A Quote by Eli Broad
There were periods when the art market got overheated, but there is no reason it should appreciate dramatically.
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There is a complete difference between art and the art market. Prices are high now for the simple reason that there are people are willing to pay them. The market dominates the art world today because at the moment collectors call the shots. Like everything else that won't last forever.
Value investing doesn't always work. The market doesn't always agree with you. Over time, value is roughly the way the market prices stocks, but over the short term, which sometimes can be as long as two or three years, there are periods when it doesn't work. And that is a very good thing. The fact that our value approach doesn't work over periods of time is precisely the reason why it continues to work over the long term.
The latest trade of a security creates a dangerous illusion that its market price approximates its true value. This mirage is especially dangerous during periods of market exuberance. The concept of "private market value" as an anchor to the proper valuation of a business can also be greatly skewed during ebullient times and should always be considered with a healthy degree of skepticism.
The first five years as a writer, I didn't know how to write at all. I couldn't write my way out of a white paper bag. And yet, I did some remarkable things. And later on, there were periods where I got this mission to find an articulate voice with rewrites and all. There were periods where I was as dense as Faulkner.
What is it about a work of art, even when it is bought and sold in the market, that makes us distinguish it from . . . pure commodities? A work of art is a gift, not a commodity. . . works of art exist simultaneously in two “economies”, a market economy and a gift economy. Only one of these is essential, however: a work of art can survive without the market, but where there is no gift, there is no art.
Why should I be depressed? I've got enough money. I've got a job. People like me. There is no to be depressed. That's at stupid as saying there is no reason to have asthma or there is no reason to have the measles. You know you've got it. It's there. It's not about reason.
There are times when a market such as housing, transportation or the stock or mortgage market keep rising and people with capital want to join in this growth. Soon the markets become overheated, partly because of the abundance of investment money and speculation. This is when the government should raise interest rates and increase the cost of borrowed money. Governments are shy about doing this because it could cause the very recession. Yet this is the best time to do this so that the inevitable recession never reaches the magnitude of the recent Great Recession.
I am not opposed to the art market. I have lots of friends who are collectors. But the whole idea of the art market is complex. Sadly we have a situation where auction houses and secondary market dealers are creating a lot of confusion and unnecessary pollution.
Subsidies should never be a permanent feature of any market. They should be introduced only to address market failure and they should be withdrawn gradually as those distortions in the market are addressed.
Reason is not like the goods sold in the market places--the more plentiful they are, the less they are worth. Reason's worth waxes with her abundance. But were she sold in the market, it is only the wise man who would understand her true value.
I've been through periods of stress, turbulence in the market for over the course of my career, various times, and never in any of those other periods have we had the advantage of a strong economy underpinning the markets.
The more evident it is that a certain company is going to become the market leader in a big market space, then the higher the valuation goes because the risk has been dramatically reduced.
There are periods in history when change is necessary, and other periods when it is better to keep everything for the time as it is. The art of life is to be in the rhythm of your age.
Investors making purchases in an overheated market need to recognize that it may often take an extended period for the value of even an outstanding company to catch up with the price they paid.
I think it's criminal how little people in the military are paid. These are people out risking their lives, taken away from their families for long periods of time. I think they should be paid dramatically more than they're paid.
To appreciate art you’ve got to work at it a bit.
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