How To Sell Multimillion-Dollar Art At Christie's
Вставка
- Опубліковано 6 тра 2019
- John Hays has been an auctioneer for nearly four decades, and he's brought in nearly $1 billion in sales. He showed us what it takes to be an art auctioneer at Christie's.
MORE CAREER CONTENT:
What It Takes To Be A Taxidermist
• What It Takes To Be A ...
What It Takes To Fly The $21 Million Goodyear Blimp
• What It Takes To Fly T...
What It Takes To Survive Coast Guard Boot Camp
• What It Takes To Survi...
------------------------------------------------------
#Art #Auctioneer #BusinessInsider
Business Insider tells you all you need to know about business, finance, tech, retail, and more.
Visit us at: www.businessinsider.com
Subscribe: / businessinsider
BI on Facebook: read.bi/2xOcEcj
BI on Instagram: read.bi/2Q2D29T
BI on Twitter: read.bi/2xCnzGF
BI on Amazon Prime: read.bi/PrimeVideo
How To Sell Multimillion-Dollar Art At Christie's
I should ask this man to sell my 5 years old brother's drawing
Lol😂😂
Probably someone would buy that for 5 million dollar ,because the buyer would think that it's a genuine modern art painting
"We can start at one cent, we have a phone bid here..." - "5 cent" *tok* sold...
Except, collectors don't buy without knowing the artist.Art is not decor, and provenance is what is sold. So you're clearly as smart as you are funny.
John Smithington wow i bet you’re the life of the party 🙄
Me watching this with $3.09 in my bank account
I legit thought you said 3.09 m $...
Rachid AIT CHERIF 😂 I wish. Hope you have a great day!!!
Same
KEVINCELLULAR that’s your own fault
Yugioh Pokemon 😉
Leonardo's painting sold for 450 million dollars (with fees) but in the auction they sold it for 400 million... So 50 million dollars in fees... LOL wth
If you work in the industry or attend these auctions everyone knows those fees will be added onto the final price. It's a tradition to do it in this manner.
Source: I've worked with clients who purchase these painting and have attended these auctions.
Ninjuric buyers premium is 20 percent so even if it sold for 400 million the buyer paid 480 million total
Hamza Khan mk
generally auctions are 10-15% fees...i can see you dont know how auctions work....
Shawn average at sothabys is 20 to 25 percent
Oh this is where those art history majors go
yep
Seems fun tho
Speaking from experience, most end up in McDonald's
Yeah. To watch but never buy cause their major gave em nothing
@@kiva_J_T I don't think buying is the point
True story. My neighbor likes arts and crafts and made a bunch of bright red 1' square glossy hearts. She sold about 10 of them for $30 each to a local store that sold 'em for $50. She sold another, just like the other to a local art gallery for $300! He later sold it for $475. The purchaser might not be too happy upon seeing it for $50 in a store a few blocks away, lol.
He might believe that those were fake. Monetary numbers blinds people to the truth
🌺
🤣🤣🤣Love it!
Correction required - Salvator Mundi ALLEGEDLY by Leonardo DaVinci. There are well documented issues with this painting and it may have come from DaVinci workshop or from one of his students but the master may not have painted any of it himself.
well that can be a nice conversation piece when talking to your fellow billionaire amirite.
@@cornflakey182 I'm saying a correction is required
Maybe true but there is no way they will let it be discredited now. Too many powerful people would be embarrassed.
Welp, there goes the buyer's justification for his $450M purchase.
That just sucks dude.
I recon it is but we will most likely never know anyway unless we get some ground breaking technology
Ladies and gentlemen. This is how Billionaires outdo each other in terms of money.
"This guy just bid 150M for that piece , if i do 160M , He'll have to pay more money muahahaha"
"200M" *Snickers inside*
It's actually mostly to dodge taxes, it's a massive scam, those paintings aren't worth what people are paying.
@@aviendha1154 For sure. It's a great way to do it and you can get paid nicely from it , with museums displaying your art. If you believe thats a scam , just wait til you get into Keynesian economics. Oh boy.
@@Commaoligarch Dodging taxes with art that frequently spends DECADES in tax haven warehouses is absolutely a scam.
keep in mind that if he doesn't overbid on the 160 then they won't get a dim cause whos gonna pay the 160
@@Commaoligarch :D may non-existent god bless milton friedman and murray rothbard's souls :D
A bunch of rich people in a room stuttering numbers
It's values for us tho
Technically they do just auction expensive thing they also do cheapingthing..
Zuzu
It good though, it frees the money and gives others the chance to get it
I used to have a stutter... pretty sure I could make it come back to make money
*representatives of...
John: “Coolness of an airline pilot”
“Humor of a stand-up comedian”
Also John: no different to selling a cow
lol
I love his auctioning style , really a talented man Honestly
Wait what? "500 Auctions in his 36 year career". That averages 1.15 auctions a month. Just one day of work a month?
auctioneers at Christie's are not just auctioneers--they have regular jobs in addition to their auctioneer work. This guy is also a decorative arts specialist.
Lots of work involved in cataloguing and writing up descriptions.
well, most auctions end up in the millions so you do need the best of the best to host them.
He Also has to study for THE rest of THE days hes not working
@@MrLiquidxIce the best of the best would include an attractive face as is required in many jobs
0:00 what my math teacher sounds like explaining a math lesson to the class💀
They need to “approve” the auctioneers bowtie but they let him walk on stage with a bic pen? Bruh, where’s your Mont Blanc?
Jens Kvalvik They are “in” with the joke that luxury means quality,
auctions are not always expensive , its also a great way to find bargains for example if an auction house host a major auction of furniture , art , jewelry and more ( specially online auctions ) chances are the estimate of the items does not mean it will always sell at that price sometimes the item/lot was sold ( including fees ) 15 to 60 percent less than the estimate.
That’s not necessarily a good thing, or a bargain. Yes, things sell below low estimate, but then again estimates are not necessarily representative of market value. They can be inflated, meaning that real value is below, or, they may have been too optimistic: it going for less might mean that there is no real interest in the piece (meaning it was possibly not a good investment). It is far more complicated than this as well: it can be overlooked in a predominantly “ignorant” audience (by ignorant I mean unaware or simply not interested, for instance a drawing in a painting auction).
With art, the true value and bargain to be had is in your head: that’s my advice. How much would you pay for it, how much are you willing to? 1 million for a red dot on canvas, and you get it for only 900,000? Bargain. 100 for the same red dot and you get it for 90? Bargain.
All else is risky and never 100% accurate. If buying art as an investment, buying at less then estimate is not necessarily ideal.
That’s completely different and irrelevant to these. They are exclusive and the prices will be high as it’s part of wealth investment and money laundering. Normies aren’t allowed in, watch the Adam Ruin Everything video about it here on UA-cam plz.
I don’t sell million dollar art. But this week I sold 13 of my art pieces. And made a little over $2000. I’ve been doing art for under a year
It’s been two years, how’s it going!
That micro mosaic though... What a gorgeous piece 😲
True
The title of this video should be "How to Launder Money Through Art".
Would like to know how much he gets paid; how his pay structure actually works...
Simply salary?
Paid per auction, depending on the profile of the lots?
Percentage based somehow?
Really intrigued.
Working at an Auction House that deals with that high sums it's propably a lot he earns.
I bought that wood sculpture behind him at 2:25
I heard it worth a lot
ok no need to flex moneybag
@@patricksteinsen1147
get a job.
@@sharksport01 still going to school I can't really earn money yet
@@patricksteinsen1147
i earned money when i was in school. Alot.
Using a Bic seems a little out of touch when auctioning of multi-million dollar works of art!
It's how they show it's actually worthless
It says a lot about Bic, doesn't it?
“In every problems, you need to be cool like a plane pilot, funny like a stand up comedian, and serious at the same time”
“I like to call them “Roman Holidays”, I see what you did there John, someone is a Audrey Hepburn fan, hahaha lol 😆😆😆😆
I noticed that too😂
fun fact most expensive art is bought to avoid paying taxes. buy a 500000 dollar painting get it apraised 5 years later at 3 million. donate it to a museum or colledge get a huge tax break.
1:02 what a masterpiece
aaron 5 that painting was bought by a chinese billionaire using his american express card and the reason why he bought the painting was for the points( the credit card ).
Jethro Dacanay r/wooosh
Malacki 655 Where’s the punchline?
I have a Swiss watch, Longines, an old watch, from 1982, a gold-plated quartz watch
3:15 "here you see depictions of ancient rome" shows depiction of the Vatican
Informative video. 🎨
Cool job to see art etc
What a find by Leroy Benjamin - River Queen
Very inspiring . ♥️
I hoped to find out how they trust the bidder. What if he wins the auction but cannot pay up. What happens then?
Do a video on thoroughbred auctions pls
Christie’s only has 56 auctioneers? That’s really surprising considering how big they are
Better commission then a stockbroker. This is make Leo in Wolf of Wall Street Proud
Very intresting....
I predict the future of bidding is online bidding. Those live biddings are like car dealership trying to heat you up for paying more.
I don't know how to draw ,can he sell my paintings for millions too?
Most so called “artists” nowadays can’t even draw a circle and yet make millions. There isn’t a reason why you can’t either.
This paintings has a high value especially because the work trajectory by the artist, expositions in differents countries like a museums, galleries, faeries, and so one, if only the artists will have to draw, all artists will be rich and famous.
An auctioneer: The art of auctioneering is the least understood
Quantum mechanics: Am I a joke to you?
Very original comment btw, totally not stolen
@@KoalaDoala I have gone through a lot of comments, reading them of course, and I haven't found a single comment that mentioned quantum mechanics or any other sciences or had the same joke as mine. So if you would be kind enough please show me that comment I had stolen.
@@KoalaDoala I even used ctrl + f to search for any similar comments to mine. I haven't found any
True professional.
Wonka bars... Ahhhh your majesty!!!!
I love it.
The board outside Christie's office
We make u millionaire........
But you need to be a billionaire
Wealthy people are same as us I live in Reno as a sports gambler I talk to them all the time. They are really good people. I learn a lot then I teach them how to gamble. Lol.
But does being an auctioneer pay well?
No. The pay itself isn't terrific and all those amazing connections you form, well you can't use them for persona gain, only for the auction houses gain
Other sources say six figure salary if you work for one of the major houses. Makes sense as a good auctioneer can easily pay for his services by driving up one good auction.
auction house takes a percentage of the sale price. auctioneer gets a share of the percentage.
HindsightPOV minimum wage.
You can get upto 5% of commission for each product sold and a fixed low monthly salary .
Challenge: do your best art piece with a friend and put it up online and see who makes more money
Online where? Be specific
@@Moodboard39 eBay,Etsy, Facebook anywhere and everywhere
I like how they are using the efforts of people in the past to earn money lol
1:50 where's the handle?
Well, if I buy a blank canvas can I sell that for a couple million ?
I have a Painting that should be worth some money, but i am afraid to bring it to an auction because its only interesting for someone who lives in the town that is on the painting, and the chances that someone from the town would be on the auction are so small, that I might end up selling the painting for a few hundred bucks.
That’s not how it works. You can set a reserve, below which you won’t sell.
If any of the art I've bought over the years is ever worth anything, now I know what to do.
Long time fan of art, but Westside Gunn sparked my interest in Christies.
DOOT DOOT DOOT DOOT
Now in quarantine: hmmm i can be an artist 😏
Just Says Thank You Every Time Its Rise And If It Stop Say "Is That All"?
thats a really tough job apparently.
@@nadimib Yeah Aparently
@@koenigsforst_ Yes But Actually No
It was sassy, you gotta be entertaining. The $400mil auction went on for 20+ minutes. Imagine just being professional for that long on one item, boring.
The one and only profession that can land you big money from an art degree. Too bad only 1-2 positions open per year lol.
I love the handmade pendant of George Washington in this
I wonder how they treat absentee bids at Christies?
I'm curios about the wage of the auctioneer John.
Need new art for my bathroom.
Robbing christies warehouses would be a pretty amazing heist where you’ll get a huge amount of cash well huge amount of items that you’ll have to sell somehow
Naruto Uzumaki it would be easy to find these priceless items due to how rare there are
Ok
But the police could easily track you down if you sell those artpiece or spend lot of money at the same time
Bruh its like in legend of zelda wind waker when you try to get the fast sail lmao
Woh, 10k carpet to 75k...man...
Some artwork sold are like my drawings when I was five I should get them appraised or something
Your paper money is just that, a piece of paper with ink on it, but because agreement of value it has value. Same with art, it does not matter how good it is, only what people who can pay says its worth. Its pretty lame, but who cares...
Thanks, this will be useful when I sell my next $10 million dollar artwork
At country auctions I've been to, instead of 75 they say "zippity pab". Making it fun gets higher prices.
How to secure Christie’s warehouse .
Hitler's stash art could be hidden under corner frame, selifane plastic, painted over with water paints. There is a type of Ineana Jones hunt for these type of paintings, I wonder if any of them have been found yet ? Side Note: One of Hitler's stash (the map was found in a back of a book owned by a nazi) was found at a beer company (Bush) in America, St. Louis, Mo. in 1977* also were there is one stash there could another, maybe along the so called slave tunnals under the city of St. Louis, look for the light hook in the form of a swaskea' ' ' '. Share-ing some thoughts ! P.S. There could be gold under that water paint ?
Me watching not even having a bank account
I found a gold relic made by wenzel jamniter and it was made for hermon cortes show his victory over the Aztec
When can we place our Bids in BITCOIN with Christie's ?
When pigs can fly
you can pay in bitcoin but you must bid in the approved currency. think about it bitcoin can fluctuate mid-auction so the biding is in dollars in the USA but you can pay in bitcoin when you collect your item.
Price is a little better than Pawn Stars at LV.
I wonder how much they earn per auction.
1:02
When the frame is worth more than the painting
Can someone tell me where is Christie’s? What country
🤔 is it a Da Vinci tho? What's the latest?
I kinda thought this is someone's self-portrait. Was there a painter starting with R? Rafael?
Salvador Munde by Leonardo da Vinci was sold for 400 million not 450 million
Storage Wars
Crazy
Great .. .. .. GREAT .. .. .. great .. .. .. . . . . . ... . . . .
1:36 why is he holding the hammer like that
@Baptista Mercado of course it has a handle
It doesn't. Unless you call the other side of the head a handle.
EddieK you can see the handle there tho
Recording million dollar sales with a Bic pen!
So what seller do with that money from selling art?
Buy more art....duh.
How can I sell my painting
Ring Sotheby's to make the market.
That mundi isn’t a da Vinci
Imagine being able to be like; “yeah I’m gonna drop $450,000,000 today for this old ass painting, I got enough to spare”
Say you made $100,000 a year.. it would take you 4,500 years to make this much money.. what if you made $500,000 a year?? Still 900 years to go until you make enough money /: even if you made $20,000,000 a year, practically live any way you ever wanted.. it would take you 22.5 years to save up everything you made not spending a single dollar to save up for the painting..
@@ianmorin9824 if you put 120k per year in a account Who made 15% in year ( average ) and you reinvest all the profit, after 55 years you would have the 650M ( still far from worth 650M of today )
15% average per year would be truly exceptional on long term like that, and I didn't calculated the tax on all this...
Me watching while eating and sleeping
How do christies get those pieces tho
ayo 1:02
Ah yes now I can finally sell my little sisters art
Stares in Tokyo ghoul
I just want to sell art not be a millionaire or billionaire but these years we have been stuck in a huge amount of loan
My dad cries everyday about how to overcome the loan the loan amount is just $500000. Seeing these people spend a billions of dollars on art makes my heart break cause we here are not having enough
To eat tooo
So I planned to draw arts at least to help my dad overcome this problems
I don't know who will buy and how will they buy it but I want to sell it as soon as possible
“Coolness of an airline pilot”
“Humor of a stand up comedian”
What a load of BS.
Didn’t hear one joke and never seen an audience laugh at an auction before 😂
Oh, you attend bids for multi million dollar works of ancient art and other items?
Neat.
@@bigchungus8108 This guy lmao.
"if something goes wrong"
You can look up Christie's UA-cam channel and look at their auctions. There is many jokes and laughs.
Those incredibly high figures have one explanation: MONEY LAUNDERING. The art piece is just a decoy, ending in some free port.
Tax evasion assistance
Anybody who puts @1:20 in their forehead will be better than Uzis forehead diamond 50ms > 24ms
1:01 wtf
"depictions of ancient rome" he says as the camera pans over st. peters basilica from the 1600s
yeah its ALSO depicts ancient rome but just an editor didnt notice
Like a with an orchestra
when you must enter masterals degree for being an auctioneer there but just saying some values that 10 years old can do