The formula for selling a million-dollar work of art
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- čas přidán 4. 10. 2016
- Some dead sharks are worth $12 million.
The biggest factor in the price of art often isn't quality, or effort - it's branding. But when a new artist steps into the art market, he or she has no reputation - no branding. That's where art dealers come in. They promote, educate, and help artists to gain fame and success.
To learn more about the economics of the art market, you can get Don Thompson's "The $12 Million Stuff Shark" here: www.amazon.com/Million-Stuffe...
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You forgot to say, the DAY after he sold all of his artworks the stock market crashed. Hirst made out like an absolute bandit. 200 million in two days and on the third day we entered the Great Recession, genius
That seems a little fishy, don’t ya think? What a coincidence
@@Axel-tx3ru wow beyond fishy. They all liquidated cash into inflated art that would be resold/sold back to auction houses when the market bounces back.. bridging the inflation gap during recessions .. wow never looked at it like that.
@@Axel-tx3ru it’s well known for a long time and there’s nothing anyone can do about it unfortunately.
So like everything else in life, its about who you know
damn ! yea
Yeah art is not different to any laws of the jungle!
or about who knows you
Yes, you are partially correct. It helps though if you are GAY, heavy drug user, drink alcohol and of course a socialist. Once a painter whose paintings are selling for more then $ 1 million told me: You can have the talent of Picasso and Dali but if you are not gay and left winger, you are not going to be famous. Enough said. :(
I sell vincent van gogh paintings. And there is only one in Indonesia. If you are interested, please contact me by email
Would love to see a 60 minute version of this video, you guys just scratched the surface
60 minutes of lisp lady? No thanks.
Yea! I agree! That’s a lot helpful to artists!
There's a documentary about this. It's called Blurred Lines, you may wanna check this one out.
@@marisaarraes2943 Thanks for the info
You can still search for the book to which the video had referenced.
Andy Warhol summed it up pretty well. Art is business, sure there is artistic value and skill, but in the end it's still supply and demand
anything can be a business
Underwater basket weaving?
I would pay to see that.
David wu There will come a time when just defecating in a box filled with flies would be considered a masterpiece.
Yeah. Artistic value on its own will never be valued at 12 million dollars. I learned that the hard way.
i mean, its similar to the music industry, you can make a song a million times better than anyone of the popular artists, in your garage, but it will never get sold, because you are not well known.
Not really though because people have to actually like a song to want to listen to it and it only becomes big if lots of people like it. Lots of famous artists have support from record companies but people just don't want to hear the songs. It's value isn't just decided by what lots of people want. The value of the art is decided by a small group of very rich people who want to pay to keep the piece to themselves.
+Krombopulos
...most of that is exactly what +Lemon said o___O
Well that's not always true except in pop culture, at least metal, ska, jazz, reggae doesn't work like that as long as the music fell good the works will sell
no it's not the same at all. what are you talking about? have you not heard of unpopular artist songs that got recornized by millions? Sooooo many.
@@krombopulos_michael You know nothing about the industry hahaha
1. Buy painting from struggling artist
2. Kill artist
3. ?????
4. Profit
5. Support the living!
WrenchNinja Money Laundering
STONKS
@@squinteastwood4637 yes
3.hide the body
Excuse me while I go and throw a bucket of paint at a wall and sell it for 15 million dollars
+Heath Lennie If that's something you can do why haven't you?
Because he/she is not a reputed artist and doesn't have any good connections
Aand that's my point
Yeah Heath, go try and tell us what happens later hahahah you fucktard
im pretty sure hes being ironic
so basically it's a scam
A scam in the sense of clever marketing?
Hey pika, wat up bud
Well, the art market is probably the least regulated big market in the world, so it isn't really a "scam". Multi-million dollar art auctioneers want to keep it that way and do whatever they can to do so. The real question to ask is who is the scammer? The artist? The dealer? The critic? The adviser?
They are all trying to make money somehow, and will manipulate and kiss ass to do so. It's the same with any other commodity market. The only difference is that art is based on opinions/intellectual value rather than material availability.
Disagree. Entirely.
A scam involves manipulation. Who's being manipulated? People who are willing to drop $2,000,000 for a formaldehyde Shark are doing so because they want to. Rich art buyers have experience and know what they are doing. It would be dishonest to say you wouldn't buy novelties for your personal enjoyment if you won the lottery tomorrow. If you've ever splurged on something that you appreciate, then you have definitely bought something that at least 1 person finds uninteresting or a waste of time.
Binary Void Sir, you just perfectly described my thoughts
Nice, would have been interesting if you investigated the links between crime and the art world as I'm sure that a lot of money is hidden/laundered through art. Certainly in the UK you pay less tax by sinking your money into works of art so this is what some of the rich do.
Explain why you'd pay less tax by sinking money into art.
Imran Nazir Thanks
actually, buying art isnt a good way to launder money. its not anonymous enough and to buy and sell expensive pieces you need to know the right people and often go through some lengthy procedures/negotiations. on top of that, you have too clear of a paper trail. so all in all its just too ineffective.
tintinlointain
Well I can think of one way, buy it through an anonymous shell company.
right
I'm convinced all the art "connoisseurs" just pretend to know what makes and doesn't make art worth millions of dollars, and rich people go along with it just because it makes them feel dignified.
Leonardo - died poor
Micheanglo-died poor
Van Gogh - died poor
These guys - draw a big square = rich
What happens after they draw a big square?
@@AvitalShtap draw another square?
They were poor materialistically but rich artistically
Only van gogh died poor except leonardo and michaelangelo
Leonardo lived with kings.
It really saddens me how the definition of Art is being cheapened.
Not even that they completely take away the meaning of art. When everything is art then art is nothing.
I feel like art is a giant money laundering scheme for millionaires.
Nominis art is also anything created by humans with an intent, sometimes money is just thrown into the mix
If only! Sadly it’s just human stupidity
Spare yourself the 4 mins:
Its all about connections, not talent.
How about a video on how art dealers hold so much power or even get to such status. Very curious now!
Nah i'll just draw a blue line on a canvas and sell it for 2500000 dollars.Also FIRST.
The Bot Cy Twombly for the win!
have u ever hearf of money laundering , ye thats what that is...
Get back when you're famous
Rothko already did that. Get some originality
Seems like the bar of originality has been set pretty low
Really informative content not only about selling art but also marketing. Thanks a ton, guys... Keep them coming. )
Might as well start painting as a hobby. Never know what'll happen
yes man. but also remember its who you know. just self advertise
you could make a scribble on a paper in less than a minute call it high level abstract art and price it for the same, its just a matter of getting lucky.
Fr
why the hell I watched the whole thing? maybe to procrastinate a little more. what a man can do to avoid going back to his thesis... god.
FeelsBadMan
Hey I am doing the same here! I can do anything but work on my dissertation!
Dayum! Man, I'm writing my thesis now though...
Interesting and informative, nice work.
This is absolutely obscene! But, on the upside now I know what to when my cat dies!
Buisness
Like most things in life, it’s all about who you know
You could also use art to launder money like a BOSS.
Very interesting! Thank you for this video! :D
Thanks Vox for this video, I'm gonna read that book.
Often where I go to art galleries the paintings have their prices marked. It's kinda confusing hearing that they aren't everywhere.
Vox, I have a question for you, can you be my teacher for History, Science, Math and English? Basically, be my school ;)
Doge Dogeson I agree. I would pass on all my tests and become the smartest person on Earth. Oh btw nice profile pic lmao
We need more cute dogness!
If you like this channel, I feel like school of life is pretty good for you too.
try it out sometime.
Theonrouge Oh yeah, that channel is awesome. I just prefer Vox because their animations are spectacular. You should check out In A Nutshell. It's a great channel.
already subscribed, since we're recommending channels anyway leminos videos on space or any other thing might interest you.
Thank you. Useful, in a general sense.
Keeping a cow's head with flies in a container is art.ART!!!!😭
Conceptual art.
As an artist, I'd like to clarify.
In the art community, it's very insisted to not discourage yourself and find high worth with your artwork, so making out prices higher is quite embraced. How artists price artwork is very accurate in the video. In reality, it works greatest with artist popularity. I'm not the greatest at explaining things, so feel free to add or disagree respectfully.
When will we ever understand the mystery of "art"
I noticed that canvasses that has these random lines sell a lot bigger price that those art I see from people that paint amazing landscapes
If you've got millions to spend then pay someone a tiny fraction of the price and make your own frickin' shark preserved in formaldehyde to show every1 how creepy you are. Couldn't you buy a frickin' shark aquarium with a lifetime supply of food and maintenance for that price???
Haha that's a good point.
The point isn't to buy the shark, but to buy the prestige of owning a large piece of art by a famous contemporary artist.
Personally, I have doubts as to the longevity of Hirst's reputation. But dealers will release previous sale prices to stimulate bidding in subsequent sales, promulgating waves of hopeless taste in art.
Irish Identity Ok, but would you rather have a formaldehyde preserved shark, or a shark tank to slowly lower your enemies into?
The latter, but only if they had frikin lazers.
Interestingly enough, Vox actually has a video discussing why full-grown sharks can't really be kept alive in captivity.
Simpsons vibe from the music, great work Vox.
That shark artwork selling for $12m was ridiculous. Couldn't you just do what Hirst did for $10k. Get any shark you want and stuff it with formaldehyde. Some people have too much money.
The patron didn't just want a shark piece. He wanted a shark piece with Hirst's name on it.
It's about owning the original. The same way that you can buy a digital copy of Action Comics 1 for a few bucks online or you can pay a few million to get an original printing in mint condition. The whole concept of collector's items like that is pretty stupid though imo.
Krombopulos Michael the original comics are highly sought after because there are a limited amount of them and they have sentiment. A shark in a fish tank is easily replicable and has no meaning behind it. A famous artwork has thought and meaning behind it. Hirst literally pumped a shark with formaldehyde and put it in a tank. There's no creativity or meaning in that. It didn't even take much skill. Just choose your own shark and do the same.
Sangerino But there's also a very limited amount of shark tanks made by Damien Hirst himself. That's why its valuable. Saying to make your own is like saying to go and draw your own Action Comics 1. The value of it is not just in its merit, but in its rarity and status, just like with buying an original rare comic.If you had a copy of The Starry Night you could probably sell it for $100m and people would pay that, even though they could just buy a replica for $10 and it do the same aesthetic job. All these scenarios are just as illogical as one another.
Excellent video and insight. I’m selling something for a huge amount and I built my marketing strategy around reaching the wealthy.
If you liked this you should check out *Oscar Boyson's 'The Art Market'* on CZcams, it's pretty much this but in more detail and cool visuals. 👍
Fan artwork of people with their own characters is something becomming more and more relevant. At least in conventions.
There isn't that much money in it, but it's growing. Yeah, the small market is really increasing, which is good.
That shark piece actually no longer exists, there was a problem with the preservatives used and the specimen started to degrade. (I took a class taught by one of the people who was hired to locate and preserve a replacement shark)
Think big! I will. Thanks
Supply and demand curves can only be drawn in perfectly competitive markets. The various things mentioned before such as reputation, status, etc, basically "brand" take it out of perfect competition and into monopolistic competition at best, perhaps monopoly (ie only Picaso can make a Picaso). Without perfect competition you can't make a supply curve. The very few buyers in the market definitely make it a monopsony which means you can't draw a demand curve either.
The Damien Hirst piece mentioned is called "The Physical Impossibility of Death in the Mind of Someone Living" not, "The Shark". Not sure if Vox left that out for the sake of brevity, but there it is for those curious.
Is Vox on other platforms other than CZcams
Uninsulated Shrimp yes your mom
NeighborhoodPizzaGuy That explains when it says Vix dicks instead of Vox Dox
vox.com
I follow Joss Fong on Snapchat but that's just because she's a cutie
Victoria Kul It's jossfong
This honestly sounds like any market. Do whatever you can to sell your products at the highest possible price.
Great video
Thanks
vox creates the best videos.
always wanted to know about this
I love how even Vox can't hold it in at 1:45
great example of this on suit life on deck
So if I want to sell artwork, I need to have a good dealer?
Art is what you define as art, what you value it. To me modern art has no value & people who buy modern art for millions just have bad taste.
i see modern art as, well, art. i like modern art, i like classical art, i like all art
How you dare compare pre-modern art with this abstract bullshit we have nowadays?
Art is just what you see in the piece. For some people they see nothing in it making it worthless to them but for some others they might see a person or a dog in a painting that's just scribbles making it worth something to them.
Or the time a dude said he found some unknown artists work and that he was a virtual legend for a time with over a dozen pieces. Each canvas sold for half a million each. Meanwhile, the unknown artist was actually the guy who 'found' the artworks and basically scammed the uppity art collectors.
Fascinating
Nice video, next time get someone to do the voicover who doesn't use vocal fry though.
So I'm early, let me think of a joke.....
My bank account
no
k Chacon You must be fun at parties
+TheStreetEmpire -- You must be lame at parties.
here I've got one: modern art ZIIIIIIIIIIIINNNNNNNNNNNNGGGGGGGG
vox could teach me more than most of my teachers could ever teach :/
2:53 I heard something VERY different. Not good different.
What?
Jimmy Savile
So he just killed the shark for art?
I want to buy the one at 1:19
Good time to be good at art.
The Economist recently had an interesting article on the purchase Australia made of Jackson Pollock's "Blue Poles"
1:20 Best Artwork Ever.
Awesome!
I have a Terry Redlin ‘Evening Chores’ painting and is the 573 out of 2400 total made I believe.
I watched this whole video and I still have no clue wtf is going on.
3:38 whats the name of that website?
love the video, but who decided to figure all this out?!
Amazing
Doesn't matter what you make
Just who you make it with
what's that art selling site at 03:44 ? or any good art selling/buying sites...
Now I want to re-watch H3H3's video on Modern Art...
You can’t deny that his work is pretty cool.
man you need to say the names of his works when you talk about them. the title is half of the work. the wonderful thing about his art is that he comes up with a statement, makes it in an abstract way, and then tells you the meaning in the title. the beauty in his art is it gives you a starting point and an ending point and lets you enjoy connecting the two. his works are great for laymen and critics.
so much this. it annoyed me to no end that they never once said the actual names of the pieces they showed.
"it gives you a starting point and an ending point and lets you enjoy connecting the two" That's also what I love about life, maps, mazes, races, to-do lists, and vector points.
best video ive seen today
I painted a 16' x 35' life size beach scene that turned out nice. People keep saying the same thing when they see it, wow. I like the big pieces like Serra's and Richard Misrach's beaches (I processed his 8x10 chromes for a couple years)...you gotta think big.
Now please explain to my why there should be a difference between 'market value' and 'demand'
Can you please make video were i can sell sketches fashion design
where in the hell can I learn how to do this type of art?
Hirst actually purchased the pieces that no one would bid on himself. In a since handing money from his left to his right. This drove up the dollar number on the auction as a while but didn't culminate in actual value. I am uncertain as to how many pieces he did buy, but I do know that one was "White Cube" officially purchased by Jay Jopling, but Jopling was Hirst's dealer, so same difference.
I love Vox
I have a van Gogh painting from the 18th century original where can I get it sold?
Well as long as the Art Market is (almost) a totally unregulated you can provide any kind of strategy to crush it! But nowadays, the prices and deals are quite transparent: not automatically but being provided with the right informations isn't that difficult anymore. More, taking the case of Damian First is not representative about the market per se. It is a particular case in a very particular context.
It depresses me to think how those millions were earned.
why?
"earned"
My mom has a Damien hirst painting from his souls collection and it was as expensive as you would think
Im from the same city as Damien, which is the same city as Banksy, and Carey Grant
that painting made of butterflys is actually really pretty
ikr too bad he didnt make it.
is someone know what web in 3:39 ?
I get the feeling it's just a channel for laundering money
Awesome
how much for the piece at 1:18?
So what Don Thompson book?
Someone should do a social experiment where they grow themselves a good reputation, and then create an artwork where they put no thought into it whatsoever. Afterwards, they would give it a meaning that the populace can resonate with and try to sell it. When they sell it they should try to get the price to increase as much as it can. An ideal minimum value would be 1 million dollars. Finally, after being sold, they would then make a public announcement explaining how it was a social experiment and how the painting has no meaning, took no effort, and is utterly useless. Then, they would wait to see the public’s reaction. If someone could do that, what would that say about the art world? What would that say about how are *could* be created? What would that say about the public, about those rich 1 percenters? What would that say about artists? What would that say about *us* as a people? What would that say about *art* as a whole?
Honestly I bet you if someone could do that, someone could still find a way to say that the whole social experiment was the true meaning of the piece and that it was made to invoke question. Which I guess would make it art in a way. Which would be pretty funny if someone tried to prove a point about art, but instead created a statement.
By "size of a work", do you literally mean that like the dimensions of it or its caliber?
Watched this after watching the white painting video and I can say I'm somewhat of a Leornado Davici himself
This is why abstract art has so many critics.
i feel like half the most expensive paintings are just nude white woman
and those are the good ones...
Why does their skin color matter wth
Captain Squid - because its mostly made in Europe...
Well... they are the prettiest.
The most expensive painting ever sold was a dressed white man. The most expensive are are rarely nudes.
If anyone is interested in the art market, Oscar Boyson has a small series of great short videos about it.
marketing is everything.
What kind of platform are these videos created on? They're so rich and full of color. 😁