Money Maze Podcast 99: How Tech & AI Are Disrupting The Multibillion Dollar Art Market - With Brett Gorvy, Former Chairman of Christie’s and Partner in LGDR
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Jun 15, 2023 Former Chairman of Christie's and Partner in LGDR, Brett Gorvy, discusses the demand and supply factors driving the growth and prices in the art market. He explores the challenges faced by major auction houses, the role of technology in changing behaviors, the significance of art fairs, and the timing of art buyers. The podcast also delves into the impact of NFTs on the art market, the coexistence of auction houses with the private market, and the emotional aspect of buying art.
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Brett's Auction Career Start
- Brett Gorvy was first offered a job at Sotheby's as number two in 1991 but turned it down to remain a writer.
- A year later, he joined Christie's as head of department, beginning a 23-year tenure.
Growth of Contemporary Art Market
- The contemporary art department rose from the sixth to the top, driven by lifestyle relevance and accessibility.
- Auction houses and dealers internationally developed this as a commercial field, boosting growth, especially from Asia.
Power of Elite Buyers
- The art market is international yet dominated by a few powerful individuals driving prices.
- High-profile purchases create new price benchmarks that influence broader market valuations.