1/ Here is a $33.9M mystery.
And here is a WAY to find the right VALUE of anything (a startup, art, a car, a commodity).
Let’s see who pays closest attention.
And here is a WAY to find the right VALUE of anything (a startup, art, a car, a commodity).
Let’s see who pays closest attention.
2/ It is said a cynic knows the PRICE of everything and the VALUE of nothing.
3/ What you value depends on what you perceive.
Philosophy tells us there is:
-objective reality (exists independent of us)
-subjective reality (what we believe about the object) and
-inter-subjective reality (what we believe other people believe other people believe...)
Philosophy tells us there is:
-objective reality (exists independent of us)
-subjective reality (what we believe about the object) and
-inter-subjective reality (what we believe other people believe other people believe...)
4/ The way we reveal our preferences about (and also how we perceive) reality is measurable through PRICES + TIME.
(How much of one thing we would give up for another, over time—and how much time/attention we give up for something)
(How much of one thing we would give up for another, over time—and how much time/attention we give up for something)
5/ TIME matters because it is a CURRENCY, but also a dimensional way to sequence preferences when we would otherwise have to make a finite zero-sum choice.
we can choose and express preference over time (NOW or LATER).
we can choose and express preference over time (NOW or LATER).
6/ The closer something is to objective independent reality the more marginal cost of production or extraction defines price.
The more untethered from the objective then the more intersubjective (and stories) matter.
The more untethered from the objective then the more intersubjective (and stories) matter.
7/ At a dinner with a renowned media mogul we had a debate about CRYPTO vs ART.
He thought crypto had no intrinsic value, and art had value—because it was scarce. ..
He thought crypto had no intrinsic value, and art had value—because it was scarce. ..
8/ I pointed out that a friend next to me @scottbelsky could publicly promise to make 1 and ONLY 1 sketch drawing.
@bgurley jokingly dubbed it the “Lone Belsky”
The mogul said it was worthless b/c it lacked provenance—which is to say it lacked a story (intersubjective belief)
@bgurley jokingly dubbed it the “Lone Belsky”
The mogul said it was worthless b/c it lacked provenance—which is to say it lacked a story (intersubjective belief)
9/ We argued money was no different. Though he was unconvinced. Possibly biased as he owns much art—which makes this story interesting because...
10/ Which leads me to an incredible recent $16.8M anonymous sale of a 1983 composition by a French artist Rippier Papel. Papel widely unknown except by elite collectors + dealers. He made only 1 work of each kind and hid secrets in each work which was revealed...
11/...in a subsequent work and only to the buyer—a genius move making collecting sets extremely valuable.
This is Rippier Papel “Passage to L”. Valued at $16.8M.
Analysts and scholars have been pouring over the details...
This is Rippier Papel “Passage to L”. Valued at $16.8M.
Analysts and scholars have been pouring over the details...
12/...which are also elaborated in a 2nd accompanying work “Passage to L: Force of Removal” valued even higher at $17.1M.
13/ A third work has not yet gone to private sale but is expected to exceed the combined $33.9M
14/ Subjectively you may believe this is not worth much, but some believe this is worth as a triptych $50M+...
15/ I captured an exclusive inside look at the studio of Rippier Papel...
(aka paper ripping) in action ;)
(aka paper ripping) in action ;)
