WEBVTT - Art Investing for Beginners

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<v Speaker 2>How do you get into art investing?

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<v Speaker 4>So you know I used to get these big bonuses.

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<v Speaker 4>The wine and spirits business is a bonus based business

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<v Speaker 4>and I would get these big bonuses and I would,

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<v Speaker 4>you know, buy a watch by a purse, buy all

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<v Speaker 4>of toys, the things, the things I like things.

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<v Speaker 1>And I remember.

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<v Speaker 4>Here in the record, I think it was a J record,

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<v Speaker 4>and he talked about art and I was like, I

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<v Speaker 4>have not bought.

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<v Speaker 1>That yet, you know, it like it pricked my conscience.

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<v Speaker 4>And the first real piece that I invested in was

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<v Speaker 4>a piece of art from South Africa from an artist

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<v Speaker 4>named Nelson Macomo.

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<v Speaker 1>It was incredible artists.

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<v Speaker 4>And the reason why I say invested in is because

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<v Speaker 4>it was literally half my bonus and I and it

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<v Speaker 4>was hard for people to understand.

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<v Speaker 1>They were like, you're gonna spend what you're gonna what?

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<v Speaker 1>Where are you talking?

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<v Speaker 4>That's a lot of money, just because we haven't really

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<v Speaker 4>been taught the value. It was like twenty five thousand.

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<v Speaker 5>Dollars and who educated you to know that that was

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<v Speaker 5>something that you should buy.

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<v Speaker 1>Well with that purchase, I just loved it.

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<v Speaker 2>You just looked at it and just like.

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<v Speaker 4>I loved it, and I researched the artists and I

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<v Speaker 4>mean it fell in line with just kind of me

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<v Speaker 4>falling in love with South Africa too, you know, And

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<v Speaker 4>I loved it, so I think the first thing that

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<v Speaker 4>I always like to tell people is even though I

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<v Speaker 4>invest in art, I only invest in what I love. Like,

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<v Speaker 4>if I don't love it, I'm not really going to

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<v Speaker 4>spend my money on it. And so I've been really

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<v Speaker 4>fortunate to get to know a lot of artists directly

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<v Speaker 4>buy from artists directly, so you circumvent the whole gallery

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<v Speaker 4>and all that kind of and you're supporting the artists,

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<v Speaker 4>Like the artist is getting.

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<v Speaker 1>One hundred percent.

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<v Speaker 2>How much is that worth now?

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<v Speaker 1>I don't know.

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<v Speaker 2>That's interesting, right, I see it.

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<v Speaker 1>I love it, definitely worth more than what I bought it.

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<v Speaker 6>I'm assuming that maybe it was Picasto Babies a Jaysng

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<v Speaker 6>that sparked it. But does that now spark your love

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<v Speaker 6>for art or did it just transit into to South

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<v Speaker 6>African art?

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<v Speaker 2>Right?

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<v Speaker 6>Did you start studying art American artists, artists throughout the

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<v Speaker 6>world and now this becomes a passion for you based

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<v Speaker 6>on that one purchase?

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<v Speaker 3>Yeah?

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<v Speaker 4>You know what I realized art for me was I

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<v Speaker 4>just got lost in it. Like I realized I was,

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<v Speaker 4>like I love this, Like I had just like this

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<v Speaker 4>genuine passion for it. I didn't grow up going to museums.

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<v Speaker 4>I didn't grow up going to art exhibits. I didn't

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<v Speaker 4>grow up in a house where there was art, and

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<v Speaker 4>so I think for me, I was like, oh wait,

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<v Speaker 4>we belong here too, you know that it was really

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<v Speaker 4>that that fueled me. I was like, wait, this is

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<v Speaker 4>this is a space that we belong in as well.

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<v Speaker 4>And there's such an incredible art community. So I also

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<v Speaker 4>was enjoying like getting to meet people, you know, and

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<v Speaker 4>those people are like involved in some cool stuff, you know.

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<v Speaker 4>So I think it was that definitely, you know, African art, art,

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<v Speaker 4>black artists in general, you know, was something that I

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<v Speaker 4>was like, Okay, I love this.

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<v Speaker 1>These stories are incredible.

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<v Speaker 4>And then it became like yeah, like you know, I

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<v Speaker 4>remember buying a piece.

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<v Speaker 1>You asked about the value.

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<v Speaker 4>I bought a piece for like twelve thousand dollars, and

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<v Speaker 4>I remember seeing an auction for the artists and her

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<v Speaker 4>piece sol for ninety thousand dollars, and like, I have

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<v Speaker 4>one of her bigger pieces, earlier works that I bought

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<v Speaker 4>for twelve thousand dollars that's clearly gone up in value.

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<v Speaker 4>So I then also started just to understand like, oh, okay,

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<v Speaker 4>this is how that works. And then I think when

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<v Speaker 4>you study really wealthy people, really wealthy people have a

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<v Speaker 4>few things in common. They have real estate, a lot

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<v Speaker 4>of them have a lot of investment in wine, and

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<v Speaker 4>they invest in art. And I was like, okay, this

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<v Speaker 4>all kind of makes sense for me. You know, this

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<v Speaker 4>is the space that I play in any way.

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<v Speaker 2>So how many pieces do you have? Roughly?

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<v Speaker 1>Oh now I probably have.

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<v Speaker 4>Over forty or fifty pieces of art and everything, not

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<v Speaker 4>just you know, I have sculptures, I have vases, I

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<v Speaker 4>have I mean, you.

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<v Speaker 2>So where do you keep it all?

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<v Speaker 4>It's everywhere. I mean, it's in my bathrooms, it's on

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<v Speaker 4>the floors.

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<v Speaker 5>But it ever get to a point because it's like,

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<v Speaker 5>all right, you could invest in a variety of things,

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<v Speaker 5>that art is some way where has to be kept, right,

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<v Speaker 5>So after a whole it's like you can't really fully

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<v Speaker 5>appreciate it, I don't think because you can't put it

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<v Speaker 5>on your wall. You can't put fifty pieces of art

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<v Speaker 5>on one wall, right, So it's like you can put

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<v Speaker 5>it in your office, you can put it in different places.

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<v Speaker 5>But when you really start to get a lot of art,

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<v Speaker 5>I'm always curious to know, like what are people doing

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<v Speaker 5>with all of the art that they are they just

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<v Speaker 5>hoarding it in the basement.

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<v Speaker 4>Takes Yeah, I mean, listen, people, do you have you know,

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<v Speaker 4>art storages that are specific for art, just like they

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<v Speaker 4>have wine storages. For me, I'm working to sell a

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<v Speaker 4>lot of wines so I could buy a nice, big

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<v Speaker 4>house so I can have all my art up in it,

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<v Speaker 4>you know.

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<v Speaker 1>I mean now is.

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<v Speaker 5>Because the art the art storage that kind of I

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<v Speaker 5>don't understand that. I used to go I used to

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<v Speaker 5>go to art school when I was young, but I

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<v Speaker 5>don't understand art storage because the point of artists to

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<v Speaker 5>be appreciated and if you're just storing it, I feel

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<v Speaker 5>like it's actually disrespectful to the art form, right because

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<v Speaker 5>now you've taken the beauty out of it and now

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<v Speaker 5>it's just become like a file cabinet thing.

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<v Speaker 6>It's a double entendre. You use the word appreciate it

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<v Speaker 6>while it's story it is appreciated. Areiating But I get

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<v Speaker 6>what you're saying.

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<v Speaker 5>Your art from an artist's standpoint, I understand the business,

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<v Speaker 5>but art should always come first.

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<v Speaker 2>The business should come second.

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<v Speaker 6>Well, some people create galleries, right, they create their own galleries.

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<v Speaker 4>Which I mean, I know people who have like bought

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<v Speaker 4>the house is next to their house, and the house

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<v Speaker 4>next to the house.

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<v Speaker 2>It's art is the gallery.

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<v Speaker 1>It's just amazing, right, So I'm with you like part.

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<v Speaker 4>And when you ask me like the buying, you know

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<v Speaker 4>my rationale around buying only buy what I love because,

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<v Speaker 4>like you, I want it up, I want to see it.

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<v Speaker 1>I want to appreciate it. I also want to shore

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<v Speaker 1>with people.

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<v Speaker 4>So like when friends come over, they'll be like, your

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<v Speaker 4>house is like a museum, and I.

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<v Speaker 1>Make you feel so good, you know what I mean.

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<v Speaker 4>Like, I'm like, yeah, So everybody does it for a

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<v Speaker 4>different reason. But what I could tell you is again,

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<v Speaker 4>one thing I learned is that people that understand wealth,

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<v Speaker 4>they into art.

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<v Speaker 1>They interwine and they well.

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<v Speaker 5>One thing I learned about art is that if you

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<v Speaker 5>put it in your office, is a tax right on.

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<v Speaker 1>It is a tax right off.

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<v Speaker 2>Yeah.

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<v Speaker 6>So I was saying, one of the places that we

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<v Speaker 6>definitely know that your art is going to show up

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<v Speaker 6>is the Smithsonian.

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<v Speaker 2>Yes, we'll talk about that.

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<v Speaker 6>I mean that that's something that people will be able

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<v Speaker 6>to frequent and you go down in history forever.

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<v Speaker 2>Right.

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<v Speaker 4>Yeah, that's exciting. So myself and ten collectors got together.

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<v Speaker 4>We've now acquired three pieces together, and it's our way

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<v Speaker 4>of you know, collective economics. And we purchase a piece,

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<v Speaker 4>a Beisa Butler piece that we then donated to the

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<v Speaker 4>Smithsonian Museum in DC. And so my name will forever

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<v Speaker 4>be on the museum walls at the Smithsonian as a

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<v Speaker 4>donor of the piece, and not even that little thing, right,

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<v Speaker 4>Like we talk about like having the art in your

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<v Speaker 4>home and wanting to see it. I remember thinking like wow,

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<v Speaker 4>donating to a museum. But that's really also a big

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<v Speaker 4>part of you know, the art world, art collecting, and

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<v Speaker 4>also increasing the value of your collection. So my collection

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<v Speaker 4>inadvertently increases in value because I own a piece in

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<v Speaker 4>a museum. And people who are in the art world,

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<v Speaker 4>they know all these little nuances, do you.

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<v Speaker 6>See, Because we talk about it in real estate, right

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<v Speaker 6>a lot of times, if people can't afford the property,

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<v Speaker 6>let's have a collective. Maybe it's five people, and we

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<v Speaker 6>make the down payment. All right, we go into do

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<v Speaker 6>you see that in is that something that happens in

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<v Speaker 6>the art or often especially amongst our community.

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<v Speaker 4>You know, I don't want to misspeak, you know, the

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<v Speaker 4>elective that I'm a part of that was the first

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<v Speaker 4>instance that I had ever heard of it.

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<v Speaker 1>I'm sure people are doing it, I just don't know.

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<v Speaker 4>You know, the two pieces we bought, they were both

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<v Speaker 4>one hundred and fifty thousand dollars each. They go together.

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<v Speaker 4>It's Adam and Eve by Harmonia Rosales. So the total

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<v Speaker 4>price of the work was three hundred thousand dollars. And

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<v Speaker 4>when we all thought about it, we were like, I

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<v Speaker 4>can't do that, but I could do this, and so

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<v Speaker 4>ten of us got together and purchased it. Those two

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<v Speaker 4>pieces have been on display at different museums. It's actually

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<v Speaker 4>at the Spellman Museum right now, and so we're allowing

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<v Speaker 4>the work to just tour so people get to experience it.

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<v Speaker 4>And once we did that one, we were like, all right,

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<v Speaker 4>let's keep doing this. This is amazing. So I don't

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<v Speaker 4>want to say that it does happen, but I don't

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<v Speaker 4>want to say that it doesn't happen.

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<v Speaker 1>I just wasn't aware of it.

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<v Speaker 4>I know that when we had the opportunity to do

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<v Speaker 4>it together, I said, come on, y'all, let's do this,

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<v Speaker 4>because it was thirty thousand dollars. But at the end

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<v Speaker 4>of the day, I'm part owner of three hundred thousand

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<v Speaker 4>dollars worth of art and that's just that one buy.

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<v Speaker 5>So, what are like some best practices for people that

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<v Speaker 5>want to get in art, Like, is it like always

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<v Speaker 5>go through an art dealer, have insurance, like you know,

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<v Speaker 5>like when you buy a watch, right, like you can,

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<v Speaker 5>it's best practices to go through authorized dealer as opposed

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<v Speaker 5>to just a jeweler. Right, it's best practices to have

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<v Speaker 5>insurance on the watch.

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<v Speaker 1>Right.

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<v Speaker 2>What are some of the best practices for art buying?

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<v Speaker 4>Yeah, I mean again, I've been really fortunate. I've been

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<v Speaker 4>able to buy a lot of art directly through art

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<v Speaker 4>through artists. And the reason why I say fortunate is

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<v Speaker 4>because one, you get to know who you're buying the

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<v Speaker 4>work from. I mean, this work is in your home,

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<v Speaker 4>it's energy, right, A lot of these pieces have stories,

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<v Speaker 4>these artists maybe going through different things while they're actually

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<v Speaker 4>creating the work, and so you know, I'm I'm an

0:10:52.679 --> 0:10:55.680
<v Speaker 4>advocate for people that want to get to know the

0:10:55.800 --> 0:10:56.640
<v Speaker 4>artists if you can.

0:10:56.800 --> 0:10:57.680
<v Speaker 1>It's worked for me.

0:10:58.720 --> 0:11:01.640
<v Speaker 4>Secondarily, you know, I gotten to know some galleries that

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<v Speaker 4>I respect that I think are doing good by artists.

0:11:05.520 --> 0:11:07.840
<v Speaker 4>So you know, it doesn't hurt to have some galleries

0:11:07.880 --> 0:11:12.400
<v Speaker 4>in your repertoire only by what you can afford, and

0:11:12.480 --> 0:11:15.080
<v Speaker 4>so I would say that that's my biggest advice to people.

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<v Speaker 4>You know, I've never financed any art, although you can.

0:11:18.760 --> 0:11:21.640
<v Speaker 4>You know there are financing programs for art, but I

0:11:21.840 --> 0:11:26.400
<v Speaker 4>just like to think for good financial hygiene, buy what

0:11:26.520 --> 0:11:27.280
<v Speaker 4>you can afford.

0:11:27.760 --> 0:11:28.640
<v Speaker 1>That's worked for me.

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<v Speaker 4>You absolutely have to ensure your art, and you have

0:11:31.800 --> 0:11:36.000
<v Speaker 4>to make sure that it's a reputable insurance that specializes

0:11:36.200 --> 0:11:39.360
<v Speaker 4>in art insurance. You need to think about where the

0:11:39.480 --> 0:11:41.040
<v Speaker 4>art is going to be in your home. A lot

0:11:41.040 --> 0:11:45.280
<v Speaker 4>of light is not friends. It's not art's friends like

0:11:45.679 --> 0:11:50.040
<v Speaker 4>light light. Yeah, so it ruins it. It can, yeah,

0:11:50.120 --> 0:11:53.400
<v Speaker 4>it can. So you know, making sure that the art

0:11:53.480 --> 0:11:55.400
<v Speaker 4>is in a position in your home that it isn't

0:11:55.400 --> 0:11:58.840
<v Speaker 4>getting damaged, making sure that you're framing with a reputable

0:11:58.880 --> 0:12:02.080
<v Speaker 4>framer that's going to talk to you about UV glass

0:12:02.160 --> 0:12:04.760
<v Speaker 4>versus museum glassman. This is all this stuff that goes

0:12:05.240 --> 0:12:10.160
<v Speaker 4>into thinking about preserving your art. And then you know,

0:12:10.720 --> 0:12:13.400
<v Speaker 4>I've not been someone who's gotten into the business of

0:12:13.480 --> 0:12:16.960
<v Speaker 4>selling my art. I know people that are in that

0:12:17.040 --> 0:12:19.280
<v Speaker 4>business of selling. I can't say that I would never

0:12:19.360 --> 0:12:22.560
<v Speaker 4>do it for me. It's legacy building. So this is

0:12:22.600 --> 0:12:26.439
<v Speaker 4>what I'm going to leave behind for my son, my goddaughters,

0:12:26.960 --> 0:12:29.120
<v Speaker 4>my grandchild, you know what I mean. Like this is

0:12:29.160 --> 0:12:32.199
<v Speaker 4>really legacy building for me and wealth building for them.

0:12:32.720 --> 0:12:35.200
<v Speaker 4>So I think it's just making sure you get educated

0:12:35.280 --> 0:12:37.440
<v Speaker 4>like you do in anything that you're going to be

0:12:37.480 --> 0:12:41.600
<v Speaker 4>investing your money. And the last thing I'll say is

0:12:41.960 --> 0:12:45.320
<v Speaker 4>the ten people that I invested in art, I respect

0:12:45.360 --> 0:12:50.720
<v Speaker 4>all those people I expect, respect their portfolios right, what

0:12:50.760 --> 0:12:52.960
<v Speaker 4>they've done with their money. I would have never just

0:12:53.040 --> 0:12:55.080
<v Speaker 4>gotten with ten people and bought some art that I

0:12:55.080 --> 0:12:58.920
<v Speaker 4>didn't know I felt were a good fit in what

0:12:59.000 --> 0:13:01.560
<v Speaker 4>I was trying to do, because that's a relationship. You're

0:13:01.600 --> 0:13:05.960
<v Speaker 4>getting into a business relationship with them. But I think

0:13:06.000 --> 0:13:08.480
<v Speaker 4>the biggest thing is by what you can afford and

0:13:08.520 --> 0:13:11.040
<v Speaker 4>then do all the due diligence, the insurance and all

0:13:11.040 --> 0:13:14.280
<v Speaker 4>that kind of thing to make sure you're protecting your asset.

0:13:14.920 --> 0:13:15.640
<v Speaker 2>When it's touring.

0:13:15.760 --> 0:13:17.680
<v Speaker 6>The museums are paying to have it on display.

0:13:17.960 --> 0:13:18.560
<v Speaker 2>How does it work?

0:13:18.640 --> 0:13:22.200
<v Speaker 4>Yeah, so sometimes you will get paid by museums to

0:13:22.320 --> 0:13:26.600
<v Speaker 4>have the work. Sometimes it's that you're donating it because

0:13:26.640 --> 0:13:29.400
<v Speaker 4>you want the connection. You want to lean into the

0:13:29.480 --> 0:13:33.199
<v Speaker 4>equity of the of I think the institution right. A

0:13:33.240 --> 0:13:37.760
<v Speaker 4>lot of these institutions have incredible equity. Smithsonian, for example,

0:13:37.800 --> 0:13:40.120
<v Speaker 4>I mean for me to say that I've been collecting

0:13:40.120 --> 0:13:42.439
<v Speaker 4>for five six years and I already have my name

0:13:42.480 --> 0:13:44.800
<v Speaker 4>in the most Smithsonian Museum is like a big deal.

0:13:45.640 --> 0:13:47.679
<v Speaker 1>So you know it's it's a mix.

0:13:47.760 --> 0:13:50.120
<v Speaker 4>But yeah, there are times where institutions will pay you

0:13:50.880 --> 0:13:54.959
<v Speaker 4>to actually have your art and their exhibits.

0:13:55.040 --> 0:13:58.720
<v Speaker 7>An illegal alien from Guatemala charged with raping a child

0:13:58.760 --> 0:14:02.520
<v Speaker 7>in Massachusetts. An MS thirteen gang member from Al Salvador

0:14:02.800 --> 0:14:06.920
<v Speaker 7>accused of murdering a Texas man of Venezuelan charged with

0:14:07.000 --> 0:14:10.880
<v Speaker 7>filming and selling child pornography in Michigan. These are just

0:14:11.000 --> 0:14:14.760
<v Speaker 7>some of the heinous migrant criminals caught because of President

0:14:14.760 --> 0:14:18.320
<v Speaker 7>Donald J. Trump's leadership. I'm Christy nom the United States

0:14:18.360 --> 0:14:23.160
<v Speaker 7>Secretary of Homeland Security. Under President Trump, attempted illegal border

0:14:23.200 --> 0:14:26.760
<v Speaker 7>crossings are at the lowest levels ever recorded, and over

0:14:26.800 --> 0:14:30.040
<v Speaker 7>one hundred thousand illegal aliens have been arrested. If you

0:14:30.120 --> 0:14:33.960
<v Speaker 7>are here illegally, your next you will be fine nearly

0:14:34.040 --> 0:14:38.080
<v Speaker 7>one thousand dollars a day, imprisoned and deported, you will

0:14:38.080 --> 0:14:41.760
<v Speaker 7>never return. But if you register using our CBP home

0:14:41.800 --> 0:14:45.160
<v Speaker 7>app and leave now. You could be allowed to return legally.

0:14:45.520 --> 0:14:50.280
<v Speaker 7>Do what's right. Leave now. Under President Trump America's laws,

0:14:50.440 --> 0:14:52.880
<v Speaker 7>border and families will be protected.

0:14:52.960 --> 0:14:55.120
<v Speaker 2>Sponsored by the United States Department of Homeland Security,