Kelly Crow

That's all for today, Monday, May 19th. The Journal is a co-production of Spotify and The Wall Street Journal. If you like our show, follow us on Spotify or wherever you get your podcasts. We're out every weekday afternoon. Thanks for listening. See you tomorrow.

That's all for today, Monday, May 19th. The Journal is a co-production of Spotify and The Wall Street Journal. If you like our show, follow us on Spotify or wherever you get your podcasts. We're out every weekday afternoon. Thanks for listening. See you tomorrow.

What happened next was unlike anything Kelly's seen at an auction for decades.

What happened next was unlike anything Kelly's seen at an auction for decades.

Welcome to The Journal, our show about money, business, and power. I'm Annie Minoff. It's Monday, May 19th. Coming up on the show, an auction night shocker and what it says about the art market right now.

Welcome to The Journal, our show about money, business, and power. I'm Annie Minoff. It's Monday, May 19th. Coming up on the show, an auction night shocker and what it says about the art market right now.

The Giacometti bust that went up for auction last week is called Grand Tête Mance, or Large Thin Head. It's a bronze sculpture about two feet high of a man's head and shoulders, and it's called Large Thin Head for a reason.

The Giacometti bust that went up for auction last week is called Grand Tête Mance, or Large Thin Head. It's a bronze sculpture about two feet high of a man's head and shoulders, and it's called Large Thin Head for a reason.

The creator of the piece is Alberto Giacometti, a Swiss-Italian sculptor whose work reflects the horrors of World War II. He sculpted Large Thin Head in the post-war period in 1954.

The creator of the piece is Alberto Giacometti, a Swiss-Italian sculptor whose work reflects the horrors of World War II. He sculpted Large Thin Head in the post-war period in 1954.

Giacometti is one of the most important sculptors of the 20th century, and collectors pay big money for his work. Other casts of the bust have sold for over $50 million, and another Giacometti masterpiece, Pointing Man, sold for over $140 million about a decade ago. All of which is to say, when this particular bust came up for auction, it was an event, and Sotheby's pulled out all the stops.

Giacometti is one of the most important sculptors of the 20th century, and collectors pay big money for his work. Other casts of the bust have sold for over $50 million, and another Giacometti masterpiece, Pointing Man, sold for over $140 million about a decade ago. All of which is to say, when this particular bust came up for auction, it was an event, and Sotheby's pulled out all the stops.

This is his magnum opus of what man is, of what Diego is, of what humanity is.

This is his magnum opus of what man is, of what Diego is, of what humanity is.

You get that duality. You get that it's both of this world, but also at the same time, it's transcendent.

You get that duality. You get that it's both of this world, but also at the same time, it's transcendent.

I mean, they were laying it on pretty thick.

I mean, they were laying it on pretty thick.

Auction Week showcases the biggest art sales. It's a chance for art watchers like Kelly to see which artists are hot and what kind of eye-popping prices their work can command. And what was the hottest piece up for sale this auction week?

Auction Week showcases the biggest art sales. It's a chance for art watchers like Kelly to see which artists are hot and what kind of eye-popping prices their work can command. And what was the hottest piece up for sale this auction week?

But a public auction does present a risk. What if the piece doesn't sell? To get around that, auction houses like Sotheby's will often find what's called a guarantor, somebody willing to buy the piece for an undisclosed price just in case no one steps up during the auction. In exchange for that guarantee, Sotheby's will typically take a bigger cut of the sale price.

But a public auction does present a risk. What if the piece doesn't sell? To get around that, auction houses like Sotheby's will often find what's called a guarantor, somebody willing to buy the piece for an undisclosed price just in case no one steps up during the auction. In exchange for that guarantee, Sotheby's will typically take a bigger cut of the sale price.

But in this case, the seller didn't want to guarantor. Large Thin Head was being sold by a foundation tied to the late real estate tycoon Sheldon Solo. And the Solo family was feeling confident.

But in this case, the seller didn't want to guarantor. Large Thin Head was being sold by a foundation tied to the late real estate tycoon Sheldon Solo. And the Solo family was feeling confident.

Which brings us to Tuesday night and that packed auction room. The auctioneer started the bidding at $59 million.

Which brings us to Tuesday night and that packed auction room. The auctioneer started the bidding at $59 million.

Even without a bidder, the auctioneer began raising the price tag, bringing it all the way up to the reserve price, the minimum that the seller would accept.

Even without a bidder, the auctioneer began raising the price tag, bringing it all the way up to the reserve price, the minimum that the seller would accept.

Our colleague Kelly Crow covers the art market. And last week was a big one for her. It was auction week in New York.

Our colleague Kelly Crow covers the art market. And last week was a big one for her. It was auction week in New York.

No one stepped up to buy the most anticipated piece of the week. There wasn't a single bidder. The thing flopped. Sotheby's chief executive said that the auction house stands by the importance of the Giacometti piece. What this bust bust says about the art market, that's next.

No one stepped up to buy the most anticipated piece of the week. There wasn't a single bidder. The thing flopped. Sotheby's chief executive said that the auction house stands by the importance of the Giacometti piece. What this bust bust says about the art market, that's next.

What was your reaction in that moment when you realized this thing isn't going to sell?

What was your reaction in that moment when you realized this thing isn't going to sell?

Luxury markets like the art market can be a powerful economic indicator. In 2008, art collectors were nervous. This flop might be a sign that they're nervous again. A Sotheby's executive made the point that collectors might be concerned about the current political and economic turmoil.

Luxury markets like the art market can be a powerful economic indicator. In 2008, art collectors were nervous. This flop might be a sign that they're nervous again. A Sotheby's executive made the point that collectors might be concerned about the current political and economic turmoil.

Collectors and curators consider the bust a masterpiece. And Kelly was in the room when it went up for sale at the auction house Sotheby's New York headquarters.

Collectors and curators consider the bust a masterpiece. And Kelly was in the room when it went up for sale at the auction house Sotheby's New York headquarters.

Just a few months ago, it seemed like they were willing, at least for the right piece.

Just a few months ago, it seemed like they were willing, at least for the right piece.

And that seemed to be a good sign for the art market at the time. People were definitely feeling spendy. Was that a red herring?

And that seemed to be a good sign for the art market at the time. People were definitely feeling spendy. Was that a red herring?

Maybe the banana was an exception. Or maybe the economic mood really has changed since December.

Maybe the banana was an exception. Or maybe the economic mood really has changed since December.

The whole week wasn't a bust. There were some notable success stories.

The whole week wasn't a bust. There were some notable success stories.

Some contemporary pieces did well, too, like artist Marlena Dumas' Miss January, which sold for $13.6 million. It set a new record for a living female artist. So what did these pieces that did sell kind of show us about changing tastes? Are people looking for something different right now?

Some contemporary pieces did well, too, like artist Marlena Dumas' Miss January, which sold for $13.6 million. It set a new record for a living female artist. So what did these pieces that did sell kind of show us about changing tastes? Are people looking for something different right now?

You retreat to beauty.

You retreat to beauty.

What do the sellers of this bus do now?

What do the sellers of this bus do now?

How long could this bust bust cast a shadow over the art market? Is this something that people are gonna be able to move past quickly or will it linger?

How long could this bust bust cast a shadow over the art market? Is this something that people are gonna be able to move past quickly or will it linger?

That's all for today. Friday, December 6th. The Journal is a co-production of Spotify and The Wall Street Journal. The show is made by Catherine Brewer, Jonathan Davis, Pia Gadkari, Rachel Humphries, Matt Kwong, Kate Leinbaugh, Jessica Mendoza, Annie Minoff, Laura Morris, Enrique Perez de la Rosa, Sarah Platt, Alessandra Rizzo, Alan Rodriguez Espinosa,

That's all for today. Friday, December 6th. The Journal is a co-production of Spotify and The Wall Street Journal. The show is made by Catherine Brewer, Jonathan Davis, Pia Gadkari, Rachel Humphries, Matt Kwong, Kate Leinbaugh, Jessica Mendoza, Annie Minoff, Laura Morris, Enrique Perez de la Rosa, Sarah Platt, Alessandra Rizzo, Alan Rodriguez Espinosa,

Heather Rogers, Piers Singhi, Jivika Verma, Lisa Wang, Katherine Whalen, Tatiana Zamis, and me, Ryan Knutson, with help from Trina Menino. Our engineers are Griffin Tanner, Nathan Singapak, and Peter Leonard. Our theme music is by So Wiley. Additional music this week from Peter Leonard, Bobby Lord, Nathan Singapak, Griffin Tanner, and Blue Dot Sessions. Fact-checking by Mary Mathis.

Heather Rogers, Piers Singhi, Jivika Verma, Lisa Wang, Katherine Whalen, Tatiana Zamis, and me, Ryan Knutson, with help from Trina Menino. Our engineers are Griffin Tanner, Nathan Singapak, and Peter Leonard. Our theme music is by So Wiley. Additional music this week from Peter Leonard, Bobby Lord, Nathan Singapak, Griffin Tanner, and Blue Dot Sessions. Fact-checking by Mary Mathis.

Thanks for listening. See you Monday.

Thanks for listening. See you Monday.

While Kelly brushed past it, lots of other people stayed and gawked. The banana duct-taped to a wall became a viral sensation. And that was just the beginning.

While Kelly brushed past it, lots of other people stayed and gawked. The banana duct-taped to a wall became a viral sensation. And that was just the beginning.

Welcome to The Journal, our show about money, business, and power. I'm Ryan Knudsen. It's Friday, December 6th. coming up on the show, what one banana can tell us about the art market, the power of perception, and maybe even the economy. Okay, so before we dive into the flesh of the banana, can you explain exactly what this piece of art is?

Welcome to The Journal, our show about money, business, and power. I'm Ryan Knudsen. It's Friday, December 6th. coming up on the show, what one banana can tell us about the art market, the power of perception, and maybe even the economy. Okay, so before we dive into the flesh of the banana, can you explain exactly what this piece of art is?

That's our colleague Kelly Crow, who covers the art market. Art Basel Miami is a big high-end art fair that happens every December. Kelly was there walking around, checking out the sculptures and paintings. And then...

That's our colleague Kelly Crow, who covers the art market. Art Basel Miami is a big high-end art fair that happens every December. Kelly was there walking around, checking out the sculptures and paintings. And then...

Yes, please. Yeah, just yeah.

Yes, please. Yeah, just yeah.

Who is on the banana phone, if you will?

Who is on the banana phone, if you will?

We should. We have to, actually. I don't know why I wasn't more prepared with this.

We should. We have to, actually. I don't know why I wasn't more prepared with this.

The instructions are closely guarded, and the general public isn't allowed to see them. It also serves as the main proof of ownership. Are there instructions in there for what you're supposed to do when the banana eventually rots after like a few days?

The instructions are closely guarded, and the general public isn't allowed to see them. It also serves as the main proof of ownership. Are there instructions in there for what you're supposed to do when the banana eventually rots after like a few days?

What is stopping me from just going to the store and buying duct tape and a banana and taping it up at eye level and saying that I now own the banana art?

What is stopping me from just going to the store and buying duct tape and a banana and taping it up at eye level and saying that I now own the banana art?

The artist behind Comedian is a man named Maurizio Catalan. He's an Italian artist who became famous for creating outrageous works and sculptures, like a series of taxidermied horses hanging from a ceiling and a statue of the Pope getting hit by a meteor. In 2011, Catalan told the art world he had retired, but he didn't stay on the sidelines for long. And in 2019, he got an idea.

The artist behind Comedian is a man named Maurizio Catalan. He's an Italian artist who became famous for creating outrageous works and sculptures, like a series of taxidermied horses hanging from a ceiling and a statue of the Pope getting hit by a meteor. In 2011, Catalan told the art world he had retired, but he didn't stay on the sidelines for long. And in 2019, he got an idea.

The grenade definitely went off. Comedian went viral at that 2019 Art Basel. It drew massive crowds and got turned into memes and splashed onto T-shirts. Catalan made five versions of the banana, and each one sold. Why do you think this piece of art resonates so much with people?

The grenade definitely went off. Comedian went viral at that 2019 Art Basel. It drew massive crowds and got turned into memes and splashed onto T-shirts. Catalan made five versions of the banana, and each one sold. Why do you think this piece of art resonates so much with people?

How did he feel about the fact that this middle finger was like being celebrated? Yeah.

How did he feel about the fact that this middle finger was like being celebrated? Yeah.

After the break, the banana arrives in New York and tests a slippery art market. The banana hit the auction houses when people in the art market were feeling pretty rotten. It had been in a slump for about two years, with sales down across the board. Prices for the world's top artists have fallen by as much as half.

After the break, the banana arrives in New York and tests a slippery art market. The banana hit the auction houses when people in the art market were feeling pretty rotten. It had been in a slump for about two years, with sales down across the board. Prices for the world's top artists have fallen by as much as half.

Can you tell me the story of when you first heard about the banana?

Can you tell me the story of when you first heard about the banana?

To do that, Sotheby's decided to look for a spectacle and approached one of the owners of Comedian.

To do that, Sotheby's decided to look for a spectacle and approached one of the owners of Comedian.

So like you didn't you didn't get a selfie with the banana?

So like you didn't you didn't get a selfie with the banana?

How did the auction go?

How did the auction go?

Was it bananas?

Was it bananas?

B-A-N-A-N-A-S.

B-A-N-A-N-A-S.

Back in 2019, when it first showed up at Art Basel, Kelly and others in the art world were somewhat dismissive of the banana, which was listed for sale at $120,000. It seemed just like another quirky piece of contemporary art. She didn't think it would be that big of a deal.

Back in 2019, when it first showed up at Art Basel, Kelly and others in the art world were somewhat dismissive of the banana, which was listed for sale at $120,000. It seemed just like another quirky piece of contemporary art. She didn't think it would be that big of a deal.

Did you put your phone up and take a picture of the banana?

Did you put your phone up and take a picture of the banana?

Did you finally get your banana selfie?

Did you finally get your banana selfie?

Don't worry, Mr. Auctioneer, we got your jokes. There were seven different bidders for the banana, and eventually one emerged as the winner.

Don't worry, Mr. Auctioneer, we got your jokes. There were seven different bidders for the banana, and eventually one emerged as the winner.

After taxes and fees, the total bill was $6.2 million. The buyer said he intended to pay for it in cryptocurrency. Who bought the banana?

After taxes and fees, the total bill was $6.2 million. The buyer said he intended to pay for it in cryptocurrency. Who bought the banana?

I was just going to say, in some ways, the banana reminds me of NFTs because... An NFT, it's just this digital piece of art, but the thing that you own is the certificate that proves that you own it. And the banana is kind of the same way. It's, you know, it's ephemeral, it's disposable, but it's the certificate that you have that says, I own that banana, that concept.

I was just going to say, in some ways, the banana reminds me of NFTs because... An NFT, it's just this digital piece of art, but the thing that you own is the certificate that proves that you own it. And the banana is kind of the same way. It's, you know, it's ephemeral, it's disposable, but it's the certificate that you have that says, I own that banana, that concept.

After winning comedian at the Sotheby's auction, Sun ate the banana at a live stream press conference. He said, quote, it's much better than other bananas. Comedian was one of many big sales and a surprisingly good month for the art world. November, which is usually an important bellwether for art markets, saw more than a billion dollars worth of art change hands at the world's auction houses.

After winning comedian at the Sotheby's auction, Sun ate the banana at a live stream press conference. He said, quote, it's much better than other bananas. Comedian was one of many big sales and a surprisingly good month for the art world. November, which is usually an important bellwether for art markets, saw more than a billion dollars worth of art change hands at the world's auction houses.

So what do you think this auction says about the state of the art market right now?

So what do you think this auction says about the state of the art market right now?

So, Kelly, if this banana sold for $6.2 million total, if you had $6.3 million, would you have bid on the banana?

So, Kelly, if this banana sold for $6.2 million total, if you had $6.3 million, would you have bid on the banana?

Well done. That was excellent. Any other final thoughts before we split? Yeah.

Well done. That was excellent. Any other final thoughts before we split? Yeah.

That's all for today, Monday, May 19th. The Journal is a co-production of Spotify and The Wall Street Journal. If you like our show, follow us on Spotify or wherever you get your podcasts. We're out every weekday afternoon. Thanks for listening. See you tomorrow.

What happened next was unlike anything Kelly's seen at an auction for decades.

Welcome to The Journal, our show about money, business, and power. I'm Annie Minoff. It's Monday, May 19th. Coming up on the show, an auction night shocker and what it says about the art market right now.

The Giacometti bust that went up for auction last week is called Grand Tête Mance, or Large Thin Head. It's a bronze sculpture about two feet high of a man's head and shoulders, and it's called Large Thin Head for a reason.

The creator of the piece is Alberto Giacometti, a Swiss-Italian sculptor whose work reflects the horrors of World War II. He sculpted Large Thin Head in the post-war period in 1954.

Giacometti is one of the most important sculptors of the 20th century, and collectors pay big money for his work. Other casts of the bust have sold for over $50 million, and another Giacometti masterpiece, Pointing Man, sold for over $140 million about a decade ago. All of which is to say, when this particular bust came up for auction, it was an event, and Sotheby's pulled out all the stops.

This is his magnum opus of what man is, of what Diego is, of what humanity is.

You get that duality. You get that it's both of this world, but also at the same time, it's transcendent.

I mean, they were laying it on pretty thick.

Auction Week showcases the biggest art sales. It's a chance for art watchers like Kelly to see which artists are hot and what kind of eye-popping prices their work can command. And what was the hottest piece up for sale this auction week?

But a public auction does present a risk. What if the piece doesn't sell? To get around that, auction houses like Sotheby's will often find what's called a guarantor, somebody willing to buy the piece for an undisclosed price just in case no one steps up during the auction. In exchange for that guarantee, Sotheby's will typically take a bigger cut of the sale price.

But in this case, the seller didn't want to guarantor. Large Thin Head was being sold by a foundation tied to the late real estate tycoon Sheldon Solo. And the Solo family was feeling confident.

Which brings us to Tuesday night and that packed auction room. The auctioneer started the bidding at $59 million.

Even without a bidder, the auctioneer began raising the price tag, bringing it all the way up to the reserve price, the minimum that the seller would accept.

Our colleague Kelly Crow covers the art market. And last week was a big one for her. It was auction week in New York.

No one stepped up to buy the most anticipated piece of the week. There wasn't a single bidder. The thing flopped. Sotheby's chief executive said that the auction house stands by the importance of the Giacometti piece. What this bust bust says about the art market, that's next.

What was your reaction in that moment when you realized this thing isn't going to sell?

Luxury markets like the art market can be a powerful economic indicator. In 2008, art collectors were nervous. This flop might be a sign that they're nervous again. A Sotheby's executive made the point that collectors might be concerned about the current political and economic turmoil.

Collectors and curators consider the bust a masterpiece. And Kelly was in the room when it went up for sale at the auction house Sotheby's New York headquarters.

Just a few months ago, it seemed like they were willing, at least for the right piece.

And that seemed to be a good sign for the art market at the time. People were definitely feeling spendy. Was that a red herring?

Maybe the banana was an exception. Or maybe the economic mood really has changed since December.

The whole week wasn't a bust. There were some notable success stories.

Some contemporary pieces did well, too, like artist Marlena Dumas' Miss January, which sold for $13.6 million. It set a new record for a living female artist. So what did these pieces that did sell kind of show us about changing tastes? Are people looking for something different right now?

You retreat to beauty.

What do the sellers of this bus do now?

How long could this bust bust cast a shadow over the art market? Is this something that people are gonna be able to move past quickly or will it linger?

That's all for today. Friday, December 6th. The Journal is a co-production of Spotify and The Wall Street Journal. The show is made by Catherine Brewer, Jonathan Davis, Pia Gadkari, Rachel Humphries, Matt Kwong, Kate Leinbaugh, Jessica Mendoza, Annie Minoff, Laura Morris, Enrique Perez de la Rosa, Sarah Platt, Alessandra Rizzo, Alan Rodriguez Espinosa,

Heather Rogers, Piers Singhi, Jivika Verma, Lisa Wang, Katherine Whalen, Tatiana Zamis, and me, Ryan Knutson, with help from Trina Menino. Our engineers are Griffin Tanner, Nathan Singapak, and Peter Leonard. Our theme music is by So Wiley. Additional music this week from Peter Leonard, Bobby Lord, Nathan Singapak, Griffin Tanner, and Blue Dot Sessions. Fact-checking by Mary Mathis.

Thanks for listening. See you Monday.

While Kelly brushed past it, lots of other people stayed and gawked. The banana duct-taped to a wall became a viral sensation. And that was just the beginning.

Welcome to The Journal, our show about money, business, and power. I'm Ryan Knudsen. It's Friday, December 6th. coming up on the show, what one banana can tell us about the art market, the power of perception, and maybe even the economy. Okay, so before we dive into the flesh of the banana, can you explain exactly what this piece of art is?

That's our colleague Kelly Crow, who covers the art market. Art Basel Miami is a big high-end art fair that happens every December. Kelly was there walking around, checking out the sculptures and paintings. And then...

Yes, please. Yeah, just yeah.

Who is on the banana phone, if you will?

We should. We have to, actually. I don't know why I wasn't more prepared with this.

The instructions are closely guarded, and the general public isn't allowed to see them. It also serves as the main proof of ownership. Are there instructions in there for what you're supposed to do when the banana eventually rots after like a few days?

What is stopping me from just going to the store and buying duct tape and a banana and taping it up at eye level and saying that I now own the banana art?

The artist behind Comedian is a man named Maurizio Catalan. He's an Italian artist who became famous for creating outrageous works and sculptures, like a series of taxidermied horses hanging from a ceiling and a statue of the Pope getting hit by a meteor. In 2011, Catalan told the art world he had retired, but he didn't stay on the sidelines for long. And in 2019, he got an idea.

The grenade definitely went off. Comedian went viral at that 2019 Art Basel. It drew massive crowds and got turned into memes and splashed onto T-shirts. Catalan made five versions of the banana, and each one sold. Why do you think this piece of art resonates so much with people?

How did he feel about the fact that this middle finger was like being celebrated? Yeah.

After the break, the banana arrives in New York and tests a slippery art market. The banana hit the auction houses when people in the art market were feeling pretty rotten. It had been in a slump for about two years, with sales down across the board. Prices for the world's top artists have fallen by as much as half.

Can you tell me the story of when you first heard about the banana?

To do that, Sotheby's decided to look for a spectacle and approached one of the owners of Comedian.

So like you didn't you didn't get a selfie with the banana?

How did the auction go?

Was it bananas?

B-A-N-A-N-A-S.

Back in 2019, when it first showed up at Art Basel, Kelly and others in the art world were somewhat dismissive of the banana, which was listed for sale at $120,000. It seemed just like another quirky piece of contemporary art. She didn't think it would be that big of a deal.

Did you put your phone up and take a picture of the banana?

Did you finally get your banana selfie?

Don't worry, Mr. Auctioneer, we got your jokes. There were seven different bidders for the banana, and eventually one emerged as the winner.

After taxes and fees, the total bill was $6.2 million. The buyer said he intended to pay for it in cryptocurrency. Who bought the banana?

I was just going to say, in some ways, the banana reminds me of NFTs because... An NFT, it's just this digital piece of art, but the thing that you own is the certificate that proves that you own it. And the banana is kind of the same way. It's, you know, it's ephemeral, it's disposable, but it's the certificate that you have that says, I own that banana, that concept.

After winning comedian at the Sotheby's auction, Sun ate the banana at a live stream press conference. He said, quote, it's much better than other bananas. Comedian was one of many big sales and a surprisingly good month for the art world. November, which is usually an important bellwether for art markets, saw more than a billion dollars worth of art change hands at the world's auction houses.

So what do you think this auction says about the state of the art market right now?

So, Kelly, if this banana sold for $6.2 million total, if you had $6.3 million, would you have bid on the banana?

Well done. That was excellent. Any other final thoughts before we split? Yeah.