The World of Art and the Super Rich

In this section, we explore the world of art and the reasons why some of the richest people in the world spend millions on paintings.

The Infamously Secretive Art World

• Some of the richest people in the world spend millions on art.

• Is it love, rivalry, or just big business?

• We want to find out more about this infamously secretive art world and the multi-millionaires who populate it.

Christie's Big Showroom in London

• Christie's Big Showroom in London displays paintings that will be sold at a big evening auction in New York.

• One of the highlights is a Picasso series from the 50s known as Women of Algiers.

• Another painting is from Starlots' series he did in 1891 called Popular Trees. It could sell for as much as $30 million.

• A Rothko painting that has been practically unknown to art historians could sell for $22 million.

Eye-watering Amounts Paid for Top 10 Paintings Sold at Auction

• The top 10 paintings sold at auction were sold for eye-watering amounts compared to what is being displayed at Christie's Big Showroom.

• Art is like magic because with just a wave of a brush, something can be created that is worth millions.

Mark Rothko's White Centre Painting

In this section, the speaker introduces Mark Rothko, an American abstract painter who dominated the art world in the 50s and 60s. The speaker then talks about one of his paintings, the White Centre, which is number 10 on the list of most expensive paintings in the world. The painting was sold for more than $72 million at an auction in New York.

Introduction to Mark Rothko and his painting

• Mark Rothko was a famous American abstract painter who dominated the art world in the 50s and 60s.

• The White Centre is one of his paintings that is number 10 on the list of most expensive paintings in the world.

• The painting was sold for more than $72 million at an auction in New York.

Factors contributing to its value

• Value isn't only linked to quality; provenance plays a significant role.

• The painting's previous owner, David Rockefeller, was one of America's wealthiest and most powerful dynasties.

• David Rockefeller had an impressive art collection that included works by Picasso, GoGan and Mark Rothko. He paid less than $10,000 for White Centre in 1960. Half a century later, it was worth more than $72 million.

Expert opinion on its artistic value

• Arnie Glimcher is a leading art dealer who has been buying and selling Rothko's work for over 50 years.

• According to Arnie, Rothko was interested in the idea of an almost formalismous use of colour to transmit pure human emotion. The White Centre is a wonderful painting that transmits pure human emotion.

The Value of Art and Money

In this section, the speaker discusses the value of art at auctions and how it is not necessarily reflective of the true value of a painting.

The Value of a Painting at Auction

• The value of a painting at auction is not necessarily its true value.

• It is often the result of two people bidding against each other because they really want the painting.

• The people who bid the most for White Centre, a painting rumored to be owned by oil billionaires like the Rockefellers and Katari royal family, were willing to pay millions for it.

Lost Masterpieces

• Old masters are rare to come by in auctions as most are now in museums.

• A lost masterpiece by Flemish painter Peter Paul Rubens called Massacres of the Renaissance sold for $76,529,55 in 2002.

• The painting depicts King Herod's massacre of newborn boys at Bethlehem and is considered one of Rubens' greatest works.

Identifying a Rubens Masterpiece

In this section, an art historian explains how he identified Massacres of the Renaissance as a Rubens masterpiece.

Comparing Paintings

• Art historian David Jaffe compared Massacres of the Renaissance with another Rubens masterpiece called Samson and Delilah.

• He looked for similarities in nuances such as brush strokes and handwriting in paint.

• Once Massacres was attributed to Rubens, its value increased exponentially overnight adding several zeroes to its price.

Buying Great Rubens' Paintings

• There are very few great Rubens' paintings available for purchase today.

• When one comes up for sale, it gets an exponential thrust in value due to high demand from collectors.

• Only billionaires can afford to chase after these rare masterpieces.

David Thomson's Art Collection

In this section, we learn about David Thomson's art collection and his defining moment in the history of collecting.

Ken Thompson's Purchase of Rubens' Massacre of the Innocence

• David Thomson describes how his father, Ken Thompson, responded to different facets of an object.

• Ken Thompson bought Rubens' Massacre of the Innocence for a world record price of just north of $76.5 million.

• David Thomson explains that they knew they were going to win the painting at auction and that it was a marker for his father and his collections.

• Ken Thompson died before he could see the painting hang as the centerpiece of his collection at the Art Gallery of Ontario.

Symbolism and Emotion Behind Rubens' Massacre of the Innocence

• David Thomson feels a wellspring of emotion when he sees Rubens' Massacre of the Innocence because it symbolizes a journey between father and son.

• The painting taught him that overnight, the same painting can be viewed in a completely different way.

Geoffrey Archer's Art Collection

In this section, we learn about Geoffrey Archer's passion for collecting art.

Collecting 19th Century Impressionists

• Geoffrey Archer collects 19th century impressionists because he cannot afford major impressionists.

• He buys next rank down artists who are often just as good but not as well known.

Archer's Art Collection

• Geoffrey Archer owns a rare pastel painting by Sisley.

• The view from his penthouse apartment overlooking the Thames is amazing, but he prefers his paintings.

Collecting Art

In this section, the speaker talks about his collection of art and how he has been collecting for 50 years.

The Collection

• The speaker has been collecting art for 50 years.

• The speaker's favorite picture is the Albert Goodwin, which he bought 30 years ago.

• Collecting art is like a drug. Once you start, you have to keep going.

Monet's Water Lilies

In this section, the speaker talks about Monet's water lily paintings and why they are so valuable.

Monet's Water Lilies

• Monet's water lily paintings are highly sought after by collectors.

• A completed late version of one of Monet's water lily paintings sold for $80 million at an auction.

• The painting was important because it was a signed late version by the artist.

Disappearance of Paintings

In this section, the speaker talks about two famous paintings that disappeared from public view after being sold at auction.

Van Gogh and Renoir Paintings

• Two famous paintings - Vincent Van Gogh's portrait of Dr. Gasea and Pierre Auguste Renoir's O'Moolander La Gelec - were purchased in a two-day spending spree by the same collector in the late 80s.

• The art market was influenced by more than just love of the painting, and prices were being forced up by the new kids on the art block - the Japanese.

The Power of Auctioneers

In this section, we learn about the role and power of auctioneers in steering prices skyward during auctions. We also get a glimpse into the anxiety and nervousness that comes with conducting an auction.

Auctioneer Christopher Burge

• RIOA Saito, a paper tycoon, bought two paintings for 17 million dollars from legendary auctioneer Christopher Burge.

• Christopher Burge sold more paintings in the film than anyone else.

• During auctions, a large staff assembles to act as bidders, telephone bidders, sales clerks and the rest of it.

The Role of Auctioneers

• Auctioneers can steer prices skyward through their excitement during auctions.

• The funds are sort of like this and will very quickly go like that if the auctioneer makes a hideous mistake.

• Occasionally prices in the auction room are not just about the paintings but also about other factors such as financial situations.

Van Gogh Portrait of Dr. Gashin

• When Christopher Burge sold Van Gogh's portrait of Dr. Gashin for $82 million at an auction, there was sustained applause people left to their feet. They cheered and yelled.

• People were applauding out of relief that they had saved their money rather than for vanguard or art itself.

Art World Mythology

In this section, we learn about Cytos' motives for buying Vanguard and Renoir paintings. We also hear about his financial ruin and the mystery surrounding the whereabouts of the paintings.

Cytos' Motives

• Whatever Cytos' motives were for buying the Vanguard and Renoir, he faced financial ruin soon afterwards.

• Extraordinary, he threatened to burn the paintings rather than sell them.

The Mystery Surrounding the Paintings

• The paintings haven't been seen since Cytos died in 1996.

• Some genuinely believe he carried out his threat to reduce them to ashes while others think they were secretly sold to pay his debts.

• Either way, they've passed into art world mythology.

Francis Bacon's Triptych

In this section, the speaker talks about a triptych by Francis Bacon that sold for $86,281,000 in 2008 and is currently owned by Roman Abramovich. The speaker also discusses why wealthy Russians are buying art.

The Triptych

• A triptych is a series of three paintings.

• Francis Bacon's triptych sold at Sotheby's in New York in 2008 for $86,281,000.

• The real triptych was bought by Roman Abramovich in 2008.

• This painting is number five on the list of most expensive paintings in the world.

Wealthy Russians and Art Collecting

• Wealthy Russians are buying art as an investment and as a luxury item.

• After buying their first homes and cars, they move on to luxury items like art collecting.

• Roman Abramovich is not the only Russian oligarch who collects art but he is one of the most famous ones.

• Most Russian art collectors are private so it's not necessarily true that they buy art for status symbols.

Adele Blockbauer II

In this section, the speaker talks about Gustav Klimt's painting "Adele Blockbauer II" which was restored to its rightful owner after being stolen by Nazis during World War II.

Restitution Art

• "Adele Blockbauer II" was painted by Gustav Klimt in 1912.

• The painting was stolen by the Nazis during World War II from wealthy Austrian Jews, the Blockbowers.

• After years of legal wrangling, the painting was restored to its rightful owner, a descendant of the family living in California who then decided to sell it.

• The painting sold for $78 million.

Klimt's Portrait of Adele Bloch-Bauer I

The transcript discusses Klimt's famous painting, Portrait of Adele Bloch-Bauer I, and its history. It also talks about the staggering amount of money paid for it by Ronald Lorder.

The Painting's History

• The painting is one of the most famous pictures in the world.

• It is a portrait of Adele Blockbauer, who was the wife of a wealthy sugar merchant in Vienna.

• The painting is made partly of precious metals such as silver and gold.

• Ronald Lorder reportedly paid $135 million for this painting alone in a private transaction.

• The history of this painting is bound up with a much bigger story, the history of the Jewish people during the 20th century.

Thoughts on the Painting

• Despite its beauty, it is difficult to get past the idea that ultimately it's a portrait about infatuation with high society.

• While some may consider Klimt one of the greatest artists in the world due to this sale price, others may not agree.

Interview with Francois Pinault

This section covers an interview with Francois Pinault discussing his collection and motivations for collecting art.

About Francois Pinault

• Francois Pinault is one of France's richest businessmen.

• He has amassed a blue-chip collection of contemporary art.

Building a Great Collection

• To build a great collection, one needs to be passionate, curious, and take risks.

• Taking risks is essential in building a great collection.

• The bad side of the market is that prices are so expensive now.

Thoughts on Collecting Art

• It's a pity when people buy art for social appearance or to show off.

• There is a risk of frittering away millions on art that might simply be forgotten.

Buying a Picasso

In this section, the speaker talks about the value of art and how it can be a luxury commodity in the hands of the rich. They discuss two paintings by Pablo Picasso that were sold for millions of dollars and their current whereabouts.

The Most Expensive Paintings in the World

• The speaker suggests buying a Picasso as an investment.

• Dora-Mar O'Sha is the third most expensive painting in the world, sold for nearly five times more than another painting on their list.

• The buyer of Dora-Mar O'Sha was a mystery man with a Russian accent who no one had ever seen before.

• Boy with a pipe by Picasso was sold for $104 million in 2004, placing it at number two on their list.

• Picasso occupies all three top slots because he is much more than just a painter; he's the ultimate luxury brand.

Where Are They Now?

• The buyer behind Dora-Mar O'Sha is a Georgian collector who prefers to remain discreet.

• Many works by Picasso are found in Las Vegas, including at Steve Wynn's Bellagio hotel and casino.

Art as Decoration

• It's hard not to wonder what has become of art when it's nothing more than decoration for the fabulously wealthy, like overblown wallpaper.

Steve Wynn and Picasso's "The Dream"

In this section, we learn about Steve Wynn's purchase of Picasso's "The Dream" and the painting's previous owners.

The Failed Sale

• Steve Wynn agreed to sell "The Dream" for $139 million but put his elbow through the canvas before the deal was done.

• The painting is difficult to track down, so a color reproduction is used instead.

Erotic Fantasy

• "The Dream" depicts Picasso's mistress Nareeta Reyes-Walter in an erotic fantasy as she falls asleep.

• The Gantz family previously owned the painting, which was sold at auction after Sally Gantz passed away.

First Purchase

• Victor and Sally Gantz bought "The Dream" for $7,000 in 1942, which was their first art purchase.

• They were motivated by love rather than investment.

Sales Process

• After Sally Gantz died, teams of people from various auction houses descended on the house to buy their collection.

• This is a common occurrence as auction houses have lists of important collectors.

The Dream Painting

In this section, the speaker talks about the necessity of selling the painting due to high taxes in America at that time. He also mentions how he felt when he learned that the painting was damaged while in someone else's possession.

Selling The Dream Painting

• Taxes were about 55% in America at that time.

• If you retained a painting like "The Dream," you would have had to pay 55 or 60% to the tax man of its value.

Damage To The Dream Painting

• Steve Winn ended up possessing "The Dream" after it was sold.

• Steve Winn is a very different man from the speaker's father.

• Steve Winn put his elbow through the painting, which was unfortunate.

• The repair is so skillful that no one has been able to see where it is.

Value Of Art

In this section, the speaker talks about how he feels when he hears sums of money attached to works of art and how prices paid for top paintings reflect provenance and attribution, buying for investment and buying to make a grand statement.

Justifying High Prices For Art

• When you hear sums like that attach to works of art, can you justify that?

• No, I think it's very sad.

• It's ridiculous when you think what else you could do with that money in this world now.

Prices Paid For Top Paintings

• Prices paid for top paintings reflect provenance and attribution, buying for investment and buying to make a grand statement.

• Only very occasionally are they all about love.

• Examples of prices paid: $58 million, $59 million, $61 million, $67 million, $69 million, $72 million, $73 million, and $86 million.

New Green Leaves And Bust

In this section, the speaker talks about "New Green Leaves and Bust," a painting by Picasso that became the most expensive work of art ever sold at auction. He also discusses the buyer's premium and who can afford to pay such a colossal amount of money for a painting.

Most Expensive Work Of Art Ever Sold At Auction

• "New Green Leaves and Bust" became the most expensive work of art ever sold at auction.

• It hadn't been seen for 50 years.

• The first Picasso scholars today had not seen the picture or knew what it looked like.

• It's an incredibly complex and beautiful work of art.

Buyer's Premium And Affordability

• The buyer's premium took "New Green Leaves and Bust" way past the $100 million mark to $106 million, $482,500.

• Who can afford to pay such a colossal amount of money for a painting?

Sexual Fulfillment

In this section, the speaker discusses a painting by Pablo Picasso called "Marie Therese" and its depiction of sexual fulfillment.

Depiction of Marie Therese

• The painting depicts Marie Therese's flesh as radiant lilac against a predominantly dark blue background.

• A self-portrait of the artist can be seen in between the plaster bust and the plant, watching over his lover.

• Marie Therese is depicted as both a resplendent fertility goddess and positioned submissively beneath both the artist and viewer.

• Two dark straps of shadow restrain her body with a slight hint of bondage, forming two enormous peas that brand both the image and her body with P.P. for Pablo Picasso.

Interpretation

• The owner may see it as a love letter to a woman or reflection of Picasso's own sexual prowess and wealth.

• Access to great works of art depends on the whims of the super-rich.

Private Art Collections

In this section, the speaker discusses how many precious paintings are hidden away in private vaults by millionaires and billionaires.

Hidden Paintings

• Many precious paintings are hidden away in private vaults by their owners.

• Thousands of paintings owned by all people can still be seen for free near you. Visit bbc.co.uk/yourpaintings to find out more.