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Speaker 2: How do you get into art investing?
Speaker 4: So you know I used to get these big bonuses.
Speaker 4: The wine and spirits business is a bonus based business
Speaker 4: and I would get these big bonuses and I would,
Speaker 4: you know, buy a watch by a purse, buy all
Speaker 4: of toys, the things, the things I like things.
Speaker 1: And I remember.
Speaker 4: Here in the record, I think it was a J record,
Speaker 4: and he talked about art and I was like, I
Speaker 4: have not bought.
Speaker 1: That yet, you know, it like it pricked my conscience.
Speaker 4: And the first real piece that I invested in was
Speaker 4: a piece of art from South Africa from an artist
Speaker 4: named Nelson Macomo.
Speaker 1: It was incredible artists.
Speaker 4: And the reason why I say invested in is because
Speaker 4: it was literally half my bonus and I and it
Speaker 4: was hard for people to understand.
Speaker 1: They were like, you're gonna spend what you're gonna what?
Speaker 1: Where are you talking?
Speaker 4: That's a lot of money, just because we haven't really
Speaker 4: been taught the value. It was like twenty five thousand.
Speaker 5: Dollars and who educated you to know that that was
Speaker 5: something that you should buy.
Speaker 1: Well with that purchase, I just loved it.
Speaker 2: You just looked at it and just like.
Speaker 4: I loved it, and I researched the artists and I
Speaker 4: mean it fell in line with just kind of me
Speaker 4: falling in love with South Africa too, you know, And
Speaker 4: I loved it, so I think the first thing that
Speaker 4: I always like to tell people is even though I
Speaker 4: invest in art, I only invest in what I love. Like,
Speaker 4: if I don't love it, I'm not really going to
Speaker 4: spend my money on it. And so I've been really
Speaker 4: fortunate to get to know a lot of artists directly
Speaker 4: buy from artists directly, so you circumvent the whole gallery
Speaker 4: and all that kind of and you're supporting the artists,
Speaker 4: Like the artist is getting.
Speaker 1: One hundred percent.
Speaker 2: How much is that worth now?
Speaker 1: I don't know.
Speaker 2: That's interesting, right, I see it.
Speaker 1: I love it, definitely worth more than what I bought it.
Speaker 6: I'm assuming that maybe it was Picasto Babies a Jaysng
Speaker 6: that sparked it. But does that now spark your love
Speaker 6: for art or did it just transit into to South
Speaker 6: African art?
Speaker 2: Right?
Speaker 6: Did you start studying art American artists, artists throughout the
Speaker 6: world and now this becomes a passion for you based
Speaker 6: on that one purchase?
Speaker 3: Yeah?
Speaker 4: You know what I realized art for me was I
Speaker 4: just got lost in it. Like I realized I was,
Speaker 4: like I love this, Like I had just like this
Speaker 4: genuine passion for it. I didn't grow up going to museums.
Speaker 4: I didn't grow up going to art exhibits. I didn't
Speaker 4: grow up in a house where there was art, and
Speaker 4: so I think for me, I was like, oh wait,
Speaker 4: we belong here too, you know that it was really
Speaker 4: that that fueled me. I was like, wait, this is
Speaker 4: this is a space that we belong in as well.
Speaker 4: And there's such an incredible art community. So I also
Speaker 4: was enjoying like getting to meet people, you know, and
Speaker 4: those people are like involved in some cool stuff, you know.
Speaker 4: So I think it was that definitely, you know, African art, art,
Speaker 4: black artists in general, you know, was something that I
Speaker 4: was like, Okay, I love this.
Speaker 1: These stories are incredible.
Speaker 4: And then it became like yeah, like you know, I
Speaker 4: remember buying a piece.
Speaker 1: You asked about the value.
Speaker 4: I bought a piece for like twelve thousand dollars, and
Speaker 4: I remember seeing an auction for the artists and her
Speaker 4: piece sol for ninety thousand dollars, and like, I have
Speaker 4: one of her bigger pieces, earlier works that I bought
Speaker 4: for twelve thousand dollars that's clearly gone up in value.
Speaker 4: So I then also started just to understand like, oh, okay,
Speaker 4: this is how that works. And then I think when
Speaker 4: you study really wealthy people, really wealthy people have a
Speaker 4: few things in common. They have real estate, a lot
Speaker 4: of them have a lot of investment in wine, and
Speaker 4: they invest in art. And I was like, okay, this
Speaker 4: all kind of makes sense for me. You know, this
Speaker 4: is the space that I play in any way.
Speaker 2: So how many pieces do you have? Roughly?
Speaker 1: Oh now I probably have.
Speaker 4: Over forty or fifty pieces of art and everything, not
Speaker 4: just you know, I have sculptures, I have vases, I
Speaker 4: have I mean, you.
Speaker 2: So where do you keep it all?
Speaker 4: It's everywhere. I mean, it's in my bathrooms, it's on
Speaker 4: the floors.
Speaker 5: But it ever get to a point because it's like,
Speaker 5: all right, you could invest in a variety of things,
Speaker 5: that art is some way where has to be kept, right,
Speaker 5: So after a whole it's like you can't really fully
Speaker 5: appreciate it, I don't think because you can't put it
Speaker 5: on your wall. You can't put fifty pieces of art
Speaker 5: on one wall, right, So it's like you can put
Speaker 5: it in your office, you can put it in different places.
Speaker 5: But when you really start to get a lot of art,
Speaker 5: I'm always curious to know, like what are people doing
Speaker 5: with all of the art that they are they just
Speaker 5: hoarding it in the basement.
Speaker 4: Takes Yeah, I mean, listen, people, do you have you know,
Speaker 4: art storages that are specific for art, just like they
Speaker 4: have wine storages. For me, I'm working to sell a
Speaker 4: lot of wines so I could buy a nice, big
Speaker 4: house so I can have all my art up in it,
Speaker 4: you know.
Speaker 1: I mean now is.
Speaker 5: Because the art the art storage that kind of I
Speaker 5: don't understand that. I used to go I used to
Speaker 5: go to art school when I was young, but I
Speaker 5: don't understand art storage because the point of artists to
Speaker 5: be appreciated and if you're just storing it, I feel
Speaker 5: like it's actually disrespectful to the art form, right because
Speaker 5: now you've taken the beauty out of it and now
Speaker 5: it's just become like a file cabinet thing.
Speaker 6: It's a double entendre. You use the word appreciate it
Speaker 6: while it's story it is appreciated. Areiating But I get
Speaker 6: what you're saying.
Speaker 5: Your art from an artist's standpoint, I understand the business,
Speaker 5: but art should always come first.
Speaker 2: The business should come second.
Speaker 6: Well, some people create galleries, right, they create their own galleries.
Speaker 4: Which I mean, I know people who have like bought
Speaker 4: the house is next to their house, and the house
Speaker 4: next to the house.
Speaker 2: It's art is the gallery.
Speaker 1: It's just amazing, right, So I'm with you like part.
Speaker 4: And when you ask me like the buying, you know
Speaker 4: my rationale around buying only buy what I love because,
Speaker 4: like you, I want it up, I want to see it.
Speaker 1: I want to appreciate it. I also want to shore
Speaker 1: with people.
Speaker 4: So like when friends come over, they'll be like, your
Speaker 4: house is like a museum, and I.
Speaker 1: Make you feel so good, you know what I mean.
Speaker 4: Like, I'm like, yeah, So everybody does it for a
Speaker 4: different reason. But what I could tell you is again,
Speaker 4: one thing I learned is that people that understand wealth,
Speaker 4: they into art.
Speaker 1: They interwine and they well.
Speaker 5: One thing I learned about art is that if you
Speaker 5: put it in your office, is a tax right on.
Speaker 1: It is a tax right off.
Speaker 2: Yeah.
Speaker 6: So I was saying, one of the places that we
Speaker 6: definitely know that your art is going to show up
Speaker 6: is the Smithsonian.
Speaker 2: Yes, we'll talk about that.
Speaker 6: I mean that that's something that people will be able
Speaker 6: to frequent and you go down in history forever.
Speaker 2: Right.
Speaker 4: Yeah, that's exciting. So myself and ten collectors got together.
Speaker 4: We've now acquired three pieces together, and it's our way
Speaker 4: of you know, collective economics. And we purchase a piece,
Speaker 4: a Beisa Butler piece that we then donated to the
Speaker 4: Smithsonian Museum in DC. And so my name will forever
Speaker 4: be on the museum walls at the Smithsonian as a
Speaker 4: donor of the piece, and not even that little thing, right,
Speaker 4: Like we talk about like having the art in your
Speaker 4: home and wanting to see it. I remember thinking like wow,
Speaker 4: donating to a museum. But that's really also a big
Speaker 4: part of you know, the art world, art collecting, and
Speaker 4: also increasing the value of your collection. So my collection
Speaker 4: inadvertently increases in value because I own a piece in
Speaker 4: a museum. And people who are in the art world,
Speaker 4: they know all these little nuances, do you.
Speaker 6: See, Because we talk about it in real estate, right
Speaker 6: a lot of times, if people can't afford the property,
Speaker 6: let's have a collective. Maybe it's five people, and we
Speaker 6: make the down payment. All right, we go into do
Speaker 6: you see that in is that something that happens in
Speaker 6: the art or often especially amongst our community.
Speaker 4: You know, I don't want to misspeak, you know, the
Speaker 4: elective that I'm a part of that was the first
Speaker 4: instance that I had ever heard of it.
Speaker 1: I'm sure people are doing it, I just don't know.
Speaker 4: You know, the two pieces we bought, they were both
Speaker 4: one hundred and fifty thousand dollars each. They go together.
Speaker 4: It's Adam and Eve by Harmonia Rosales. So the total
Speaker 4: price of the work was three hundred thousand dollars. And
Speaker 4: when we all thought about it, we were like, I
Speaker 4: can't do that, but I could do this, and so
Speaker 4: ten of us got together and purchased it. Those two
Speaker 4: pieces have been on display at different museums. It's actually
Speaker 4: at the Spellman Museum right now, and so we're allowing
Speaker 4: the work to just tour so people get to experience it.
Speaker 4: And once we did that one, we were like, all right,
Speaker 4: let's keep doing this. This is amazing. So I don't
Speaker 4: want to say that it does happen, but I don't
Speaker 4: want to say that it doesn't happen.
Speaker 1: I just wasn't aware of it.
Speaker 4: I know that when we had the opportunity to do
Speaker 4: it together, I said, come on, y'all, let's do this,
Speaker 4: because it was thirty thousand dollars. But at the end
Speaker 4: of the day, I'm part owner of three hundred thousand
Speaker 4: dollars worth of art and that's just that one buy.
Speaker 5: So, what are like some best practices for people that
Speaker 5: want to get in art, Like, is it like always
Speaker 5: go through an art dealer, have insurance, like you know,
Speaker 5: like when you buy a watch, right, like you can,
Speaker 5: it's best practices to go through authorized dealer as opposed
Speaker 5: to just a jeweler. Right, it's best practices to have
Speaker 5: insurance on the watch.
Speaker 1: Right.
Speaker 2: What are some of the best practices for art buying?
Speaker 4: Yeah, I mean again, I've been really fortunate. I've been
Speaker 4: able to buy a lot of art directly through art
Speaker 4: through artists. And the reason why I say fortunate is
Speaker 4: because one, you get to know who you're buying the
Speaker 4: work from. I mean, this work is in your home,
Speaker 4: it's energy, right, A lot of these pieces have stories,
Speaker 4: these artists maybe going through different things while they're actually
Speaker 4: creating the work, and so you know, I'm I'm an
Speaker 4: advocate for people that want to get to know the
Speaker 4: artists if you can.
Speaker 1: It's worked for me.
Speaker 4: Secondarily, you know, I gotten to know some galleries that
Speaker 4: I respect that I think are doing good by artists.
Speaker 4: So you know, it doesn't hurt to have some galleries
Speaker 4: in your repertoire only by what you can afford, and
Speaker 4: so I would say that that's my biggest advice to people.
Speaker 4: You know, I've never financed any art, although you can.
Speaker 4: You know there are financing programs for art, but I
Speaker 4: just like to think for good financial hygiene, buy what
Speaker 4: you can afford.
Speaker 1: That's worked for me.
Speaker 4: You absolutely have to ensure your art, and you have
Speaker 4: to make sure that it's a reputable insurance that specializes
Speaker 4: in art insurance. You need to think about where the
Speaker 4: art is going to be in your home. A lot
Speaker 4: of light is not friends. It's not art's friends like
Speaker 4: light light. Yeah, so it ruins it. It can, yeah,
Speaker 4: it can. So you know, making sure that the art
Speaker 4: is in a position in your home that it isn't
Speaker 4: getting damaged, making sure that you're framing with a reputable
Speaker 4: framer that's going to talk to you about UV glass
Speaker 4: versus museum glassman. This is all this stuff that goes
Speaker 4: into thinking about preserving your art. And then you know,
Speaker 4: I've not been someone who's gotten into the business of
Speaker 4: selling my art. I know people that are in that
Speaker 4: business of selling. I can't say that I would never
Speaker 4: do it for me. It's legacy building. So this is
Speaker 4: what I'm going to leave behind for my son, my goddaughters,
Speaker 4: my grandchild, you know what I mean. Like this is
Speaker 4: really legacy building for me and wealth building for them.
Speaker 4: So I think it's just making sure you get educated
Speaker 4: like you do in anything that you're going to be
Speaker 4: investing your money. And the last thing I'll say is
Speaker 4: the ten people that I invested in art, I respect
Speaker 4: all those people I expect, respect their portfolios right, what
Speaker 4: they've done with their money. I would have never just
Speaker 4: gotten with ten people and bought some art that I
Speaker 4: didn't know I felt were a good fit in what
Speaker 4: I was trying to do, because that's a relationship. You're
Speaker 4: getting into a business relationship with them. But I think
Speaker 4: the biggest thing is by what you can afford and
Speaker 4: then do all the due diligence, the insurance and all
Speaker 4: that kind of thing to make sure you're protecting your asset.
Speaker 2: When it's touring.
Speaker 6: The museums are paying to have it on display.
Speaker 2: How does it work?
Speaker 4: Yeah, so sometimes you will get paid by museums to
Speaker 4: have the work. Sometimes it's that you're donating it because
Speaker 4: you want the connection. You want to lean into the
Speaker 4: equity of the of I think the institution right. A
Speaker 4: lot of these institutions have incredible equity. Smithsonian, for example,
Speaker 4: I mean for me to say that I've been collecting
Speaker 4: for five six years and I already have my name
Speaker 4: in the most Smithsonian Museum is like a big deal.
Speaker 1: So you know it's it's a mix.
Speaker 4: But yeah, there are times where institutions will pay you
Speaker 4: to actually have your art and their exhibits.
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