What Makes Art Valuable ? - Documentary Guru

Summary

The video script delves into the world of high-stakes art collecting, exploring why the super-rich spend millions on paintings. It features interviews with auctioneers, art dealers, and collectors, revealing the stories behind record-breaking auction prices and the motivations behind such extravagant purchases. From the allure of owning a Picasso to the significance of provenance, the script uncovers the complex relationship between art, money, and the human desire for beauty and status.

Takeaways

• 🎨 The super-rich often invest substantial amounts in art, with some paying record-breaking prices for paintings, indicating a mix of love for art, rivalry, and business.
• 🏛 The art world can be secretive, with the ultra-wealthy sometimes purchasing art for reasons beyond just aesthetics, such as status or investment.
• 💵 Art's value is not solely linked to its quality; factors like provenance, the painting's history of ownership, can significantly influence its price.
• 👨‍🎨 Famous artists like Picasso, Rothko, and Monet dominate the high-end art market, with their works often fetching the highest prices at auctions.
• 🔍 The script explores the story behind some of the most expensive paintings sold, revealing the passion, strategy, and sometimes, the mystery behind these purchases.
• 🌐 The art market is global, involving collectors from various backgrounds, including wealthy individuals from Russia and other countries.
• 🏰 Some art pieces are bought as a form of cultural justice, restitution, or connection to history, going beyond mere financial value.
• 🤔 The motivations behind purchasing art can be complex, ranging from genuine appreciation to the desire for social status or even tax benefits.
• 🕵️‍♂️ Provenance plays a crucial role in art valuation; a painting's previous owners can add to its worth, especially if they are notable figures.
• 💸 The script highlights instances where art has been bought for staggering amounts, such as $95 million for Picasso's 'Nude, Green Leaves, and Bust', raising questions about the value of art versus the value of money.
• 🌍 Access to some of the world's most expensive paintings can be limited due to their private ownership, affecting the public's ability to view and appreciate these masterpieces.

Q & A

What is the significance of the painting 'Women of Alers' by Picasso mentioned in the script?

The 'Women of Alers' is a series by Picasso from the 1950s, which is highlighted as one of the key pieces in a major auction event in New York, with an upper estimate of $30 million, reflecting its high value and importance in the art world.

What role does provenance play in the value of a painting?

Provenance refers to the history of ownership of a painting. It can significantly impact a painting's value, as seen with Rothko's 'White Center,' which was owned by the Rockefellers, one of America's wealthiest families. The association with a prestigious name can increase the painting's desirability and price.

Why is the painting 'Massacre of the Innocents' by Peter Paul Rubens significant?

The 'Massacre of the Innocents' by Rubens is significant because it was initially not recognized as a Rubens work. Once its attribution to Rubens was confirmed, its value increased exponentially, selling for $76.5 million and making it one of the most expensive Old Master paintings ever sold.

What is the importance of the painting 'Adele Bloch-Bauer I' and its sale?

The painting 'Adele Bloch-Bauer I' by Gustav Klimt is significant because it was part of the restitution art, returned to the family of the original owner after being stolen by the Nazis. It sold for a record-breaking price, reflecting its historical importance and the desire of collectors to own such significant works.

Why did the painting 'Nude, Green Leaves and Bust' by Picasso become the most expensive painting sold at auction?

The painting 'Nude, Green Leaves and Bust' became the most expensive painting sold at auction due to its exceptional quality, rarity, and the fact that it had been unseen for 50 years. It sold for $95 million, reflecting the high demand and the willingness of collectors to pay a premium for such a significant work.

What is the role of auctioneers in the art market and how do they influence prices?

Auctioneers play a crucial role in the art market by facilitating the sale of artworks. They can influence prices through their ability to create excitement and competition in the auction room, as well as their expertise in managing the bidding process.

Why are some of the world's most expensive paintings not always on public display?

Some of the world's most expensive paintings are not always on public display because they are often owned by private collectors who may choose to keep them in private collections or vaults. This can be due to a variety of reasons, including personal enjoyment, investment, or privacy.

What is the significance of the art collection owned by the family of Victor and Sally Ganz?

The art collection owned by Victor and Sally Ganz is significant because it is considered one of the most important 20th-century art collections ever offered at auction, including works by Picasso such as 'Le Rêve,' which set a record for a single-owner auction at Christie's.

How does the script illustrate the intersection of art and wealth?

The script illustrates the intersection of art and wealth by discussing the high prices paid for famous artworks, the role of wealthy collectors, and the influence of money on the art market. It shows how art can be both an object of passion and a symbol of wealth and status.

What is the role of art in the context of luxury branding, as exemplified by the Bellagio Hotel and Casino?

In the context of luxury branding, art serves as a symbol of exclusivity and refinement. The Bellagio Hotel and Casino, owned by Steve Wynn, features an art gallery and fine dining experience with Picasso's works, creating an atmosphere of luxury and elevating the brand's prestige.

How does the script address the issue of art accessibility for the general public?

The script addresses the issue of art accessibility by pointing out that many valuable paintings are hidden in private collections, making them inaccessible to the public. However, it also highlights the availability of numerous paintings in public museums and galleries, encouraging people to visit and appreciate these works of art.

Outlines

00:00

💸 The Allure of Expensive Art

This paragraph delves into the extravagant world of art collecting, where the super-rich spend millions on paintings. It explores the motivations behind such hefty investments, whether it's passion, rivalry, or simply the business of art. The narrative is set in the luxurious backdrop of Venice and features a tour of a London showroom, where high-value paintings by Picasso, Monet, and others are displayed, each with a potential auction price in the millions. The discussion hints at the fascinating stories behind the record-breaking prices of these masterpieces.

05:00

🎨 Art's Value: More Than Meets The Eye

The focus shifts to the factors that contribute to the high prices of art, such as provenance—the history of ownership that can significantly impact a piece's value. The story of Mark Rothko's 'White Center' is highlighted, which was once part of the prestigious Rockefeller collection. The narrative explains how the painting's value skyrocketed from an initial purchase price of under $10,000 to over $72 million at auction, underscoring the influence of its former ownership on its worth.

10:01

🏆 The Transformation of Art's Perception

This paragraph discusses how the perception and value of art can change dramatically overnight, especially when a work is attributed to a renowned artist. The example of Peter Paul Rubens' 'Massacre of the Innocents' is used to illustrate this point. Initially overlooked, its identification as a Rubens work led to a staggering increase in value, culminating in a $76.5 million auction sale. The story also touches on the emotional impact of art, as seen through the eyes of a collector who values the shared experience of acquiring a masterpiece with his father.

15:02

🌆 Art Collecting: A Passion Unveiled

The world of art collecting is further explored through a visit to a luxury penthouse owned by a best-selling novelist. The collector's passion for owning works by second-rank impressionists is revealed, as well as his candid views on the value of art and the money behind it. The collector's love for art is evident, and he likens the collecting 'fix' to a drug, suggesting the addictive nature of acquiring new pieces for his collection.

20:05

🌊 Monet's Water Lilies: A Record-Breaking Sale

The narrative highlights the frenzy created by the sale of a rare Claude Monet painting, part of his famous Water Lilies series. The painting's uniqueness, being a signed late version, and its scarcity due to most of Monet's works being in museums, contributed to its record-breaking $80 million sale. The story also delves into the buyer's perspective, who, despite the high price, saw the painting as an exceptional piece worthy of the investment.

25:06

🌼 Van Gogh's Sunflowers: The Impact of Market Forces

This paragraph examines the influence of market forces on the art world, particularly during the stock market crash of 1990. The sale of Van Gogh's 'Portrait of Dr. Gachet' and Renoir's 'La Loge' by a Japanese tycoon is discussed, revealing the competitive nature of art acquisition during a tumultuous economic period. The story also touches on the auctioneer's role in driving up prices and the emotional response of the audience to record-breaking sales.

30:07

🏛 The Art of Auctioneering: A Behind-the-Scenes Look

An auction lesson provides insight into the auction process, the nervousness of auctioneers, and the high stakes of the auction room. The story of the Van Gogh 'Portrait of Dr. Gachet' sale, which received a standing ovation, is recounted, revealing the complex emotions and motivations behind such sales. The auctioneer's perspective on the market and the significance of art beyond its monetary value are also explored.

35:07

🇬🇧 The Rise of Russian Art Collectors

The narrative shifts to the emergence of Russian oligarchs in the art market, with a focus on their motivations for buying art. The story includes an interview with Maria Bova, a collector herself, who discusses the shift from communism to capitalism in Russia and the newfound ability to own private property, including art. The narrative questions whether art is purchased for love, prestige, investment, or as a status symbol among this new class of collectors.

40:09

🖼️ The Story of Adele Bloch-Bauer: Art and Justice

This paragraph tells the story of Gustav Klimt's 'Portrait of Adele Bloch-Bauer I', a painting with a rich history tied to the Jewish community's experiences in the 20th century. The painting's journey from being stolen by the Nazis to its eventual sale for a record-breaking price is detailed. The narrative explores the significance of the painting's purchase by Ronald S. Lauder, who may have seen it as a form of cultural justice.

45:11

🎭 Picasso's Legacy: The Luxury of Art

The narrative culminates with a focus on Picasso, whose works dominate the top slots of the most expensive paintings. The story of 'Boy with a Pipe', sold for $140 million, is highlighted, emphasizing Picasso's status as a luxury brand in the art world. The narrative also explores the impact of art as a commodity, especially in the context of Las Vegas, where art serves as an extravagant decoration for the wealthy.

50:11

🏨 The Bellagio Collection: Art as a Status Symbol

The story of Steve Wynn's Bellagio Hotel and Casino is recounted, detailing his collection of Picasso paintings and the role of art as a status symbol in the opulent establishment. The narrative also touches on the irony of art being used as a backdrop for lavish banquets, questioning the role of art when it becomes mere decoration for the wealthy.

55:13

💔 The Accidental Damage to 'Le Rêve'

This paragraph discusses the incident involving Steve Wynn's prized possession, Picasso's 'Le Rêve', which was accidentally damaged by Wynn himself, nearly derailing a $139 million sale. The narrative explores the significance of provenance and the emotional attachment of collectors to their art, as well as the impact of such incidents on the value and perception of the artwork.

🏛 The Gans Collection: A Family's Love for Art

The narrative tells the story of the Gans family, who amassed an extraordinary collection of 20th-century art, including Picasso's 'Le Rêve'. The family's motivations for buying art out of love rather than investment are highlighted, along with the emotional impact of selling their collection after the death of the family matriarch.

🎨 Picasso's 'Nude, Green Leaves, and Bust': A Record-Breaking Sale

The story culminates with the auction of Picasso's 'Nude, Green Leaves, and Bust', which became the most expensive work of art ever sold at auction, fetching over $106 million. The narrative explores the painting's significance, its subject matter, and the possible motivations of its anonymous buyer, who lent the painting to a museum for public viewing.

🌍 The Public and Private Worlds of Art

The final paragraph reflects on the dichotomy between public and private access to art, highlighting the unfortunate reality that many great works are hidden away in private collections. The narrative encourages viewers to appreciate publicly accessible art and provides a resource for discovering paintings available for free viewing.

Keywords

💡Art Auction

An art auction is a public sale where unique or rare pieces of art are sold to the highest bidder. In the context of the video, art auctions are significant events where multi-million dollar transactions occur for some of the world's most expensive paintings, reflecting the intersection of art and high finance.

💡Provenance

Provenance in art refers to the history of ownership and authentication of a piece of art. It is a crucial factor in determining the value of a work. In the script, the provenance of Mark Rothko's 'White Center' and its previous ownership by the Rockefeller family is highlighted as a key reason for its high auction value.

💡Cultural Justice

Cultural justice can be understood as the fair and equitable treatment of cultural property, often in the context of repatriation or restitution. The script mentions Ronald S. Lauder's purchase of 'Adele Bloch-Bauer II' as a form of cultural justice, symbolizing a triumph over the atrocities of the Nazi era and the restoration of cultural heritage.

💡Restoration

Restoration in the context of art involves the process of repairing and preserving artworks to maintain their integrity. The script refers to the restoration of a painting's value after a legal battle, as well as the physical restoration of 'The Dream' by Picasso after it was damaged.

💡Art Market

The art market encompasses the trade and commerce in artistic works. It includes auctions, galleries, and private transactions. The video discusses the dynamics of the art market, including the influence of wealthy collectors, the impact of provenance, and the record-breaking prices achieved at auctions.

💡Restitution Art

Restitution art refers to works that have been returned to their rightful owners or their heirs after being stolen or unjustly taken. The script mentions 'Adele Bloch-Bauer II' as an example of restitution art, which was returned to the family after years of legal disputes.

💡Investment

In the art world, investment refers to the purchase of artworks with the intention of their appreciation in value over time. The video discusses the motivations behind art purchases, including whether they are bought for love of art, prestige, or as an investment to potentially sell at a profit in the future.

💡Luxury Brand

A luxury brand denotes a label or name associated with high-quality, expensive goods and an aura of exclusivity. The script uses Picasso as an example of an artist whose name has become synonymous with a luxury brand, indicating the high value and desirability of his works.

💡Art Collector

An art collector is an individual who acquires and maintains a collection of art. The video explores various profiles of art collectors, from the super-rich buying for investment or prestige to those motivated by a genuine love for art and its cultural significance.

💡Cultural Heritage

Cultural heritage refers to the legacy of physical artifacts, art, and traditions that represent a culture's history and identity. The script touches on the importance of cultural heritage through the story of 'Adele Bloch-Bauer II', which represents the Jewish community's struggle and survival during the 20th century.

💡Private Collection

A private collection refers to artworks owned by individuals or entities that are not on public display. The video discusses the issue of private collections, where the public's access to certain masterpieces is limited due to their ownership by millionaires and billionaires.

Highlights

The super-rich spend millions on art, with some investing in personal submarines or single paintings.

The art world is infamously secretive, with multi-millionaires populating it.

Christie's showroom in London displays paintings with estimates reaching $30 million.

Art's value is not only linked to quality but also to its provenance, or past ownership.

Mark Rothko's 'White Center' is an example of a painting with a significant increase in value due to its past owner, the Rockefellers.

The value of a painting at auction is influenced by the bidding war between wealthy collectors.

Peter Paul Rubens' 'Massacre of the Innocents' became the most expensive old master painting ever sold due to its attribution to Rubens.

The art market can be influenced by factors beyond the art itself, such as economic situations.

The Japanese collector Ryoei Saito's purchase of Van Gogh's 'Portrait of Dr. Gachet' and Renoir's 'La Loge' during the stock market crash of 1990.

The role and power of auctioneers in steering art prices skywards.

Francis Bacon's 'Three Studies of Lucian Freud' sold for $86 million, reflecting the rise in Bacon's popularity.

Russian oligarchs are significant players in the contemporary art market, buying high-priced works for various reasons.

Gustav Klimt's 'Portrait of Adele Bloch-Bauer II' was returned to the family after being stolen by the Nazis and sold for a record price.

The sale of art can be a form of cultural justice, as seen with the purchase of Klimt's painting by Ronald S. Lauder.

François Pinault, a luxury brand owner and art collector, discusses the passion and risks involved in building a great art collection.

The art market's downside includes high prices driven by those who may not appreciate the art for its aesthetic value.

Picasso's 'Boy with a Pipe' sold for $140 million, reflecting Picasso's status as a luxury brand in the art world.

The sale of 'Nude, Green Leaves and Bust' for $106.5 million, making it the most expensive painting at the time.

The dependence of public access to great works of art on the decisions of the super-rich, with many pieces being hidden in private collections.

The importance of public-owned paintings that are accessible to all, as promoted by the BBC's website.

Transcripts

what would you buy if you had $100

million plat in Venice maybe or perhaps

a a fleet of private jets or a personal

submarine or would you plow it all into

a single painting some of the richest

people in the world have done just that

think you're B at $95

million what makes the super rich Splash

out so much money on Art Is It Love

rivalry or just big business I want to

find out more about this infamously

secretive AR world and the

multi-millionaires who populate it you

got your grubby hands on my beautiful

wall I do apologize I'm searching for

the most expensive paintings in the

world to uncover the stories behind

their record-breaking prices fair

warning

[Music]

going this is Christy's big showroom in

London and and what you can see are the

paintings some of the paintings that

will be sold at the big evening auction

in New York which is coming up in just a

few weeks and this is one of the

highlights it's a Picasso it's a series

that he did in the 50s known as the

women of alers and it's got an upper

estimate of $30 million this is another

of the star lops this a Monee from a

series he did I think in the 1890s 1891

these are popl trees this could sell for

as much as $30 million and this is a

Co that's been practically unknown to

Art historians belonged in a private

collection let's have a look at the

estimate this could sell for $22 million

apparently $22 million $30 million that

sounds like an awful lot of money for a

painting well it's not it's a bargain

compared to the eye watering amounts

paid for the top 10 paintings sold at

auction when you think about it art is

is a little bit like magic because just

with the wave of a brush something that

has no practical purpose whatsoever just

a worthless scrap of canvas covered with

inexpensive pigment can become this

Priceless object that's desired by many

of the wealthiest and most powerful

people anywhere on the planet

Abracadabra but how exactly is it done

just what is the link between art and

money my story starts here in New York

where the American abstract painter Mark

Rothco dominated the art world in the

50s and 60s and it's perhaps a surprise

to those who find abstract art hard to

take that one of his paintings is number

10 on my

list to find out why I've come to a

billionaire

skyscraper this is rothco's White

Center and it would cost you more than

$72

million

72,8 40,000

to be

precise and that put it at number 10 in

our list of the most expensive paintings

in the world going

up start here 33 34 $35 million $36

million6 the painting was sold at the

auctioneers SBE in New York in 2007 $63

million fair warning selling a there 64

million just in time and when you factor

in the Hefty buyer premium on top of the

hammer price stated by the auctioneer

thank you this made it a record-breaking

amount more than three times the

previous price paid for a

rotho so what does this tell us that

white center is officially the 10th best

painting ever made not exactly the

important thing to remember is that

value isn't only linked to

Quality something that can send the

price of a painting rocketing is what's

known in the art world as provenance who

has owned the painting in the past and

in the case of rothco's White Center it

was owned by one of the wealthiest and

most powerful dynasties in America The

Rockefellers who amassed their Fortune

from oil and Banking and reshaped the

New York skyline with the Rockefeller

Center on the 56th floor David

Rockefeller built an impressive art

collection that included works by

Picasso Goa and Mart Rothco in 1960 he

paid less than $10,000 for white Center

half a century later it was worth more

than $72

[Music]

million today the painting is even known

informally as the Rockefeller rotho

which says it all the name of its former

owner is as important as that of the

artist to find out whether White Center

deserves its number 10 slot I'm on my

way to New York's famous Pace gallery to

meet one of the world's leading art

dealers Anie

glimcher Anie was friends with Rothco

and has been buying and selling his work

for 50 years is this a really great

Rothco it is a wonderful painting it is

a wonderful painting um what Rothco is

really interested in is the idea of an

almost

formlessness use of color to transmit

pure human emotion I mean you just have

to strip away all of the prejudices that

you have

looking at a painting by Rothco and let

it flow over you like great music flows

over you you know there are very few

artists in the history of art that

create something that we have never seen

before and rotho is one of those artists

but all kinds of things converge for a

painting to bring that sum of money and

um such as what such as its provenance

it was the

Rockefeller name which you know amazed

amazed me um why do you say it amazed

you because the whole thing of Art and

money is ridiculous the value of a

painting at auction is not necessarily

the value of a painting it's the value

of two people bidding against each other

because they really want the

painting and the people who bid the most

for White Center are rumored to be oil

billionaires just like the Rockefellers

the Qatari royal family who will be

hosting the football World Cup in 2020

2 sadly though White Center hasn't been

seen since the auction I can't even show

you a good

reproduction but my next painting

couldn't be any more different here the

buyer specifically wanted to show a lost

Masterpiece to the world at number nine

in our list is Peter Paul rubin's

Massacre of the Innocents which sold at

auction in 2002 for 76,5 $5

[Music]

29,5 the Flemish painter Peter Paul

Rubin is considered one of the greatest

artists of all time so perhaps it's

unsurprising that an old Master makes it

onto my list actually it's rare for such

a good quality painting to come to

auction nearly all the finest Old

Masters are now in museums and they're

highly likely to ever reach the market

again it's hard not to feel a little bit

upset when you encounter this picture

because there's just no shying away from

the subject matter it tells the story of

king herod's massacre of the newborn

boys of

Bethlehem and it's

terrifying you see musly

soldiers ripping babies from their

mother's arms and dashing them to the

floor

the women themselves are Weeping and

wailing and scratching claing at the

faces of their

asants and these lifeless corpses of the

infants here down at the bottom of the

the painting tossed aside like unwanted

forgotten dolls and they have this

distressing shade to their skin this

stone cold

blue it's just too painful almost to

look at and full of Anguish and grief

and despair and high rought full-blooded

[Music]

emotion to be able to do that to

transform something so horrendous and so

complex into a coherent piece of

beauty is just

astounding and I wondered before coming

here whether it's worth paying $ 76.5

million for any picture at all but you

come here and you see this painting and

it is a total Total

[Music]

Knockout the massacre of the Innocence

is even more astonishing when you

consider that until recently it wasn't

even thought to have been a reubin at

all when it was finally identified or

attributed to rubins the painting's

value increased exponentially overnight

adding several kn to its price here at

the National Gallery Art historian David

jaff helped reveal who really painted

the massacre of the Innocents by

comparing it with another Ruben's

Masterpiece Samson and Delila do you

remember when you first saw it yeah I

saw it uh at Sabe up in their upper sort

of so-called private room it was pretty

extraordinary you know it was one of

those ones where I said well we don't

have to have a large discussion on this

it's clearly right tell me about the

comparisons between Samson and Delila

and the massacre of the Innocence well

we actually took them upstairs here

where we've got decent sunlight and you

can look at them very carefully and they

had a lot of the same

nuances just as you cross a tea in a

certain way and Dot an eye in a certain

way paint his hand over brush

particularly when they're bored rubben

often does a little zigzag I mean you

see it on the ankle of this painting

you're looking for his handwriting in

paint um and if a handwriting works it's

by that artist but once the masacre of

the inoc was attributed to Reuben what

does that do to the value of the

painting well I think everyone wants to

buy you know the real thing there are

very few great rubiners of any period in

his career now you can buy so when a

great one comes up it gets an

exponential thrust I guess until it's on

that moment of being actually for sale

it doesn't have any value I mean it's an

absolutely arbitrary thing you know and

you can't predict how idiotic three or

four people will be to try and Chase the

magic rabbit around the circuit when it

comes

up only billionaires can chase that

rabbit Ken Thompson was Canada's richest

man he built a global media Empire that

once incompass the times and the Sunday

Times he pumped Millions into the Art

Gallery of Ontario in his hometown of

Toronto to share the glory of art and

its creation as he put it with the

world the Thompsons are intensely

private and seldom give interviews that

Ken's son David who bid for the massacre

of the Innocents with his father has

agreed to speak to me my father began

collecting in the '

50s he'd mutter and sometimes he'd he'd

he'd hit me in the arm and say look at

this can you imagine someone being able

to carve this way I mean look at David

oh look at the spine I mean this is how

he he responded and with each object it

would be a different facet to the object

it would be the patternation it would be

the color one of the defining moments in

the history of the collection of course

came when you bought Ruben's Massacre of

the Innocents and paid what still is a

world record for an old Master painting

of just north of $ 76.5 million weekly

um until the auction he'd come down with

the catalog and he'd ask me David what

do you think this will fetch what would

you do if you were me and I'd say that I

I think frankly you need to buy this

picture it's something that resonates

like nothing else you must have had to

fend off some supremely stiff

competition you must have known there

was going to be a fight mm mhm what was

your strategy to

Triumph to don't last them you knew you

were going to win we knew we were going

to win at least I had a feeling we were

going to win 45 million I'm going to

sell last chance at the final price was

£

49,500 th000 or $765

million after it was over there was

silence he took his glasses

off and he took a few deep

breaths and I think he said something to

the effect oh my

goodness it's an enormous sum of money

and on a painting and you think to

yourself you know it's shopping centers

it's it's it's tangible but it was a

marker for my father and for his

collections Ken Thompson died before he

could see the massacre of the Innocents

hang as the centerpiece of his

collection at the Art Gallery of Ontario

on display for everyone to see forever

how do you feel when you go to the art

gallery now look at this painting

imagine if it were me I'd want to every

time I saw it just kind of punched the

air that I'd got this thing with my dad

and given it now to the world how do you

feel I

feel I just feel a Wellspring of

emotion because it symbolized a journey

for my father it symbolized a journey

between father and

sun and it resonated for us as it

resonates for so many

others it's a

very uh remarkable

Touchstone so what have I learned from

painting number nine well that overnight

the same painting can be viewed in a

completely different way one day the

massacre of the Innocence was overlooked

the next it was suddenly the most

expensive old Master ever sold the

canvas was exactly the same but the way

it was perceived was magically

transformed by its attribution to a

superstar

[Music]

artist to get more of an insight into

the mentality of the art collector I've

come to a luxury Penthouse apartment

overlooking the temps owned by one of

the world's bestselling novelists what

should I call you Jeffrey Jeffrey that's

very kind

thanks this is sizzly sizzly I love that

picture is that a pastel it's a pastel

which is very rare he painted just over

a 100 Pastels in his lifetime and it's

one of those rare paintings where I

wanted it within seconds of seeing it

sometimes I debate think go back look a

second time that one I knew immediately

youve got your grubby hands on my

beautiful wall I do

[Music]

apologize Jeffrey Archer is currently

583rd in Britain's rich list he's had a

colorful career a politician and

Confidant of Margaret Thatcher he was

made a Lord by John Major but he's also

served a prison sentence for perjury but

it's his novels that have allowed him to

pursue his passion for collecting art

not Old Masters but 19 Century

Impressionists now here you will see one

of my philosophies on

collecting because I can't afford the

major Impressionists I buy uh the next

rank down and they're often just as good

but not as well known this is a a camir

well now this looks like matis well or

Goa if that was a Goa and this was a

vanol you're talking not 10 times the

price you're talking a 100 times the

price price I suppose uh let's get rid

of your coat oh thanks um I suppose the

big thing about the main room is the

view exactly which do you prefer your

paintings or the view it's amazing

because when people come here they

immediately say the view it is hard not

just to stand here like this um which is

a shame for the collection frankly what

most people do they walk in they see the

view they forget the pictures completely

I can't help noticing you you talked

about having second rank artists in the

corridor in terms of the impressionist

but here is Andy Warhol well is he First

Rate I don't think so I think he's very

expensive now but I don't think he's a

great artist no I don't I do like this

it's not dissimilar the hairstyle

between Marilyn and Margaret ater Bene

yes they were both powerful women so how

much do you think this would be worth

now I have no idea it be so

vulgar you call me the vulgarian vulgar

question does the money for buying art

come from this is a golden book this is

the equivalent of going Platinum Kan and

Abel yes that's the Breakthrough if

that's what you're getting at in your

continued vulgar way yes it was Kan and

abble that made it possible for me to

have the collection I have my favorite

picture in a way is this one the Albert

Goodwin often compared as an artist to

Turner and what you see there of course

is he must have painted it from just

over there and it's the amazing Golds

and the amazing colors at night when the

sun is coming over it it looks

magnificent when did you buy it oh 30

years ago so you've been collecting for

several decades I've been collecting for

for 50 years let's face it if you get

into this mad world it's like drugs you

don't you have to have another one you

have to have another fix I mean it's

just awful and you wherever you see

something you can just about afford you

just about afford it your comra

collectors are all stupid and

mad and collectors really go mad for the

artist at number seven in our top 10 and

I'll explain why we jumped 7 in a

moment no one quite captures the

imagination like Claude Monee the prince

of the Impressionists he spent the

second half of his life depicting his

Gardens at jiven especially the water

lies which he painted

obsessively most of them are in museums

so when a good one comes on the market

it creates a frenzy in the 28 million

nowe of you 28 million 2,500,000 sir

3,500,000

[Music]

at number seven in my top 10 it's

Monet's Waterlily Pond going for

8,379

591 and I'm with Tanya POS who bid for

the painting and

won well Tanya tell me about the night

that you bid $80 million for this

painting well where to start I knew that

this painting was going to outshine it

its estimate and there was a lot of

competition in the room I knew that it

was a very important piece for Monae

because uh of his water lily series that

he painted consecutively for 26 years

although that that's the question I

wanted to ask because there are so many

of these paintings what's special about

this one that means it's worth so much

first of all of his late water lies few

are signed and this is a completed late

version signed by the artist we should

make clear that you weren't buying this

for yourself you were buying this for

somebody else yes who are you buying it

for I will never

say go tantalizing stuff confidentiality

is part of my job what is it that

motivates some of these collectors to

spend this amount on works of art well I

think um the people I work with are

surrounded by quality in their lives so

why would it stop in their art

collecting they they wish to have the

very best and they want to be surrounded

by the very best whether it's their home

their car their planes I mean it's it's

just the way they live their

lives take a good look at the painting

it appeared only once in public in the

last 80 years and since the auction

hasn't been seen

again and this brings me to the story of

the shocking disappearance of the next

two paintings in our top

10 the most popular postcard sold by the

National Gallery is this one it's a

reproduction of a still life of a vase

of sunflowers painted by Vincent vanoff

in 1888 you can see that in reality is

much more luminous and radiant this is

one of the most famous paintings in the

world and if it ever came onto the

market it would sell for an insane

amount of money but it

won't but when the highest achievements

by some of our greatest artists do

appear at auction then the Art Market

can be influenced by much more than simp

love of the

painting that's exactly what happened in

the days just before the stock market

crash of 1990 when two paintings sold

within days of each other Vincent Van's

portrait of Dr gash at Christies and

uland de gallet by Pierre August Renoir

at

SBE number eight and number six in my

top 10 purchased in a mad 2-day spending

spree by the same

collector in the late ' 80s buying art

had become a muscular masculine Pursuit

buying the best was like big game

hunting only to be attempted by the

bravest with the deepest Pockets it was

a rampaging bull market and prices were

being forced up by the New Kids on the

art

block the

Japanese hold on everyone

else 71 ion

congratulations the man with the biggest

wallet in the room was a paper Tycoon

rioa Sao intensely eccentric and

secretive no one knew whether he' bought

both paintings for love or solely as an

investment because he spirited them away

out of sight even from his own

family The Man Who Sold portrait of Dr

gash is legendary Auctioneer Christopher

Burge

17 million he sold more of the paintings

in this film than anyone else,

500,000 I want to discover more about

the role and power of auctioneers and

how they steer prices skywards in all

the excitement of the auction telephone

fair warning and selling this is the

woods room which is the second of our um

cell rooms here the smaller of the two

where we conduct most of our auctions I

would say 90% of all our auctions take

place in here and this of course is the

room in which we are about to give you

an auction lesson this is where I'm

going to learn the the trade this is

where you're going to learn the trade my

a large staff will be assembling fairly

soon to act as biders telephone biders

sales clerks and the rest of it just as

if it were an auction I thought it was

just going to be you me no no no no

[Music]

no let's begin with lot

327 a sculpture by Rodan do I have any

bids at 24,000 in the room do I have 28

thank you madam

$28,000 $30,000 thank you even more I

tend for months before these big sales

to to have anxiety dreams about the

auctions do you still get nervous oh God

terrified um more so actually the more I

do it the more nervous I get do I have

$150,000 in the room someone anyone in

the room anyone at

all I'm not getting much love from the

room

art dealers collectors hangers on most

of them frankly would love to see

something go wrong it's quite

gladiatorial the whole thing you get the

feeling that the thumbs are sort of like

this and will very quickly go like that

if the auctioner makes a hideous mistake

would you like to pay $55,000 it's

against you sir

$55,000 I know your habits I can

sometimes get the extra beard

$55,000 once you get into the swing of

the auction it's easy to lose sight of

the numbers and the reality of the sums

at stake sold to this Madam uh this lady

over here

$58,000 but as Burge conceived

occasionally prices in the auction room

are not just about the paintings doesn't

it happen in auctions that sometimes

prices go so high that people afterwards

applaud only once was the ever sustained

appra for a lot that I sold and that was

for the vanok portrait of Dr gashi when

it was sold uh and and I hammered it

down at 82 and half million which was

then the world record price for for any

work of art there was sustained Applause

people leap to their feet they cheered

and

[Music]

yelled this Applause went on for several

minutes which is completely unheard in

an auction the reason everybody

applauded I I believe is because we had

a very serious financial situation

developing in 1990 all sorts of things

were collapsing and the Japanese buyers

who' been the main stay of the market

were beginning to get nervous and were

pulling out and everybody was convinced

that the market was going to

Tumble and that lot for a moment stayed

the collapse as it were and I think what

everybody was reporing they were

applauding out of relief that they had

saved their money and you know my

feeling was one of I have to admit it

really great distaste it was extremely

uncomfortable I almost felt like just

walking off while this applause was

going on and just going off stage and

not returning they weren't applauding

for vanok they weren't applauding for

the work of art they were applauding for

[Music]

money whatever saito's motives were for

buying the vanov and the Renoir he faced

Financial ruin soon afterwards

extraordinarily he threatened to burn

the paintings rather than sell them in

1996 he died and the paintings haven't

been seen since some genuinely believe

he carried out his threat to reduce them

to ashes others think think they were

secretly sold to pay his debts either

way they've passed into artor mythology

just imagine the prices they'd achieve

if they ever appeared

[Music]

again number five in our top 10 is by a

painter known for his brutal difficult

work and it brings me to London's

Chelsea where millionaires live behind

metal gates and brick walls so many

millionaires in fact that it's easy to

get the wrong house bacon yeah there

they are Francis Bacon that's right

these are not genuine

sadly Mr Jagger are they um Mr

Abramovich owns them well would you

believe it we've got the wrong house I'm

going to have to take can you show me

yeah well that's where the garden is

there this one so I should be putting

these copies along here

yeah

a trip dick is a

series of three paintings that's two I

have a

third and this one is by a famous

British Artist called Francis Bacon that

sold at auction in 2008 for 86 mil

$281,000 which puts it at number five in

our list of the most expensive paintings

in the world and there's a reason why

I'm propping them up against a wall in

Chelsea in the middle of London behind

me is a house that belongs to the

Russian billionaire and owner of CH FC

Roman Abramovic and the rumors are he

bought the real triptic back in 2008 I

have a very strong hunch that the real

triptic is actually hanging in that

house behind

me at number five Francis Bacon's trip

tick which sold at soube in New York in

2008 Bacon's paintings are rising fast

another work went for three times its

estimate earlier this year but they're

not easy to look at bacon was a hard

Drinker and heavy Gambler who painted a

series of grizzly trip ticks and this is

one of the goriest and best just look at

those horrific winged creatures pecking

at a mangled carcass you'd have to be

made of stern stuff to enjoy staring at

this above your mantle

piece maybe Raman Abramovich bought the

triptic to impress his girlfriend Dash

zukova who recently opened an art

gallery in Moscow his purchases have not

gone unnoticed he also paid a

record-breaking price for another artist

Lucien Freud who's now officially

Britain's most expensive living artist

thanks to

Abramovich Roman Abramovich is

notoriously shy and declined my request

to have a look at his mantlepiece and

stare at his bacon I have Tracked Down

the daughter of another oligarch though

Maria Bova herself a collector to find

out why Abramovich and the oligarchs are

descending on the art market during

communist we actually couldn't go out

and buy a painting we couldn't aggregate

funds we didn't have bank accounts so

all of a sudden in the 9s we have

capitalism coming in we are able to own

private property and after the the

affluent Russians you know buy their

first homes let's say in their first

cars then they move on to let's say the

luxury sector and art collecting

obviously the most famous olart within

Britain is Roman Abramovic is he

exceptional in terms of what he buys we

are only aware publicly of two works of

art that Roman AB bramich has purchased

which are uh which are the Lucian Freud

and Francis Bacon tryptic uh and I but

at the same time he's a very substantial

collector and it's not necessarily true

that everything that he buying is at

that price tag those were exceptional

prices weren't they those were

exceptional prices I guess the big

question is um you know did he overpay

because it's such a large

sum I think uh

the question is why does it matter I'd

love to get a sense from you of why uh

some of this new breed if you like a

very wealthy Russians are buying art is

it because they love it is it because

they like to show off is it because art

is a stateus symbol if you really think

about it most Russian art collectors are

actually very private you actually don't

really know who they are you don't

really know what they own so do you know

who they are and what they own well a

lot of them are my friends so

yes but uh they are extremely private so

therefore the whole idea of buying art

as a status symbol falls apart right

there because if presumably if you're

buying art for status you would want

people to know that you bought this or

that okay oligarchs may not do it for

Global recognition but it could be for

approval among their peers and Maria

Bova would seem to be proof of

that so far the collectors of my top 10

paintings have bought art for love for

Prestige for investment and as the

ultimate luxury item but the painting at

number four has meaning for its buyer

that goes beyond its monetary or even

artistic

value Adele block Bower 2 painted by the

vienes artist Gustav climp in 1912 came

onto the market in spectacular fashion

in

2006 the block Bowers were wealthy

Austrian Jews who along with so many

others had their possessions stolen by

the Nazis

portrait of Adel block power 2 $25

million start at $25 million $28 million

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 this is known as restitution

art guy you're better at $78 million

with the buyer's premium this made Adele

blower 2 the fourth most expensive

painting in the world Ronald s lorder

who's himself Jewish and inherited the

Estee laer Cosmetics Empire is rumored

to have bought the painting but he's

being koi about its

whereabouts however he has allowed me

into his gallery on New York's exclusive

Fifth Avenue to see another of his

paintings which is on public View and

I've heard that this one cost him even

more

money here the noi Gallery in New York

there's another similar work it's by the

same artist Clint he painted it 5 years

earlier and it's a portrait of the same

model a woman called Adele block Bower

who was the wife of a very wealthy sugar

Merchant in Vienna the painting today is

one of the most famous pictures in the

world and it's somewhere up

[Music]

[Applause]

here I've seen this a lot in

reproduction I've never seen it for real

until today

and you can't help but be amazed by this

gilded Beed

surface this is a very Lush sensuous

work it's so

civilized and of course it isn't just

Lush and

refined it is partly made of precious

metals it's got silver and gold there

going on in the canvas as well as paint

so that the whole image screams

money I think that's the thing that I

find quite

Difficult about this painting in

particular I just can't get past this

idea that ultimately it's a portrait

about infatuation not just infatuation

with a beautiful woman infatuation with

high

society the owner of this painting the

heir to a Cosmetics Fortune paid the

notorious price reportedly of

$135 million for this painting alone in

a private transaction which however you

spin it is a staggering sum he calls it

Armona Lisa I think referring to the

gallery he could be referring more

widely to the fact that here it is

presented as a Triumph of sorts over the

atrocities that were perpetrated by the

Nazis as beautiful as it is I think part

of the reason he paid so much is because

the history of this painting is bound up

with a much bigger Story the history of

the Jewish people during the 20th

century it's not in the top 10 only

because the amounts lorder paid cannot

be verified much of the art sold never

makes it to public auction the money

Changing Hands remains secret but if

$135 million is correct does this make

Clint one of the greatest artists in the

world on a par with Ruben's Monet and

Van go well I don't think so but perhaps

for Ronald lorder his purchases

represent a form of cultural Justice and

for him Justice comes at any

[Music]

price I've come to Venice because I've

managed to secure an interview with our

next billionaire who just happens to be

one of the most important men in the

world of Contemporary Art right now and

unlike many collectors he's more than

happy to put his collection on public

display

frano Pino is one of France's richest

businessmen his luxury Brands include

chatow lur one of the world's finest

wines the veil ski resort in America and

Christy's the auctioneer so if you've

been wondering where all those buyers

premiums went perhaps here is the

answer I'm heading towards the padela

Deana which is one of two museums that

Pino has here in Venice and I really

want to find out what motivates Pino to

collect art at all Does He Do it For

Love or is it just another business

opportunity Pino is amassing a blue chip

collection of Contemporary Art this is

Jeff Coon's hanging heart I don't know

what Pino paid for it but another almost

identical work sold for $23 million in

2007 what is the secret of building a

great collection passionate and to try

to discover to be very curious to be

passionate it's a art and passion I

[Music]

think to be a great collector do you

need to take risks absolutely yes I

don't know if in 50 years the artist

will be it's not the it's not the issue

it's not the issue you buy you take your

own risk after that it's for history to

tell yeah absolutely

uh the piece in here the marito Catalan

horse do this it's a good piece like a

joke but it's not on a joke it's a

message it's a he goes in the wall

the there's a risk to go to for you and

for me to go in the wall no to go

through a brick wall yeah absolutely

sure very

different what do you think about I mean

the the bad side of the market is that

prices are so expensive now you know you

spend I don't know $70 million can we do

very sad yes very sad why do you think

it's

sad because very often so it's it's

about by about people who don't like art

they buy that sometimes to like a

statute like a social appearance and to

show off you mean probably sometimes

it's a Pity but what can we

do the risk of franu Pino frittering

away his million on art that might

simply be forgotten is great but the

potential reward of being remembered as

an eagle-eyed patron of the mon and

rothos of Tomorrow is even greater of

course Pino can afford to take such a

risk well 32 is next women of alers Le

but if you want a shire armor plated

investment that will impress the hell

out of your friends hang splendidly on

your wall either in your luxury

penthouse or on your private yacht then

you need to get yourself or your advisor

down to an auction and buy a Picasso

700,000 18 milon 7 still better this one

went for a poultry $19 million plus the

buyer's premium but the third most

expensive painting in the world sold for

nearly five times

that at number three doramar

Osa 55 with

56 with Charlie 56 sold at SBE in 2006

to a mystery man in the audience who no

one had ever seen before and who

apparently spoke with a Russian accent I

wondered whether he was a friend of

Maria Bova as well I was in the room

when the the painting was sold right

after the auction ended there was a lot

of speculation about who is the buyer

behind the scenes and I think it took

the art World maybe about a year to

really figure that out so who is the B

behind the scenes so it's a Georgian

collector who prefers to remain discreet

but everyone in the art world knows who

he

is uh I don't know about everyone but

some people in the art world knows who

know who he is so why don't you just

tell

us if everyone knows I I I'm not at

Liberty to why what will happen he'll

kill you no of course not I just uh

honor and respect uh people's desire for

privacy and discretion

the only Georgian oligarch who seems to

fit the bill is this man Boris Ian named

in the Russian edition of forbs magazine

as the likely owner of the painting he

made his money from oil and Mining and

lives in Moscow presumably with doramar

and her

[Music]

cat but this is more than I know about

the owner of the next painting on my

list it's another Picasso and it was

sold in 2004 but no one can tell me

where it is or who the buyer might even

be once again when art becomes a luxury

commodity in the hands of the rich

sometimes it disappears from sight now

this is a reproduction of the real thing

and Picasso painted boy with a pipe when

he was 24 and he' recently moved to

Paris and had next to nothing when

Picasso put the finishing touches to boy

with a

pipe he could never in a million years

have conceived that one day his painting

would be worth so much in 2004 boy with

a pipe was offered at auction and sold

for $14 million placing this at number

two in our

list so Picasso's at number three and

number two in my top 10 in fact he

occupies all three top slots and that's

because Picasso is much more than a

painter he's the ultimate luxury

brand

and nowhere is this more evident than in

Las

Vegas Sin City is the last place you'd

come looking for Fine Art you might

think but actually a lot of the people

who built Vegas cover works of art by

Pablo Picasso and if you think about it

it's a match made in heaven because

Vegas is the most extravagant Monument

to money imaginable Picasso well he's

famous for being the most expensive

artist in the

[Music]

world in fact the billionaire property

developer who built this place the

luxury Bellagio Hotel and Casino also

amassed an equally extraordinary

collection of picassos and his name is

Steve

WI

walk through the heart of the casino and

in among the slot machines and gaming

tables you'll find an art gallery and a

Picasso fine dining

experience most of the bagio picassos

are here in the restaurant which Steve

wind designed along with Picasso's own

son Claude who did the carpet there

genuinely are picassos everywhere

there's a huge one over there there's

one here from 1917 this is from 1971 and

every detail is linked of course to

Picasso even the plates which are

closely modeled on his own designs for

his

Ceramics thank

you it is a little bit ironic that these

two still lives of flowers and fruit

hanging behind me here at all because

Picasso painted them during the war when

he was living in Nazi occupied Paris and

food was impossibly scarce and now

they're backdrops for lavish Banquets

but I don't think the bagio really cares

whether or not you study the Picasso in

here you're just supposed to bathe in

the aura of exclusivity that they

project I guess it makes a kind of sense

for one of the smartest restaurants in a

city obsessed with money to have

paintings worth tens of millions of

dollars on the walls but 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 I'm Steve wi and this is my

new hotel the only one I've ever signed

my name

[Music]

to Steve wi paid for his new hotel by

selling the Bellagio along with all

those picassos but he did hold on to one

his favorite Picasso's larev which not

only inspired the new hotel but nearly

became the most expensive painting in

the

world wi suffers from a degenerative eye

condition and he slowly losing his sight

in 2006 he agreed to sell the Rev which

means the dream for 139 million but

before the deal was done he put his

elbow through the canvas and suddenly

the deal was off we stood there in in

shock I can't believe I've done it oh no

oh no and then I said Thank God it was

me and not someone

[Music]

else it's easy to find his hotel

obviously but the man and the painting

far harder to track

down now I was hoping that Mr whim would

invite us into his house and I could see

the dream hanging on his wall but his

people refused the interview so instead

I've come here just outside Vegas and I

brought along this color reproduction of

the dream and you can see that it's an

erotic fantasy really it's a picture of

Picasso's mistress Marie terz Walter and

her head is nodding off to one side as

she's dropping into the unconscious and

starting to dream you can see her full

face and also a profile and if you see

just the profile of her face there

you're left with this other quite

suggestive shape which I think is

Picasso's way of saying that she has sex

on the

brain the dream is one of Picasso's

finest paintings but Steve win may have

bought it in part because of its

previous owner we're back to

provenance except this time it's not a

billionaire collector but a middle class

new New York family who amassed an

extraordinary collection of

picassos what is considered the most

important 20th century art collection

ever offered at auction shattered a

record at Christy's in New York City

last night the collection of Victor and

Sally Gans raked in more than $26

million and that sets a record for a

single owner auction 57 items sold the

collector's children put the

masterpieces up for sale after Sally

gance died earlier this year

this is a book that Christie's produced

just before the sale and what they were

trying to convey was something about my

parents and the way they collected art

so the way this book works is it goes

through all the artists they collected

one by one and so if you look at Picasso

you'll just see you know well there's

the dream there's the dream but but all

of these pictures were own yes uh here's

this is this one yes this one is this

one this is one of the this is winter

landscape 1950

1950 there they are my parents when they

were getting

married they were married in

1941 and in

1942 which was 2 years before I was born

they bought the dream that was a very

very very bold Brave and big purchase

for them do you know how much it cost

them it cost

$7,000 and to put that in context was

that to put it in context the rent on

the apartment that they had was $300 a

month so it cost more than 2 years rent

right that's an investment it sounds

like the way you're talking that the

dream was one of the early purchases

then is that it was the first thing they

bought that was the first work of art

they bought was the dream by Picasso he

saw the painting he fell in love he fell

totally in love with it the way you fall

in love with a person couldn't get it

out of his mind and figured they had to

scrape together the money and give up

other things in order to buy it

what did your mom and dad do how did

they afford to be able to buy the art

that they bought my father was in the

costume jewelry business which he had

inherited and my mother didn't work as

as women didn't work in in those days

and they didn't have very much money

they didn't really have savings they had

a rent control department and my father

fell in love with Picasso it sounds like

they weren't buying for investment at

all your no not at all how would you

describe the the motivations of your

life that drove them to buy these

Works

[Music]

love how did you feel when it came to

the

sales very sad first of all right after

my mother died she died second we were

inundated with people you can imagine I

mean teams of people from soube and

Christies and literally people from Eng

land and from Japan and people from all

over sort of descending on the house and

that was a fairly uncomfortable um

situation A Shameless though well that's

what they do that's their job does this

happen all the time is this work course

of course believe me they have now it's

all computerized but they have on their

computer you know the 50 most important

collectors in the world and where their

works of art are and where they live and

how old they are and when they're about

to die and who's going to inherit what

they they know all those things it's a

death wch they um as my mother used to

to say the vultures are circling oh the

sail room is such a morbid place it's

about death and divorce I mean was it a

necessity in the sense that there are a

number of kind of things like presumably

taxes death duties and so on there was a

number of one big fat thing called tax

in America at that time the taxes were

about 55% so so that means if you'd

retained a painting like the dream you

would have had to pay 55 or 60% to the

tax man of its value as perceived by the

auction house at the time is that right

right how did you feel when you

subsequently learned that the dream

ended up in the possession of Steve wi

who by all accounts is a very different

man to the man that your father was

Steve wi I've met him he's a very nice

man I'm sorry that he put his elbow

through the painting that was

unfortunate but I do remember they it

was um in an exhibition in New York a

couple of years ago and the director of

the gallery said the repair is so

skillful that no one has been able to

see where it is and I went into the

gallery and I went into the room and it

was way down at the other end and as I

started to walk down the room I was

alone nobody else was in there I could

see immediately where it was where was

it out of interest cuz I've heard

various things it's um well you can't

see it here's a picture of my son

standing in front of it but it's down

sort of behind right around there the

left forearm her left for yeah it's

right about there actually I don't know

how big the hole is but the scar that

you can see is about that big I mean in

a sense here's a painting that had

survived intact and been looked after

and loved in your family for many

decades and it's in someone else's

possession and it's suddenly damaged

well you know it really it fundamentally

doesn't change the picture change the

value of the picture I mean I think the

picture is more important than the money

so when you hear sums like that attached

to works of Arts can you justify that I

mean how do you feel when you hear I

think it's very sad I mean when you

think what else you could do with that

money in this world now I think it's

ridiculous when you say well how much

money is it worth then it's not about

the art

anymore certainly the prices paid for

our top 10 paintings are not just about

the art they reflect provenance and

attribution buying for investment and

buying to make a grand statement only

very occasionally are they all about

love

so 58 million 59 million at 5960 million

61 million 67 in May

2010 another Picasso came onto the

market 69 million 72 million 73 million

and this painting became the most

expensive work of art ever sold at

auction million new at 88 million now I

was thrilled to be involved with it it

hadn't been seen um for 50 years so most

um Picasso Scholars today had not seen

the picture didn't know what it looked

like so it was it was in that respect

thrilling $95 million it's an incredibly

complex and beautiful work of art and

selling at

$95

million at number one in our top 10 its

nude green leaves and bust with the

buyer premium taking it way past the

$100 million Mark to

[Music]

$6,495 so who can afford to pay such a

colossal amount of money for a

painting I have heard a rumor that uh

the most expensive painting ever sold at

auction nude green leaves and bus by

Picasso was bought by a Russian is that

something that you know

about as far as I understand it was

bought by a

Georgian but I can't say anything

[Laughter]

[Music]

else Whoever has bought bought it has

also done something rather rare they've

agreed to lend it to tapate Modern in

London for 2

years the price it achieved gives it an

aura maybe when people look at it now

all they see are pound signs but

actually it really is quite a phenomenal

work it might not be the best painting

in the world but it's strong

self-confident and

sophisticated it belongs to the same

sequence of paintings as the dream the

one that Steve wi poked his elbow

through and like that canvas its subject

is the artist's blonde voluptuous

mistress Picasso was 50 when he painted

this and Marie terz was only 22 and

they'd met 5 years earlier when Picasso

stopped Mar terz who was 17 at the time

in the street outside a department store

in Paris and said I am Picasso I'd like

to do a portrait of you and I feel we're

going to do great things together and by

Mar tz's own admission they were

sleeping together within a week

and looking at this picture you can tell

that Picasso fell head over heels

because if anything nude green leaves

and bust is the most lavish picture

about the rapturous dividends of a

midlife

crisis this is about sexual fulfillment

it's about ilicit sensual Bliss Marie

tz's flesh here which is this radiant

lilac such a contrast to the

predominantly dark blue background is so

cant and soft and spher IAL just like

the fiery orange red fruit in the bottom

left hand corner as though she's

something to be consumed like a big

puffy pink Marsh

mow but there is one detail about this

painting that I find ever so slightly

Sinister if you look very carefully in

between the plaster bust and the plant

you can just make out a very dark

shadowy profile that's a self-portrait

as though the artist himself is part of

that blue curtain watching over his

lover guarding her enveloping her and

Picasso supposedly said for me there

were only two types of women goddesses

and doormats but I think that here

Marita resz is both she's a resplendant

fertility goddess if you like but at the

same time she's positioned quite

submissively beneath both the artist and

the viewer and she's restrained by these

two dark straps of shadow that have this

slight hint of bondage if you follow

their line lines form two enormous P's

one there and one inverted here as

though the artist is branding both the

image and her body with his own initials

PP for Pablo

Picasso when the owner looks at this

painting what do you think he sees a

love letter to a woman perhaps or a

reflection of his own sexual press and

extraordinary wealth what you can say

for certain is that thankful here in a

museum a Picasso can be a work of art

first and a luxury object second and

that can only be a good thing but if I

were you I'd take a good long look at

this painting while you can because

there's no guarantee that its Anonymous

owner will keep it on public view

indefinitely it seems so unfair that our

access to some of the world's greatest

works of art depends upon the whims of

the super

rich

sadly we can't enjoy some of the most

precious paintings in the world because

so many of them are hidden away in

private vaults by the Millionaires and

billionaires that own them but there are

still thousands of paintings owned by us

all of us the nation and to find out

more about paintings that you can see

for free near you visit

bbc.co.uk slou

[Music]

paintings and art historian James Fox is

looking to rewrite the history of 20th

century British painting in the start of

a new series British Masters which

starts tomorrow night at 9: on

[Music]

bbc4