyers. The podcast also delves into the impact of NFTs on the art market, the coexistence of auction houses with the private market, and the emotional aspect of buying art.
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Power of Elite Buyers
- The art market is international yet dominated by a few powerful individuals driving prices.
- High-profile purchases create new price benchmarks that influence broader market valuations.
Supply and Market Dynamics
- Supply constraints limit sales of old masters, while contemporary art offers more accessibility and momentum.
- The art auction market is small and intensely competitive among titans from different global economies.
Investors Should Track Artist Data
- Track artists' performance using accessible online databases to discern patterns beyond market fashions.
- Beware of short-term fashion spikes; sustainable success depends on long-term artistic importance.