film directed at you yes you new bankers of Britain now ladies and gentlemen you may have noticed that the art market has done pretty well in recent years so late 87 at 450,000 better than the stocks and shares commodities and those complicated financial products that you trade it if you go back 10 years it was worth half of what it's worth today it's worth about 40 billion pounds today the prices have just gone in some cases stupid 10 20 times what one originally paid for them a work of art is beautiful but it's but its value is beyond comprehension you shouldn't really be buying into art with less than probably a hundred or two hundred thousand dollars about a hundred thousand pounds one night is still going later the job back in 190 200 thousand ad tenets and you dear bankers are particularly fortunate you are living in the gold rush city of the art market London has become an amazing art centre and really are outside of New York it's the center of the art world and in some ways it's a more interesting center of the art world because it's more International Center many of you are already buying art that's one of the reasons the markets grown but not all of you some of you are still shy about spending your strenuously earned millions on art two million pounds two million pounds you are right to be cautious making money out of art is not as easy as it looks your bet don't bid against yourself I'll take it once from you to 20 to 30 it's interesting how many cases regret their first tools provides the eight paintings of dogs playing poker in my basement are never gonna resell conveyance 6 but there is a way to play and win in this market cominius 7 just like there is in the financial world the business may have grown beyond all recognition in the last two decades but the tricks of the trade are as old as time itself look at euros at 76 million cheaper art follows money follow my advice and you too can make a fortune in the casino of culture being in the art world is like being in the Mafia there are certain things that no one will talk about but I just feel compelled to share the information it's a question of how much you have to play 7 million 750 8 million last chance I'm selling it you go to Las Vegas you want to play it the five dollar table the $50 table or the ten thousand dollar table or the twenty thousand dollar table and then what's your what's your pain threshold yes or no then how close to the bone are you really gonna cut this thing I'm going to imagine that you have the basics over ten million pounds in the bank a yacht luxury London apartment a second home in Monaco and offshore bank account and if not a private jet then at least access to one good are you sitting comfortably in your designer Italian armchair then we can begin the first rule is simple think of art as an asset class an investment like stocks and shares gold and currency of course it can be pretty but art is better than a VARs of flowers or a handbag anybody else now at 1 million six is selling here there are not so investment you can make these days in luxury objects boats cars where the money goes down but there are some where you know the value can go up eight five though it is two million five hundred thousand no signal dude million seven thank you sir jobs come back here excellent are you definitely out are you done two million three is here then Katherine sold at eight million five hundred thousand and your numbers eight eight one Frances suit tread is one of the masterminds of the rise of the art market so these are our New York highlights is absurd masterpieces of minimalism he cut his teeth promoting young British artists before working at the big auction houses Sotheby's and then Christie's tonight we had 113 lots of which 99 sold just fourteen were unsold about 92 percent overall really incredible shows the thirst for art it shows the desire to collect art the growth of value that we've seen over the last 15 years has encouraged more people to come as the marketplace who want to invest in something they can enjoy let us not deny that many of the wealthiest people in the world buy art for the same reason that they date models because they can because they love how they I mean it looks but there is an army of collectors who quite understandably expect their art to do more than please their I and mine I think you'll find that almost every major collector is looking at well I bought this great picture and by the way what's it worth I know a lot of collectors now in New York City particularly and it's quite disturbing to me they strictly look at the financial aspect so they walk you know so far meaning if it can't hang over the sofa they won't buy it and they want to buy what they think the bourgeoisie of tomorrow will want so that they can buy it and sell it to them next year you know someone who buys a screwed up you know yellow you know that that someone who's prepared to go to gallery to buy that for 10 grand or 100 grams says let's just be this being a you know they F be generous about it 100 thousand pounds were screwed a piece of paper now we're talking about the kind of person who won't spend one P on on anything without knowing they can make money back Jake Chapman one half of the British artistic duo the Chapman brothers saw his work take off in critical acclaim and financial value in the 90s as one of the new generation of British artists known as the YB A's there has always been a convergence between the notion of a beautiful work of art and it's speculative figure but in today's world art is more useful than it ever was it's a financial instrument in the sophisticated global economy there are hedge funds investing in arts and finance companies lending money taking the art you own as collateral Philip Hoffman runs the world's largest business of this kind with over 240 million pounds in assets this incredibly busy time of the year we were involved in an 80 million dollar transaction that sprung up about a week ago we're signing off on deals of perhaps 10 or 15 million dollars this week and we're ranging various transactions from low end to high end of many many millions for clients in multiple countries price rises have been so steep that many veteran collectors have been priced almost tragically out of the markets I'll make a statement now concerning the buying of pictures which you have to think about for a few seconds I can't afford my own pictures if they came on the market I couldn't afford to buy them the prices have just gone in some cases stupid 10 20 times what one originally paid for them until the 19th century the art market was a trade that just trickled where aristocrats bought antiquities and Renaissance masters the exception was 17th century Holland there the urban middle class drove a bull market in art but the European art market only really took off in the mid-1800s when all the nerves the wealthy new entrepreneurs and industrialists caught the collecting bug for both old masters and what was then modern art art became a popular passion to half a million people were attending the Paris salon by the end of the century here are the country bumpkins amid the town's sophisticates and creeping into the edge of the picture this was real middle-class life and it was loved and priced into the skies by middle-class people it was the first really big price on the Victorian Contemporary Art boom 1,500 pounds in 1858 which hadn't been seen for a living artist the change to seeing art as a form of profit came in the middle of the 19th century when the art market fell into the hands of the middle class into the new big industrial fortunes the great difference between a king a prince and landed aristocracy is that the former by and large bored hard to keep while the middle class has always kept an eye on a profit at 1 million 450 today's collectors and dealers tell you that art as an asset is a recent phenomenon 800 I have so you might quite reasonably think this is a craze that will come and go anybody else down but the smart guys in the room across the channel saw the future over a century ago back in 1904 a group of collectors under the direction if you want of a private collector called mr. Laval decided to put money in a big pot and by works of contemporary artists during a period of 10 years and they had decided from the beginning that after that period of ten years they would sell the works at auction and hopefully making a profit in the end he acquired they acquired 145 pictures drawings watercolors the total of their purchase comes up to almost 27,000 functions among the works Lavelle bought was a legendary Picasso Laval had to negotiate to buy four thousand five Swiss Picasso Picasso was not easy to convince to sell at this price but Laval gave him in advance 300 francs and he caught him my class because Picasso spend the money and then man he had to give him the picture it's huge it's 2 meters 35 by 2 meters 40 years and it's a very large painting and in fact it is so large that then ever we're able to hang it anywhere so it was it always stayed walled up I love l bought it in 1908 and they never already enjoyed this painting it was kept stored somewhere because it was too big in 1914 Lavelle sent his 145 works of art off to be auctioned the Picasso included the Picasso is here Picasso Lee Butler it's the first time he comes for up for auction so there is a lot of tension in the room people have come to look at that there is a battle between two dealers and the fun of your German dealer buys the picture for more than eleven thousand francs people start clapping their hands and they're so happy there was a person there who writes in the paper the next day that he felt so happy he felt like singing in total LaBelle's collection was sold for almost 100 thousand francs four times what he paid for it that was the gratifyingly profitable dawn of art you bankers could Bank on if you look at some of the wealthiest families in the world Mellon the Rothschilds the Rockefellers Steve Cohen the hedge fund manager they have made more money probably out of their art investments over the long term they ever did out of their businesses but there is something new afoot now you bankers don't just trade in one thing in one country and you all lost a packet in the crash so that's made art a more desirable useful and profitable asset than anyone dreamt possible everybody burn their fingers in back in 2008 where they had all their money in the other stocks or in the bank deposit or in bonds and even real estate and all of them collapsed and people scrambling around thinking what the hell do I do it's been another tumultuous morning on the market some of Britain's biggest banks have seen their share prices plummet again the Dow Jones average closed down more than 500 points this afternoon Lehman Brothers is now officially market is not functioning properly in major sectors of America's financial system are at risk of shutting down we are a minute from midnight in towns of out light ' and actually art didn't collapse and there was some a year later in 2009 as a world record prices paid for Giacometti walking man that made over a hundred million new world record price this angular piece was inspired by Giacometti's belief that the stride symbolized life force so what I said to her is look look back at history and see in economic downturns what happens to all the other asset classes and what I was Ward since the financial crisis governments have printed trillions of dollars and pounds and yos wondering where some of it went is that a beard 73 million here it is so 359 said you've got a situation where I think art does better during times of income inequality we've seen Studies on that not just general economic activity so that when the rich are getting richer after you bought your three homes and five Ferraris heart seems to be a natural place to put the rest of your excess cash looted from your Central African country so so now you know how to think about art it's time to turn your attention to what art to buy today many of the world's most influential collectors have come here to freeze one of the world's most important art fairs nowadays most art is bought at fairs like this where galleries from all over the world rent booths and show a selection of work by the artists they represent it's actually quite funny if you ask dealers gallery owners and collectors what RT should buy they will always initially say it sounds like cliche but collect what you like collects because it looks good on your wall that everyday you walk by you smile these works are all about a kind of fictional archaeology something that appears like it's from now right it's figure is wearing Nike shoes so this one is made of ash volcanic ash and steel I have one of his pieces on my desk it's a different type of history forward looking looking back now I think it's fantastic Jim Chanos estimated net worth 1.5 billion dollars is one of the world's most successful hedge funders famous for shorting the market don't do this for the money it's a bit of a mug's game if you do that I think the people who have done the best in terms of their collecting or are people who actually they're the believers actually love something they're enthusiastic about something they believe in it it excites them it wakes them up in the middle of the night or they're like I really want that and then they get and they feel so good about it Adam Linderman is the son of a multi billionaire entrepreneur and is one of the world's most successful collectors you know I have a terrible case of FOMO you know what FOMO is fear of missing out I have the worst FOMO in the world so if you don't show up you don't know he was an early buyer of Y bas damien hirst Chris or Philly and Japanese pop artist Takashi Murakami and having established himself as a collector and then a dealer he went on to open his own art gallery in the gallery perspective from the collector perspective I mean if you don't show up you don't really see what others are doing what others are showing what others are selling or by market knowledge and also there's always something to find I mean it's like a treasure hunt if you don't love it don't think the next person will it is true that many of the world's wealthiest people do buy art because they love it but dear bankers and novice collectors that is a terrible idea if you wish to make a proper return on your equity and whatever they may say at first billionaire collectors know it can be a road to ruin any collectors journey will always transform as they buy and I think it's interesting how many classes regret their first two or three buys but actually in the end come back and say I'd like to keep that as part of my history when someone tells you I'd buy what I like that's the kiss of death the thing is you like what you know so if you've only had fish and chips and someone puts a piece of sushi in front of you you're not going to like it but if you try sushi and then you get used to it suddenly you feel good you love sushi you love Japanese restaurants I can't wait to go to Tokyo but you're the same person who two years ago loved fish and chips the more you learn it's going to change you know the more times you go to the tape the more times you see the galleries your taste is going to change three million dollars two million one if you wish your art to pay dividends then you need to focus on the art where other collectors compete to own works thank you sir because that is where prices rise two million three hundred thousand paddle eight to seven the Richter Richter war hole Hirst Basquiat and Koons all the big name artists have shot up because their work has been chased by millionaires and billionaires from Europe Russia and Asia there is a herd mentality among a certain zero point zero point one percent of people I think they're called the plutocrats who don't really come from any particular country who fly about in aeroplanes and they all know each other they all want the same interior designer they will have the same dentist they all want the same art trends in contemporary art are set by a few very influential and affluent collectors as Charles Saatchi once did he established a new movement in art in the 1990s by heavily collecting a generation of young British artists whose art scandalize donation and thrilled the art market Sochi is like the Ronald Disney he's the universal pariah he's never going to be allowed to be a person who had any positive influence on the art world every single time I hear if someone says what about Sachi there's this kind of notion that somehow there's this malevolent behind-the-scenes character who put together something which we shouldn't believe is a thing and that's kind of that's quite weird because it also sort of presents the notion that if you think about the why be a sensation thing that somehow there's someone manipulating things which is not so there's not but the question is to say when one of people not manipulating things I think there's no doubt that there's a sort of billionaires battle going on here the desire to have the best works of art the most difficult to obtain the fact that it is actually quite difficult to get your hands on a really prime Jeff Koons in fact virtually impossible I think that adds to this sort of this competition and this is one of the reasons why very rich people are vying to bag the best trophies but once again permit me to repeat myself don't think that this is a newfangled fad in the 19th century industrialists in Britain and America competed to buy the big name artists of the day just then as now you had sudden dramatic explosive rises in price the best example of all is the picture known as in those days as the grand canal which changed hands ten times between 1859 and 1885 and it moved from two thousand six hundred pounds to twenty thousand in those 23 years but lancia went up like a rocket Malay Holman hunt then you had the sexy painters of ancient Greece and Rome who got the nude back into the Victorian household in the eighteen seventies and eighties anything which looked muddy and dark and oily they shot into the sky and stayed high until 1989 90 ladies and gentlemen follow the money by the art liked by people more important than you I have absolutely no idea what this is so let's see what our important collectors are looking at today why are thoroughly interview and two and selearis BBC excellent just to go ahead any grass is good press the environment from Jimmy Durham is an American Indian artist he's different he's conceptual I think the works are aesthetic and beautiful I like two pesos I like the sadness of it you know it's very poor but it put that Venetian luxury in it and there's some sort of a poetic energy in it I'm dreaming of doing show Jimmy Durham because I think he's incredibly timely and he won't show in the United States if I like this one better yeah I like this one better I would take this one over that one I think that tall thing that might that might break or whatever but that's a good piece too let's try this like it's not that expensive either that's the other thing it's like I think it's a good deal well Theaster gates is a chicago-based artist and i think he actually embodies the passionate side of contemporary arts one of the few artists i think right now that is it's sort of saying something beyond his art his work really focuses on civil rights in the United States and the black experience in the south his father was the roofer in Mississippi worked in tower and he uses things like tar I have a tapestry of his in Miami that's made of fire hoses from the period of which the demonstrators were hosed down I think he's an important artist I have a number of his works so can I buy this one believe he's on hold but I can check I can WI you let me I've been wanting to buy a gym in Durham for like two years from you guys only one I know you know but tell me why you don't like me let's say that now perhaps you were still holding out one of those obstinate you collectors who say I am going to buy the art I like just like Adam Linderman well you may find that simply impossible as a new collector to get into the mega calories it's very difficult to enter some Walter galleries have hot artists like SL everywhere and they don't need new collectors for that but they also have artists which are not that popular and in order for you to build a relationship with the witch the gallery it means that you have to buy something you don't want in your collection but they need to get rid of so who to turn to well you pay top dollar for advice on the best health care child care interior design so - art even billionaires like Jim Chanos don't just buy the art they or their friends like oh no they hire experts whose job is to identify the art and artists that are on the up we've gotten into this environment where the advisors are in the middle so we're now in this sophisticated or an environment where like you don't just buy your art you buy your advisor and then your advisor tells you what to do when young people come to me and say where should I start Geoffrey I say for heaven's sake get a good advisor who you trust I got invited as an amateur to judge the Royal watercolour Society competition and met for the first time this was 30 years ago dr. Christopher beetles and we became friends and I realised that I knew nothing about art once I'd met him and he guided me very carefully and taught me to look more carefully and taught me how to look somewhat of an irony that the picture I chose for the winning prize was dismissed by dr. beetles and the rest of the snooty people on the panel and won the people's prize so I suspect I've always had the people's view but he was able to refine that Lisa Schiff is an art adviser whose clients include Leonardo DiCaprio as there's more product and more supply it's also ever more complicated and ever more important if you're thinking things as asset allocation to be very selective about the artists that you're looking at and the works by those artists that you're looking at this is a female painter named Elizabeth Peyton she is really a portrait painter but also someone who depicts the people and friends around her this is a drawing of Phoebe Philo who's an English designer believed works for Selene and one of the things I love about Elizabeth is her ability to capture the soul through the eyes I mean she has an unbelievable ability to depict that Elizabeth Peyton has been one of the most commercially successful female artists since the 90s back then you could buy a painting by her for around seventy thousand dollars now they could set you back half a million like this contemplative portrait of Leonardo DiCaprio I will make sure that I can disclose what I think the market future probability is of any work of art that we're going to buy just to their new surprises and I could be completely wrong by the way you know I'm not a magician but I could say this is what I see happening here's the potential and maybe there's no potential of course great wealth is not always acquired by the most elegant means or made in the most democratic environment or fairest Society you might have made your fortune mining potash or betting on the collapse of the property market but an art advisor can help you transform your home into an oasis of culture Malick sukar runs a waste management company based in the Middle East in London he and his wife have been collecting arts for over a decade listening carefully to their art advisor she's Viennese well she's sadly since died she was actually one of the OWA s the older women artists have suddenly trended a couple of years ago but Cru O'Day has run a consultancy since the 1990s among her clients accountants Ernst & Young multinational Unilever and the British Treasury when I was originally recommended to them they really just wanted to fill the house with lovely things they were very curious but quite apprehensive about the art world this corner bring the smile on to everyone's face that's the quirky side of the collection that's where we began to have a bit of fun with installing in in a very different way we started off quite gradually and then they really got the bug and could see the huge feedback they were getting in their personal lives collecting in depth makes you follow the trajectory of the artist and you become more acquainted with their work and they become your friends so to speak I think what's really interesting is they're a very engaging couple they're very well liked and they have a lot of fun this piece is actually part of the naughty side of the collection that no one knows about this little teaser a beautiful bum painting in the smallest room in the house and so appropriate but Malik really carries in his soul all the troubles that have happened in Lebanon which he was directly affected by and he is quite honest about this visceral thing that really really moves him do you remember when we saw that he's found I'll never forget because this was our first time out together and within a couple of minutes Malik said I want it a lot of people are shocked when they look at it I've learned to love it to live with it to appreciate it and every single day I discover a little bit more humanity in that painting so here we've got the parallel karma which we found it freeze in about 2011 he's quite a spooky artist Amy yeah I was very impressed from the outset about their bravery really because if everyone saying to you oh this is just the most extraordinary work and this is the best one you tend to believe everybody else I think it's a step forward in the collection history again with this idea of decay and decomposition in the end it's all subjective and you know no one knows for sure someone asked me once your house is on fire which piece your grab and run away with and I think it's this piece by Louise Bourgeois it's very minimalistic but has a lot of meaning so you've started your collection you've got an advisor now it's time to venture out into the wider world in the art business a sales pitch can be all smoke and mirrors the dealers will always tell you like you know three seconds after the doors open that everything's sold but of course what that means is is that people have reserved the works there are consultants and advisors go through and they my clients interested Matt that Matt and thus that the work is is reserved and if you ask about it a day later they'll say well it's it's sold but in fact of the matter no cashiers yet changed hands and may never change hands and so works that are reserved or taken off the market or off the walls at fries may in fact be back on the market within weeks in the world of high finance as you traders will know there are burdensome regulations you have to do the best by your clients whether you are buying or selling if you don't you can get a hefty and irritating fine in the art world you will be pleased to hear that almost none of this applies there are frequent instances where a conflict of interest could arise which would it be necessarily the case in other industries Kenny Schachter collects deals and writes about the art market I'm selling a painting for twenty or thirty million dollars which I've done the fees are typically two to four percent but the law is pretty much whatever you can get away with for all intents and purposes 780,000 still going seven hundred eighty thousand lady's bid centre-right solo last chance I'm selling it at seven hundred and eighty thousand pounds the issue is this if you're a collector you're newly wealthy and you'd like to join this private club there's exclusive and storied but you're not a member of it yet there is a natural tendency not to want to rock the boat and to want to play by the club's rules but the club's rules go like this I will tell you how much an object is worth I will tell you what is authentic and what isn't and you will pay however much I tell you this is worth you have it 8 to 6 at 300,000 unless you have a specific contract for the purpose the art dealer will be working in his own interests naturally 950 is here as one Russian oligarch recently found out to his cost for 10 years Dmitri rival / Lev the owner of Monaco Football Club bought art from this man Eve Bouvier an art dealer who runs the storage facility the Geneva Freeport so OVA is in this position of knowing when everybody is storing in their freeport which gives him really an upper hand and then he turns around and sells it for extortionate prices to this unsuspecting Russian Bouvier was essentially working as an agent on behalf of this wealthy collector and was guiding him on what to buy and also able to acquire for him things that weren't for sale so he felt that they had a really symbiotic relationship and he understood that he would take a cut that's normal but a cup that might be a few percentage points instead of something like 50% Bouvier sold rye biloba left two billion dollars worth of Arts what rival over left didn't know was how much Bouvier had marked up his prices Bouvier bought a Gustav Klimt for a hundred and twenty seven and a half million dollars and sold it to the Russian for a hundred and eighty seven million making a profit of 60 million Bouvier bought Leonardo da Vinci's Salvator Mundi for under 80 million dollars and sold it for a profit of forty seven million dollars he also made a massive profit on a module iani he bought from the hedge funder Steve Cohen then one day the Russian oligarch found himself chatting to steve Cohen's art advisor a friend of mine called sandy Heller was that a dinner sitting next to a Russian fellow called row biloba Lev as they are prone to be called and sandy Heller said to row biloba Lev what's the last thing you bought which is a conversation which typically transpires amongst collectors and dealers and it was a Modigliani painting and then row below bowl aver sandy what was the last painting you sold and it was all solo dig Leon E which turned out to be the very same painting so of course you don't have to be a detective to figure out what the next question was and the Russian Robalo Belov asked how much did you sell the painting for the wealthy collector may have no idea what the value of a work should be they know they want in they know they want famous names they actually like to a certain extent the high price tag that they're expected to pay but they also don't want to be screwed over Rui Bulova lev is now suing Bouvier for fraud but in a world which runs on word-of-mouth rather than paperwork he's not thought to have a very strong case at one point roba Lobel have turned around to bo ba and he said you've charged me that your fee is a price of a Boeing in terms of the collectors and the dealers this is a rich man's game so it's not like eradicating child labour 1 for 9 years here 1 million four hundred and ninety thousand pounds and so there isn't a real moral imperative to clean this business up you know if a billionaire gets ripped off slightly there aren't going to be many people crying about it over their cornflakes 1 million five hundred thousand charts selling at one in four and it is indeed a murky old game to start the bidding at one five one six one seven already $1,700,000 so here's my next paradoxical piece of advice two million dollars then are we all done the art that goes up in value is produced by a small group of artists collectors compete to own them and so prices rise there's a big one we have three auctions taking place this week alone the feeder Doig is the sort of the the marquee painting of the week it's it's the one which really defines the kinds of things we're trying to do now the principle here is the opposite to that which you would normally follow in capitalism don't look for the bargain it often pays to pay over the odds the market today where works are most in-demand and where price rises are highest is the so called trophy market this is a big investment at nine million pounds but I personally believe that is a great investment because Peter Doig is an artist who is now firmly established in art history he's somebody who I think defines his time Peter Doge is a great example of how you can give from being a thousand dollar artist to eleven million dollar artist it's completely abstract up for up close but when you cover the back the view comes into into reality in the past 25 years he you know getting a good US dealer having child Sachi interested in him selling a work to the Museum of Modern Art in New York being in the Whitney Biennial I was completely drawn to this this one area of blue the apotheosis of Peter Dogg I think was selling at an auction that was full of Russians in 2006 when the Russians were were very much a part of the market and suddenly he's he's worth you know eleven million dollars little bits of gloss which is created by medium and medium in the paint which comes across like a SAP in the tree I always think it's best to buy quality over quantity so if you've got a budget of say 50 million pounds I'd rather buy two amazing paintings than fifteen average paintings and here you know you're buying one of the best there is the wealth in the world is just beyond um I mean I'm not personally not in the lead but I advise we blow up girls to share brains I mean I remember somebody in Russia and he said to me he said Philip come and have a look at my drawing room I'd like huge I'd like to show you my room and he said he's day over there there's a 510 at 2005 and a3 he went and he went around the room and he wondered on earth we were talking about and suddenly he were trying to then work out where there was thousands hundreds thousands millions and then I realized that that he would like to describe his pictures by millions that's a 5 million that's of 20 million 3 million and people are buying on because of ego because there they see their biggest competitor buying art and they want to buy spend more and show that they can be more macho and that's one of the reasons why some world record prices are paid we will always see that that power play come in there's been a lot of talk in recent years about how darkly expensive contemporary art is you can buy a masterpiece from the past for half the price of a basket they say that proves how inflated the market is rah-rah-rah nonsense contemporary art rest-assured has been daft lis expensive at certain times before in their own day Turner's cost as much as Titian 'z what his painting is the Thames at Richmond from Richmond Hill and dressed up as a French landscape with a few dancing figures in the middle ground he put a price for 300 guineas on this when it was offered for sale at the Royal Academy around the same time the Titian no Lima tangerine was sold at auction for 330 you guineas so the level that Tallis it seemed to be pricing himself or is apt the level of a huge masterpiece quite extraordinary it happened in late Georgian England when Benjamin West was priced above Leonardo it happened in Victorian London and Victorian Paris in Paris by 1890 me and my Sonnier had been priced up to the level of 10 Michelangelo's taking the base price there the 2,000 pounds that was paid by the National Gallery in 1868 for Michelangelo's internment you get what you pay for don't be a cheapskate now listening to this you might think that if you should pay a lot for trophy works of art that would mean buying the rarest of masterpieces but that is not quite how the art market works this is a work of art by the Chinese contemporary artist Ai Weiwei perhaps the most famous artist in the world it consists of millions of handmade porcelain sunflower seeds and has been described as a work about craft and individualism for this auction we've tried to bring together a group of aiwei ways and we have a watermelon ceramic you have a coca-cola vars next to coca-cola bars 200,000 Sami jumping in here and we have this the grapes the price point here is three hundred and fifty to four hundred and fifty thousand pounds three hundred fifty thousand for the AI weiwei stools three hundred fifty thousand and selling 380 will be next i Weiwei makes what the art world calls series of works these watermelons follow the Chinese tradition of mimicking organic forms the bicycles nostalgically celebrate the popular form of transport under communism here he applies principles of geometry and abstraction to traditional verses and stools he has made different kinds of amalgamations of different kinds of historical furniture and there are four or five pieces in the Royal Academy show one that's not dissimilar to this ironically another one is up the road at Sotheby's when Francis says he has made that's slightly misleading like other contemporary artists who make series of works by Weiwei has a large studio with scores of assistants and sometimes hundreds of craftsmen who make the art for him it's an interesting thing cos of the Andy Warhol question you know people always said you know so many works how can they ever hold their value and actually it's the fact that these works have been spread all over the world now and collectors can see them everywhere in their in their friends homes actually made them more valuable one misconception you may have about collecting is that you should buy something unique that has been made by the artists hand isn't that what makes art so valuable well art collectors and market analysts say not necessarily one of the strengths of Damien Hirst series of dots and spin paintings is that most self-respecting collectors would expect to hold at least one of those works in their vestibule or in their living room and it would be almost a rite of passage into the contemporary art world some market analysts foolishly suggest that the repetitive artist whose assistants make the work is a new and temporary phenomenon once again plus a Shan Canaletto set up practice here in Britain in 1746 and was as successful as he had been in his many years at Venice it's astonishing how well planned at what a clever businessman can a letter was um how popular he was during his stay in Britain canaletto was very active very prolific coming on to nearly a hundred pictures are painted over nine years which some of those canvases are are pretty big things it wasn't to some extent almost an assembly-line attitude yes you have a master in our case Canaletto who has the vision who had creates the ideas behind the picture and there is an agenda in every canaletto picture they're not just pretty views but to achieve this particular to achieve them the vast numbers of canvases that Canaletto created of course you need a studio behind you and the same had happened for the past two centuries going back before a lot of the characters we see from canvas cameras are actually the same people he has a stock cast of characters who re employees in lots of his pictures it's not that the Hollywood depiction of the great tortured artist who is creating everything or on his or her own winning art practice in the 18th and 19th century particularly say in the mid 18th century was a collaborative one oddly enough i think we are in certain circumstances in the 20th 21st century's returning to that idea of 18th century practice so the workshops are people like Jeff tooms Damien Hirst and so forth are very similar to the workshops of Canaletto as a banker you will recognize a potential problem with a market which favors production line art it's easy for mass production to become over production and then for supply to outstrip demand how do you protect yourself against that the advice you usually hear from the art world is to focus on just a few artists and by their work in depth sometimes one can have a very big windfall in the center will be one particular artist that you bought several years ago and suddenly the value Rises considerably and you're sitting on what would potentially be a big profit David Roberts is a property developer thought to be worth over a hundred and fifty million pounds he has his own private Museum in London well I collect pretty money because I I like the art and I and I I love the art and I very very rarely sale anything there's over 2,000 works of art the collection I kind of might have probably sold more than fifteen or twenty things in my life so it's not it's not a big part of what I do but buying art is not so very different from investing in stocks and shares the art market is unpredictable and volatile you know I always tell collectors to figure out what their throwaway number is 1 1 million to already vomiting to up is it $25,000 is it $10,000 at what point are you going to not care if nothing ever happens to it some people it's a million dollars a million 1 million to 3 million 3 people look at these option prices said well if you bought a Picasso it and it compounded at 12% a year for 80 years but if you bought 5 other paintings by people who were not Picasso at that period in 1935 you wouldn't have earned 12% on the whole group of them only on the Picasso thank you cattle 1 upon listening to this you might be thinking right so I have to make sure I buy the Picasso and not the other 5 guys or girls wrong the answer is don't stop at 5 it's random because I have bought works by many many artists that were meant to be the next hot thing or artists who have become the hot thing and then it steeled off and gone don't go so look it's a psychology if you buy a painting and instead of going to do something else with your life you buy this picture and you hang it on the wall and you're checking the prices and you see them going down gonna be hard not to like it less and less but as the price goes up then you're so smart oh I'm so great I have a great eye I've figured it out so clever seven million seven hundred fifty eight million dollars eight million and fifty thousand and eight million trillion people even the biggest and most experienced art dealers have lost money a lot of money on some of the work they have collected 50 million five sixteen million we've been in this market now for fifteen years of all the deals we've done we've made money on ninety seven percent of the art we lost money on three percent to give you an idea of an artist we lost money on was Chinese contemporary artists where we thought we were being very clever and going in alongside two or three of the major US and UK and Chinese galleries into that particular artist we invested into three works of art at around two hundred thousand dollars each one we sold for 220 the other sold for 180 as we lost 20,000 and the other we sold for fifty thousand so we lost seventy five percent that is exactly the bid I wanted to see and that's six for two thank you so successful art investors instead of concentrating on a few artists spread their risk when I go for it in my collecting I always try to swing very hard and I try to hit the ball out of the park I might miss but I have big eyes and big ambition and that didn't make me right I ended up buying a lot of things that no one else wanted but often in any collection that I've seen including my own of let's say 50 things two or three things shoot the moon ultimately that makes up for the rest if you throw an enormous fishing net out and you catch everything whether you you're looking for the good stuff or not it's going to be there and the rest you can just Chuck back doesn't matter tonight there is an opening at the listen one of the world's most revered art galleries in the 1970s it pioneered the new work of minimalists and conceptual ists it is furthered the careers of million-dollar art stars but it has also shown many others who were almost forgotten today some of its worthless some of it has just kept up with inflation and some of its priceless if you'd been collecting from the listen for 50 years and had spread your risk you could have an impressive return if you put to sum total of all the works that listen gallery has sold over the last nearly nearly five decades probably runs two billion dollars or more and if you put away you put that all together hypothetically and there was the auction the mother of auctions of all of it you'd probably see about twenty or thirty billion dollars back one of the newest trends in the art world is the emergence of a new generation of abstract artists like many other dealers and collectors Kenny Schachter has bought into some of them I have these paintings by Lucy and Smith and I very much stand behind them and like them as art he must have been around 23 or 24 when he was creating this series of works called 'rain paintings of which these two paintings are part of and what he did was find a way to compress paint into a fire extinguisher and then literally squirt them out over canvases I mean these are two small iterations of the works but let's say he's made about 300 of them in all various sizes sometimes the color is very only slightly to blue yellow or black and his first paintings that came to auction when he was in his 20s zoomed right up to $400,000 since then they've taken a rather precipitous drop along with many of the other practitioners of this kind of work I mean I think these are attractive there they pleasantly fit within between these curtains in my house I bought them about two years ago I'll tell you I paid 130 thousand dollars for the pair of these paintings and today I would say they're worth around eight to ten thousand a painting can't win them all but wisely lucien smith was not the only new abstract painter that Schachter had been buying this is a work of a 42 year old American artist Joe Bradley and I began working with him in around 2001 2002 abstract painter he also did some performance work he had a band called cheeseburger which he was a sloppy singing as this painting looks so I can understand as a layperson or someone not involved in the day-to-day goings-on of the art world and you come and you see a painting like this and it's not even a situation of someone to say oh my kid could do a better job than this this is worse you have to remember artists constantly have to wrestle with these issues how do you address a white canvas and how do you do something new that hasn't been done before the marks are exquisite the way the surface of the canvas all of these little creases and the way they're not stretched perfectly it's sort of striving for imperfection and finding the beauty in the uglification of painting I remember first seeing his paintings and I was drawn to like what what I call good bad art there was something so wrong about them that it just I felt compelled to get involved with this artist what lurks behind the canvas something entirely different the paintings were all between one and two thousand dollars and I was the only buyer of any of the paintings in fact I bought all of the paintings and still have them over the course of 12 years the last major painting of Jose to come at auction so for three million dollars if you're neither a lover or a gambler carry on it's not for you now let me assume a few things again you have become an established collector with over 50 works of art in your collection people know you in the art world and auction rooms you have your own storage facility for all the stuff you have bought that doesn't fit into your luxury penthouse or on your yacht it's now time to learn how to minimize the cost of the art you have bought so far eight million at eight million pounds there are certain aspects of today's art market which are new 50 years ago the world did not have a global network of tax havens and collectors could not take advantage of the benefits they offered in those early days it was difficult to avoid the many ways art is taxed living with art costs money and that price could be anywhere from seven or eight percent to 50 percent in South America for value-added tax so if you want to import art into your home if you pay a v80 or in America you're responsible for paying sales tax but with the correct offshore financial planning you can optimize the tax position of your art collection you should begin by moving your art abroad to special tax-free lockups known as free ports located in Geneva Luxembourg or Singapore Freeport is a kind of netherworld it's not really part of any country so if you dispatch some art to a free port in Switzerland or Luxembourg it hasn't really arrived in those countries so import duties and that kind of tax aren't payable if you go to the free port in Luxembourg for example it looks like a massive high-security prison and it happens that the back door of it or maybe the front door is actually in the grounds of the airport so when goods pass into it they don't count as having arrived in the country itself so there are no import duties payable and it suits a lot of people to keep their art there for quite a long time there is another tax advantage to offshoring your art this time when it comes to selling to benefit from it you first need to set up an offshore shell company or trust if you were to sell it to a third party you might have a tax but we probably would have a big tax bill to pay on it but if you sold it to a your shell company at the price you paid for it you could tell the tax authority that you hadn't made any money and then when the show company sold it on it would make the gained and it wouldn't have to tell the tax authority that wouldn't be legal but it but it were up to you to choose what you reported to the tax authority zero taxes aren't the only upside holding your art offshore in a free port means your wealth is highly portable the benefits of this rarely come to light because they're all based on privacy but occasionally the attempts of law enforcement officers to stop these activities shine a light on how it is done and then there's the man who just put the Picasso on his yacht and floated away from Spain the Spanish police took the Picasso to Madrid under armed guard octa Guevara Socorro say Culebra day Pablo Picasso cabeza Democrat had been found on a yacht belonging to Jaime baatein scion of the Spanish Santander banking dynasty LeBron was propiedad dear fellow financiero the police say baatein was trying to smuggle the picture out of Spain 14 says he only owned it indirectly through a company located in the tax haven of Panama seems to me like he's in his right but they're trying to bring it back so you know the Picasso was worse I guess according to the art newspaper 30 million dollars maybe more is worth more than the boat the little thing that's hanging on this 150-foot yacht is worth more than the boat and all the people on it I know funny and he's trying to get the hell out of Spain and they trying to bring them back so what was the question I dare say that if the authorities clamp down on money laundering or illicit capital flows that would probably have a big an impact on the art market as a stock market crash at seventy-six million dollars minimizing the tax exposure of your collection is one side of the coin the other is maximizing its resale value at seventy seven million dollars thank you as a pastor we'll break for just two minutes days gentlemen the key to making your art worth totally implausible sums is the art markets absence of rules there has always been a code of silence and gentlemen's agreement within the art trade and it actually has a cultural history dating back to the 18th century the feudal system was over the aristocracy needed to figure out how to make a living so they started to sell off their art collections titles and castles but they didn't want to make public their financial straits so Christie's and Sotheby's developed a system in which they would list work of art as property of a lady or property of a gentleman but that code of secrecy was important early on and it still maintained to this day here it is ladies beard she has it now you like to come back in sir you sure thank you for the bidding three six years here the first lot of tonight's sales selling then at 300 it is for me the last of the sort of unregulated markets out there in a way it's what makes the industry exciting this is an industry that attracts the good the bad and the ugly I think the art market is the most opaque market of all I think it suits a lot of people to keep it a pic I think a lot of money has been made in the out market because one person is something that someone else doesn't know inside the beanie had 550 already at five hundred fifty thousand a thousand dollars as bearded six on a badali 650 in the room at six fifty already had $700,000 750 800 thousand 850 at nine hundred and fifty thousand at 1 million already you would not be able to use many of the techniques I will teach you here on your trading floors without risking ending up in court but in the art market there common practice and their invention can be traced back to a handful of art dealers of the 19th century among them Aldo Halliwell who invented the market in Impressionism this is Paul Doyle who was my great-grandfather he was the first dealer bought paintings on regular basis from the impersonalist painters at such an extent that he went in only bankrupt twice in his life and after his death money said if he had not been there with the emotion it would have starved to death in the late 19th and early 20th centuries Jehan Ruell bought and sold 12,000 works of art his focus was on the young Impressionists in whose work he wisely built up a semi monopoly and since this was art not copper or oil no one objected during his life he purchased 2,000 paintings on when we are 1,000 from monae 400 400 400 from durga 200 from men a you have the straight singer a woman with a parrot he was a thief and slowly he's going to try and bring the prices up and to find new collectors American James Sutton director of the American Art Association New York asked him to organize it 1886 show in New York John welcomes with more than 300 works of art American clients are going to finally pay good prices for impressions pictures and Europeans have going to have a better look or another look on the is artists that didn't really like at first which was participate you are well for a few hundred French francs from Wanhua will be sold for example in 1924 for more than $100,000 gyeon-woo ELLs massive stake in Impressionism allowed him to limit supply to the market and therefore influence prices the economics are pretty basic more demand less supply the price goes up Paul Johar l really focus on few principles which were quite innovative at the time first he wanted to have the exclusivity of the productions of the artists in exchange he would give a monthly payment so that the artists could create without the worry of finance but would also give all their creation to the dealer in that way he was able to secure the selling prices by having the whole production in today's vast art market it would be extremely risky for a new collector to try to follow gironde rules example and stockpile new artists no one else was interested in so collectors today have found a safer way to play the game by stockpiling already established artists now there are collectors who are investors the Megrahi family in New York is the best-known example they will bid up the price of a Warhol or of half a dozen other artists that they have in bulk to protect the value of what's in inventory they're expected to do it if you have a small Warhol flower painting it will go for about a million and a half dollars because one of three or four collectors who have a number of them will bid it up to that amount if you own a lot of stuff it behooves you to keep the prices up or to support the market that you're so vested in so I don't think there's any anything wrong without seven hundred twenty thousand seven fifty is next to a million to many more shouts you'd like to bid back there now before we move on there's time for some advanced bidding up techniques open in five nine million nine million five ten million ten million five eleven no you why not try to form alliances let's not say the word collude with collectors who are buying the same artists as yourself 300-thousand give me 3:21 if a piece is coming up at auction it's easy enough if I'm selling a painting to have two of my friends in the audience bidding up the price of the painting to an artificially high number and once you've hit the number of 400 and if I hold 20 or 30 rain paintings and the first one goes for 400 you can understand the notion that everyone piles in and Chuck's them into the market and then people participate on the prices going up one set is here 111 jump in if you'd like it what's ready was affected you might not even have to spend your own money to maintain the value of your arts cash doesn't always change hands in apparently expensive deals when you have property you have deed transfers your actual transactions that are that are set and you can see where the property traded at you have shared shared transaction of course goes on the exchange and you see a price in the art market you again have to take what's told to you as transaction prices with a large grain of salt because there can be financing terms there can be swaps there can be barter I mean lots of things can happen that actually make the economic value of the work much lower than what's reported it's almost always I can assure you inflated to what the reality is a market whose prices are inflated by such means is fragile it relized on ever increasing demand and huge confidence in the market neither of these things may last forever one thing I think that people forget is that to make money out of art you don't have to just buy it you have to sell it and that selling at the right time and for the right price is much much harder than people believe I have sat next to someone who was selling one of his works at auction he's a very grown-up very sophisticated smart investment banker and when this work came up honestly I could almost hear his heart beating it's incredibly nerve-racking it never forget the risks of buying and selling art 48000 sure publicly the art world says that a collector should never sell works of art they buy and certainly not within a few years of acquiring them yes No there is a nasty word for this activity flipping from the collectors point of view they fear to be called NART flipper or to be blacklisted selling at three hundred and seventy thousand pounds so not only not collector or buyer or are speculating buy something in the belief that it's going to double in value young artists double in value in six months then they flip it and double their money they think we can go on doing that again again and again the point of your gallery or from the point of view of the artist you get to know those people out very fast and they just go on your blacklist it's not done - to talk about it but everybody sells and I know that as a matter of fact because I buy from those collections who publicly say they are not selling even collectors who sometimes sell the work they have bought will say that you should never do it you know a lot of the people who have done the best are not necessarily going to the parties not necessarily living the life but actually love what they collect they keep it for a lifetime and those are the things that are valued by others and if you look at the auction market more and more those pieces that have been in private collections for decades the fresh material is what sells the best well not quite Adam Linderman is responsible for two of the greatest coup in the history of the art market in 2007 he auctioned this jeff koons sculpture for which he had just paid around four million dollars it sold for twenty three this year he consigned this Basquiat painting to auction he bought it for a record price of four and a half million dollars in 2004 it sold this year for 57 I'm someone ah oh ah you know I keep some things I move on with some things at it it's a moving target over time six million five six million 750 actually there's no need to be ashamed as a collector of selling art for a profit seven million it is another time-honored practice even great dealers like grol sold to collectors who they knew might resell the work to someone else in 1868 the famous British art critic John Ruskin bought a painting of Napoleon for a thousand Guineas and then sold it 14 years later for six times the price today flipping is just faster jump in if you want it to 60 and there's more of it as you might expect considering the growth of the market we bought a Peter Doig in 2005 for 800,000 a sold at one year later for 2 million fantastic result doubled our money a sort of Apple stock results I mean today you will maybe find one percent of historic collectors that have never we sold a piece of work I mean the traditional sense of a collector someone like that belongs in a between in the Natural History Museum they don't exist anymore really because I mean people get seduced out of selling the things that they've always sworn would be left from generation to generation a few collectors are prepared to talk frankly about selling the art they collect Dutch businessman Bert croak made a fortune supplying onboard services to Airlines he owns a collection of around 750 works of art including a handful of impressionist masterpieces what you see here is basically 20 years of collecting because you start off with a certain quality of works also to do with the fact that you don't have the money to buy at first the top quality and then you move up and try to improve and refine your collection and improve the quality and that's what happens with this piece it had quite a few Pizarro paintings before I bought this but once you see a picture like that you immediately know you have to buy this was made in 1897 when he was at this pinnacle of his abilities to paint and actually you see that head back then they they already had through a traffic jams you know he sells art as well as buying it particularly when it comes to the young and emerging artists he collects for most galleries a good collector is a collector who doesn't sell and who keeps the art forever but for me the collection is not stagnant and I think selling is as much part of managing a collection as buying is I'm simply not arrogant enough that to say that every purchase I do is right I make mistakes and I think I need to correct him in the last three years Bert has attempted to correct around 30 mistakes among them some BOTS less than five years earlier some works sold for several times the price he had paid for them you know if you call me an art flipper because I'm open about selling or call me an art flipper I don't care honestly speaking because you know I image in it for the passion and if you don't want to sell me don't sell me I think people who still have this notion that the art world is very romantic and that it's all about having a piece of art on the wall it's a cutthroat business today some collectors base their decisions on what to buy and when to sell on a sophisticated financial analysis of the market and they might turn to a new kind of dealer like Olivia cork for advice lots of people come to us to by contemporary they will actually use it as a financial instrument they like to work or to play in that market to have a bit of fun and to get a good return a healthy return I mean like a double-digit return and for that to happen timing is very important and you have to do it quite fast this is fun things that I bought you know exactly what it says on the tin isn't it personally I think happiness is very expensive before we buy something we actually it sounds really bad but we do like almost like a stock picking presentation to our client I will give a reason we see how many painting this person has done how many paintings per auction and how many paintings been repeatedly been sold and therefore our verdict is that is the safe thing for a period of time well this is another sort of fun thing that I bought I think that's what life is the little platform is where you live how you live I guess and constantly live have things ring at you like this dagger you have to just find a way around and hopefully you don't have any mistakes a lot of people compare investing in contemporary art is better than investing properties because in properties have a lot of maintenance and in storage nod you don't and you just leave it there and you pay the insurance and NASA and when you want to sell it obviously you were there marketing and that's it there's nothing to - too much fast my grandfather was was a general in China it was a very harsh man I remember once he told me he says life is pain but early you understand that the better you handle it by now you will understand that the markets for individual artists often rise and fall over a few years but what about the entire market for the art of an era for the tastes of a generation can that crash it doesn't happen very often but the entire art market has tanked before there's absolutely nothing different about the present contemporary art boom from four or five we've seen before the second half of the 19th century witnessed the world's first Contemporary Art boom at its apex was a canny British art dealer William Agnew selling to those new wealthy industrialists in Britain and America Agnew had spaces in London Liverpool and Manchester just as major galleries today have outposts in different cities across the world he was the Gagosian of the art market in the 1880s and 90s this was Sir Williams office and this is part of the original decoration the original fireplace there is a marvelous description of him buying at a sale in Christie's where he bought fifty thousand pounds worth of lots out of a total of seventy seven thousand pounds and there is a contemporary description which says that he dominated the room and that every nod of his top-hat since everybody wore hats in the auction room in those days every nod of his hat was worth another thousand Guineas by the 1870s boom turned to bust in the victorian economy except in one important luxury sector in Victorian England Victorian Paris in New York 1872 1895 trade slowed to a trickle companies couldn't be trusted banks were folding money fled the stock exchanges but in the art market at Christie's there were queues run the block because of the storming returns when prices were spiraling into the sky art alone delivered sudden quick and dramatic price raises the largest boom that there has ever been in the art market and that includes today was between 1870 and 1914 this was a market focused on a particular kind of art known in its day as Salam painting and here is its mausoleum all the paintings in this room were collected on a two-year buying spree in the 1880s by a pharmaceuticals entrepreneur Thomas Holloway in the early years of the 20th century the market in this kind of art collapsed and there is little demand for most of these artists today in 1862 this painting by Edwin long-standing made a record price at auction of over six and a half thousand pounds at least four million in today's money but by 1905 you could buy a big Edwin long stand Lang for under a hundred and fifty pounds the real collapse came after ninety nine and taste changed in a big way in favor of Impressionism van Gogh and the new world that we now live in collectors were beginning to die a new younger generation who put its money into a different sort of art that was how it came to an end yet despite this artistic Armageddon art dealers collectors and their acolytes do not think that history will repeat itself the whole asset class was we price it's never going back I mean the journalists who like to say old art market bubble bursting blah blah blah that's old stuff this stuff is never going back is the art market gonna happen tough time I think this year is going to be harder than it was last year and much harder than was two years ago is the market going to drop significantly no I don't think it'll collapse I think that certain artists will go down particularly the younger untried ones who perhaps been speculated on a Picasso painting has been a Picasso painting painted by Picasso is going to be there it will always be there whether that painting is ended in Russia or in China or in England is to a Picasso painting and lot 66 and the wall is all this optimism just a sales pitch not number twelve is to loosen Freud and perhaps not the profit by Basquiat the good news my dear bankers is that while we know that the art market can go south it only seems to happen when a certain set of conditions arise which have not yet arisen but the way it works is that so long as the collectors are alive the price stays high la Teja true the damien hirst the Damien price will stay high for the next 30 years because those collectors have an interest in keeping the damien hirst currency strong that seems to me to be how the living artists magic works and how it delivers the financial return but in the past has created booms and living artists souls of the Warhol flowers thank you the number was a bar of gold is a bar of gold is bar of gold this is all quite subjective and and whether or not it keeps its value will depend upon the whims of collectors tens of 20s years from now and I think that's problematic and so we move on to lot number 11 which is the wonderful peter dyke have in essence 93 to 94 or not 73 the second of tonight's abstract Richter's works of art exist in a paradoxical place where pork bellies do exactly the same place a kind of a cartel of speculations there's a degree to which you can tell yourself when you're weeping sobbing into your pillow that it doesn't really matter I think the problem is is when you have certain things like our stuff and people want to buy it because they see because they're kind of somehow compelled morally you know like I love this because it's really kind of explaining these terrible things here's 50 million quid it's like hang on those two things are incompatible so you know that's the paradox I shall sell at them for 13 million dollars thank you six for finally one last disclaimer the makers of this program cannot accept any responsibility if you do not maximize your profits by following these rules if you do decide to sell part of your collection as I did decide to sell some of my Warhol's it's never the right time no sooner have you sold them and then there's announcement that they've doubled they never half just after you've sold they only double just after you you