"WALL STREET WEEK."
NOW MORE OF MARIA BARTIROMO'S
EYE-OPENING INTERVIEW WITH ART
DEALER LARRY GAGOSIAN.
MARIA: WHAT WERE YOUR THOUGHTS
WHEN YOU SAW THE DA VINCI GO.
>> I WAS SITTING THERE.
UNPRECEDENTED.
MARIA: I HAVE FRIEND IN THE
MARKET I HAD DINNER WITH THE
TRUST THAT PAINTING.
>> IT HAS RESTORATION.
IT DIDN'T LIVE IN A MUSEUM ITS
WHOLE LIFE.
SOME COLLECTORS WERE PUT OFF BY
IT, BUT IT WAS A DA VINCI AND
THERE ARE ONLY 16.
FUTURE.
THE BRAND DA VINCI IS A PRETTY
GOOD BRAND.
THE PRICE IS FLABBERGASTING.
BUT IF YOU LOOK BACK AT THE WAY
IT HAPPENED, IT'S PLAUSIBLE.
WHEN YOU HAVE SOMETHING THAT
RARE, ANYTHING CAN HAPPEN.
MARIA: WHO IS A BIG BUYER IN
TERMS OF COUNTRIES, IS IT
CHINESE, SAUDI?
>> THE SAUDIS ARE STARTING TO
GET IN THE MARKET.
THEY HAVE BEEN COLLECTING ART
SERIOUSLY FOR THE LAST 20 YEARS.
CHINA IS A HUGE MARKET.
I THINK IT'S A GROWING MARKET.
THERE ARE MUSEUMS LIKE
MacDONALD'S.
THERE ARE MUSEUMS ALL OVER
THEY ARE JUST ABOUT TO START
CONSTRUCTION.
1.5 MILL SQUARE FEET IN BEIJING.
SO THESE MUSEUMS, THEY HAVE TO
PUT SOMETHING ON THE WALL.
TO ATTRACT PEOPLE, THEY CAN'T
JUST BORROW PAINTINGS FROM OTHER
MUSEUMS.
IT'S A DESTINATION.
YOU WANT TO BRING TRAFFIC TO
MUSEUMS YOU HAVE TO MAKE
EXCITING ACQUISITIONS TO BRING
THE PUBLIC IN.
THIS IS A BEAUTIFUL PAINTING
FROM THE NEOCLASSICAL PERIOD OF
PERIOD.
AND IT DEPICTS ONE OF PICASSO'S
CHILDREN WHO ACTUALLY SADLY DIED
VERY YOUNG.
AND PICASSO QUITE OFTEN WOULD
DRESS HIM UP IN A BULL
FIGHTER -- PICASSO WAS A BULL
FIGHT FAN.
AND HE LIKED TO DRESS HIS
PABLITO, THAT WAS THE BOY'S
NAME.
DRESS HIM UP IN THESE BULL
FIGHTER COSTUMES AND DO
PAINTINGS OF HIM.
A HANDFUL OF PAINTINGS OF HIS
SON DRESSED AS A BULL FIGHTER.
MARIA: YOU MUST HAVE SEEN UPS
AND DOWNS IN YOUR CAREER.
BEEN LESS SEVERE.
THE FIRST BAD BAD ART MARKET I
COLLAPSED.
THEY WERE HUGE COLLECTORS OF
THERE WERE FUND BUYING ART.
THEY ALL WANTED TO GET OUT.
EVERYBODY WANTED TO SELL.
THERE WERE VERY FEW BUYERS.
IT KEPT MY GALLERY OPEN.
YOU DIDN'T HAVE LATIN AMERICAN
BUYERS.
YOU HAD ZERO CHINA.
AND YOU HAD BASICALLY A
RECESSION IN THE UNITED STATES.
IT WAS TERRIBLE.
SINCE THEN WHAT I HAVE NOTICED
BECAUSE OF THE BROADENING OF THE
MARKET AND THE BUYERS IN THE
MIDDLE EAST AND THE GREAT NEW
COLLECT JARS IN CHAIN TODAY AND
THE BROADENING OF THE MARKET IN
AMERICA AND ELSEWHERE.
ALL MARKETS GO IN CYCLES.
MARIA: BUT THESE CYCLES ARE
LONGER.
>> FRIEND OF MINE COMMENTED REAL
ESTATE WENT DOWN, BUT ART WAS
MORE RESILIENT.
YOU HAD COLLECTORS PICKING UP
THE SLACK IN DIFFERENT PARTS OF
THE WORLD, AND THEY SAW IT AS AN
OPPORTUNITY TO BUY GREAT THINGS
THEY MAY NOT HAVE BEEN ABLE TO