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troutman · 05-03-2012, 08:44 AM

'60 Minutes' surveys art market with Eli Broad, Jeffrey Deitch

http://latimesblogs.latimes.com/cult...ey-deitch.html

Safer's report is a follow-up to his 1993 segment "Yes... but is it art?" The controversial piece questioned whether certain cutting-edge works qualified as art and landed Safer in hot water with some viewers who branded him a philistine.

Sunday's story attempted to examine why the art market has managed to outperform the S&P 500 and defy the current economic recession. Blum, who is the co-owner of the Blum & Poe gallery, described today's art market as the "wild west" and a "bizarre place to do business."

"This is all theater," he said, referring to the buying and selling at Art Basel. He also said the boom in art prices is "inexplicable."

The full segment from Sunday's broadcast is available online.

Morley Safer: How have China and Russia changed the art market?

Larry Gagosian: It's been a huge factor, I think the wealth in Russia, the Middle East, Asia has changed it, changed it dramatically.

Maria Baibakova, age 26, is interested in this dealer's Gerhard Richter, a German artist who is the current rage.

[Maria Baibakova: It's got a lot of wall power...]

She's a Russian oligarch's daughter, who's spending a fortune on contemporary art.

[Dealer: And my painting I'm selling it for $4.8 million and so you're getting a bargain with me today.

Maria Baibakova: That's a real bargain.

05-03-2012, 08:44 AM	#19
troutman Unfrozen Caveman Lawyer Join Date: Oct 2002 Location: Crowsnest Pass Exp:	'60 Minutes' surveys art market with Eli Broad, Jeffrey Deitch http://latimesblogs.latimes.com/cult...ey-deitch.html Safer's report is a follow-up to his 1993 segment "Yes... but is it art?" The controversial piece questioned whether certain cutting-edge works qualified as art and landed Safer in hot water with some viewers who branded him a philistine. Sunday's story attempted to examine why the art market has managed to outperform the S&P 500 and defy the current economic recession. Blum, who is the co-owner of the Blum & Poe gallery, described today's art market as the "wild west" and a "bizarre place to do business." "This is all theater," he said, referring to the buying and selling at Art Basel. He also said the boom in art prices is "inexplicable." The full segment from Sunday's broadcast is available online. Morley Safer: How have China and Russia changed the art market? Larry Gagosian: It's been a huge factor, I think the wealth in Russia, the Middle East, Asia has changed it, changed it dramatically. Maria Baibakova, age 26, is interested in this dealer's Gerhard Richter, a German artist who is the current rage. [Maria Baibakova: It's got a lot of wall power...] She's a Russian oligarch's daughter, who's spending a fortune on contemporary art. [Dealer: And my painting I'm selling it for $4.8 million and so you're getting a bargain with me today. Maria Baibakova: That's a real bargain. Last edited by troutman; 05-03-2012 at 08:49 AM.