“Don’t buy art on cruise boats… that’s not a recommendation.”
Scott Lynn
Scott Lynn is the Founder and CEO of Masterworks, the first company to allow investors to buy shares representing ownership of great masterpieces by artists like Warhol, Monet, and Banksy. Scott has been an active collector of contemporary art for more than fifteen years and has built an internationally-recognized collection of Abstract Expressionism that has included works by Clyfford Still, Barnett Newman, Mark Rothko, Willem de Kooning, and more. In addition to Masterworks, Scott serves on the board of v2 ventures (Adparlor, Giant Media, Reachmobi, Amply, and Sellozo), Payability, and the Brooklyn Rail (a non-profit publication in the art industry).
In this episode, Scott is discussing art as an investment class and compares it to other regular investments and how the regular person can get involved. After listening, you will better understand Art as an asset class and information on the company Masterworks!
Listen to ILAB 151 on iTunes here or subscribe on your favorite podcast app.
ILAB 146 Show Notes
Where we are:
- Johnny FD – Sri Lanka / IG @johnnyfdk
- Sam Marks – North Carolina / IG @imsammarks
Discussed:
- Masterworks
- See important disclaimer: masterworks.io/disclaimer
Sponsor:
- Support Invest Like a Boss: Join our Patreon
Time Stamps:
- 08:24 – Are you passionate about art as a collector or have you primarily looked at it as an investor?
- 10:59 – Do you see a flood of money going into art presently?
- 13:07 – “last year approximate 6.8 Billion in art sold” – Scott Lynn
- 15:10 – When you buy a “Blue Chip” piece, where are they held or displayed?
- 16:04 – What makes a piece of art “Blue Chip”?
- 17:13 – “You do see a correlation between an artist passing away and prices going up, but it’s not because the artist passes away, its because the artist is no longer producing work” – Scott Lynn
- 20:10 – How does the whole buying and procurement process happen?
- 24:18 – What’s the average price of a piece on Masterworks?
- 26:53 – What’s the typical length of time that your money is invested in these paintings?
- 28:56 – Q&A from ILAB community
- 35:07 – Derek’s Recap
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