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Leonardo Da Vinci Painting Sells for $450.3M, Shattering Auction Records

nytimes.com

81–90 of 152 posts

Re: Leonardo Da Vinci Painting Sells for $450.3M, Shattering Auction Records

#81

Earlier quoted context omitted.

But how do you explain your acquisition of the $400MM painting when the taxman comes knocking?

You don't. Tax man cares not how you bought it, only that tax is fully paid when sold.

Is not it cheaper to pull this trick with higher number of no-name artists paintings by moving the money betweent two ofshore companies that belong to you. Therefore I believe this purchasecwas was a status purchase like yachts. It is a show off that a person has so much resources that can spend part of it on a peace of art that nobody can get.

Re: Leonardo Da Vinci Painting Sells for $450.3M, Shattering Auction Records

#82
post #17

Marketing wins everywhere. Paintings, IT, open source projects, startups, everything. It seems to be responsible for 90%+ value in worryingly many cases. It may be getting worse. I think in the next few years we will see rise of companies that help customers make decent choices that are not solely based on advertising. We have many user review based solutions but it just doesn't work with most things (not even touchi…

I personally think the painting is worth more. It's an absolute steal for $450M. I mean, you have all sorts of startups with funky names these days with no profits being valued at hundreds of millions. In contrast, for a truly classic masterpiece of an art, why wouldn't I pay so much?

This is not so much of marketing, but rather the (perceived) value. It's a classic piece of art, it doesn't need any marketing. Not a website, not a .ly domain, not an appstore app. It can sell itself like it has. That's art.

Re: Leonardo Da Vinci Painting Sells for $450.3M, Shattering Auction Records

#83

Earlier quoted context omitted.

Wouldn't he need someone to pay that same amount or more for the painting to effectively have moved money with this apparatus? And if the next buyer is similarly motivated, isn't the valuation akin to a Ponzi?

Rybolovlev was the seller, the question is who is paying him and who did he buy it from for $127 million in the first place? At this high a price it seems more like money laundering than painting the tape, but who knows.

It says in the article that Dmitry Rybolovlev (his family's trust to be exact) bought it from Yves Bouvier for $127.5 million in 2013, which occurred soon after Bouvier had purchased it earlier in 2013 for $80 million in a private sale via Sotheby's.

Rybolovlev and Bouvier have been in a legal battle over their business dealings (including the da Vinci sale): https://en.wikipedia.org/wiki/The_Bouvier_Affair

If you want to read a long-form story on Bouvier (which does touch on this situation), I'd recommend this: https://www.newyorker.com/magazine/2016/02/08/the-bouvier-af...

Re: Leonardo Da Vinci Painting Sells for $450.3M, Shattering Auction Records

#84
post #65

You could buy three F-22 Raptors with that kind of money. Well, Congress would never approve the sale, but this painting went for triple the per-copy price of the F-22, according to Wikipedia https://en.wikipedia.org/wiki/Lockheed_Martin_F-22_Raptor I might be biased, but I know what I would pick if given the option, and it cruises 1,200 mph.

Trying to compare a piece of art, history and culture, with a weapon of destruction.

Great job.

Re: Leonardo Da Vinci Painting Sells for $450.3M, Shattering Auction Records

#85
post #17

Marketing wins everywhere. Paintings, IT, open source projects, startups, everything. It seems to be responsible for 90%+ value in worryingly many cases. It may be getting worse. I think in the next few years we will see rise of companies that help customers make decent choices that are not solely based on advertising. We have many user review based solutions but it just doesn't work with most things (not even touchi…

> Marketing wins everywhere. Paintings, IT, open source projects, startups

and politics. Don't forget politics.

Re: Leonardo Da Vinci Painting Sells for $450.3M, Shattering Auction Records

#86
post #17

Marketing wins everywhere. Paintings, IT, open source projects, startups, everything. It seems to be responsible for 90%+ value in worryingly many cases. It may be getting worse. I think in the next few years we will see rise of companies that help customers make decent choices that are not solely based on advertising. We have many user review based solutions but it just doesn't work with most things (not even touchi…

I don't see how the value of a Da Vinci painting is a triumph of marketing. If marketing was ruling, I'd expect a contemporary piece of junk to be higher valued. As it is, I think you have something of undeniable, a classical part of European and world civilization, given a monetary value that seems a bit absurd. And seems more easily explainable in the way that commodity bubble can be explained - combine investors w…

From the article:

> Christie’s marketing campaign was perhaps unprecedented in the art world; it was the first time the auction house went so far as to enlist an outside agency to advertise the work. Christie’s also released a video that included top executives pitching the painting to Hong Kong clients as “the holy grail of our business” and likening it to “the discovery of a new planet.” Christie’s called the work “the Last da Vinci,” the only known painting by the Renaissance master still in a private collection (some 15 others are in museums).

> many art experts argue that Christie’s used marketing window dressing to mask the baggage that comes with the Leonardo, from its compromised condition to its complicated buying history and said that the auction house put the artwork in a contemporary sale to circumvent the scrutiny of old masters experts, many of whom have questioned the painting’s authenticity and condition.

The painting has a volatile sales history, and there's many opinions that it's not an actual Da Vinci. Additionally, it has a lot of flaws that simply make it less valuable, however Christie's marketing has apparently been full-force and managed to fetch this figure. The previous record for an Old Master at auction was allegedly ~$105m taking into account inflation, so this is truly out of left field.

Re: Leonardo Da Vinci Painting Sells for $450.3M, Shattering Auction Records

#87
noob question, I wonder the reasons people are spending 100m+ on paintings.

is it possible that buying art is actually a great way of storing wealth? Like buying real estate but less flashy, easier to store, and easier to transport. I assume there aren't too many ways you can safely store 400m cash?

Re: Leonardo Da Vinci Painting Sells for $450.3M, Shattering Auction Records

#88
post #82
post #17

Marketing wins everywhere. Paintings, IT, open source projects, startups, everything. It seems to be responsible for 90%+ value in worryingly many cases. It may be getting worse. I think in the next few years we will see rise of companies that help customers make decent choices that are not solely based on advertising. We have many user review based solutions but it just doesn't work with most things (not even touchi…

I personally think the painting is worth more. It's an absolute steal for $450M. I mean, you have all sorts of startups with funky names these days with no profits being valued at hundreds of millions. In contrast, for a truly classic masterpiece of an art, why wouldn't I pay so much? This is not so much of marketing, but rather the (perceived) value. It's a classic piece of art, it doesn't need any marketing. Not a…

I think this one is fairly priced but something like starry night could probably fetch a billion. Mona Lisa? Probably ten times that without breaking sweat in this environment.

Re: Leonardo Da Vinci Painting Sells for $450.3M, Shattering Auction Records

#89
post #17

Marketing wins everywhere. Paintings, IT, open source projects, startups, everything. It seems to be responsible for 90%+ value in worryingly many cases. It may be getting worse. I think in the next few years we will see rise of companies that help customers make decent choices that are not solely based on advertising. We have many user review based solutions but it just doesn't work with most things (not even touchi…

> Marketing

In this case: Painting for sale; of Jesus; by Leonardo da Vinci.

I don't think you can cram more important Western culture into one object.

Re: Leonardo Da Vinci Painting Sells for $450.3M, Shattering Auction Records

#90
post #84
post #65

You could buy three F-22 Raptors with that kind of money. Well, Congress would never approve the sale, but this painting went for triple the per-copy price of the F-22, according to Wikipedia https://en.wikipedia.org/wiki/Lockheed_Martin_F-22_Raptor I might be biased, but I know what I would pick if given the option, and it cruises 1,200 mph.

Trying to compare a piece of art, history and culture, with a weapon of destruction. Great job.

cmon dude. raptors are awesome
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