WEBVTT NOTE The Economics of Painting: Patronage vs. the Market (video) 1 00:00:00.000 --> 00:00:02.000 The Theory of Money and Credit 2 00:00:30.000 --> 00:00:44.280 This morning we're speaking about painting and this afternoon we'll speak about music 3 00:00:44.280 --> 00:00:52.680 and tonight's film at seven o'clock here will be Amadeus, a little bit more on Rothbard 4 00:00:52.680 --> 00:00:59.680 for a film that actually deals with the issue of paper versus the market in very few ways. 5 00:00:59.680 --> 00:01:10.680 Okay, let's turn now to painting. I'll begin by paraphrasing an ad. Your gold retirement 6 00:01:10.680 --> 00:01:21.680 watch, $879. Your wife's diamond wedding ring, $29,800. A red-brass tricet. For all else 7 00:01:21.680 --> 00:01:30.680 For all else there is mastercard. It's really easy to have this notion about paintings that they are priceless. 8 00:01:30.680 --> 00:01:39.680 Well, recently at auction, a painting by Gustav Klink came on the market that was priceless. 9 00:01:39.680 --> 00:01:48.680 It sold for $135 million to Raoul de Blouder of the Noire Gallery in New York. 10 00:01:48.680 --> 00:01:58.680 So here was this priceless clump, you know, billed as the last great clump that would ever come on the market. 11 00:01:58.680 --> 00:02:06.680 Priceless at $6.5 million, $6.35 million. 12 00:02:06.680 --> 00:02:31.680 Wren Brandt thought of his pipe, as I remember, a big year, I think it was 1962, when the Metropolitan Museum of Art bought Wren Brandt's Aristotle Canal Plane with Buster Fulmer, I think it was $2.3 million then, and that was the largest price ever paid for an old master of painting. 13 00:02:31.680 --> 00:02:36.680 And that would be about $20 million today, given inflation. 14 00:02:36.680 --> 00:02:51.680 I just checked in the, a Rubin painting sold in 2002 for $76 million and that was at that time the highest owner after price. 15 00:02:51.680 --> 00:02:57.680 So paintings do have prices, despite the fact that we call them priceless. 16 00:02:57.680 --> 00:03:09.680 You know, I was thinking to myself, when the Clint soul, and it's not, in my opinion, it's not even a particularly good Clint, and especially it's not a characteristic Clint. 17 00:03:09.680 --> 00:03:23.680 It's, to me, it's a relatively ordinary portrait by Clint. I was trying to think, what would the Denizel Davideon by Picasso stand for if this thing went for $135 million? 18 00:03:23.680 --> 00:03:42.680 I think, yes, and when Leroy Monterhart, New York, bought Dennis Ellis Avenue, which many people think is the greatest, most cathartic, taking the 25th, and the one that created Monterhart, he bought it in 1939 for $28,000. 19 00:03:42.680 --> 00:03:51.680 Now, again, that was a lot more than that would be, you know, at least $300,000 today. 20 00:03:51.680 --> 00:04:03.680 The last time it had a price on it was $43,000. So, paintings are part of markets. 21 00:04:03.680 --> 00:04:33.680 and the State's desire to call home prices, and in fact I found that the scholarship on painting is much more sympathetic to markets than any other form of cultural scholarship I've found, much more so than scholarship on music, certainly more so than scholarship on literature, I find it very hard to find any scholarship on literature or music that's actually sympathetic 22 00:04:33.680 --> 00:04:36.520 to market as a cultural force. 23 00:04:36.520 --> 00:04:41.360 That's why the Howard Cowell book is so important, and the background painting, 24 00:04:41.360 --> 00:04:51.040 I think, is the best factor in the book, but one reason it is so good is that's the one area 25 00:04:51.040 --> 00:04:55.640 where he's able to draw upon established scholarship in the field of art history 26 00:04:56.000 --> 00:05:00.920 that recognizes the importance of markets to painting. 27 00:05:00.920 --> 00:05:09.600 and I'll be referring to Alfred's book which is called Red Writer's Enterprise and I've been surprised 28 00:05:09.600 --> 00:05:15.800 to see a number of books in our history that for which entrepreneur is not a dirty word. 29 00:05:16.120 --> 00:05:23.500 Alfred calls Rembrandt an entrepreneur, a book that I post on the supplementary bibliography, 30 00:05:23.760 --> 00:05:29.000 Michael Fitzgerald's Making Modernism, The Cost of the Communication of the Market 31 00:05:29.000 --> 00:05:41.300 for 20 Seconds of the Arts, Carl Picasso, entrepreneur, Alan Liston, Michael Angelo is entrepreneur. 32 00:05:41.780 --> 00:05:46.380 But it seems to be a field where the scholars are willing to recognize 33 00:05:46.760 --> 00:05:49.900 that there's something to be said for markets. 34 00:05:50.260 --> 00:05:58.220 So the way my job is going is the easiest of all that, and it is interesting 35 00:05:58.220 --> 00:06:06.660 that you do hear about the prices of paintings in a way that you don't hear so much about 36 00:06:06.660 --> 00:06:13.940 how much money Mozart made on a symphony or how much Dickens made on a novel. You hear 37 00:06:13.940 --> 00:06:22.340 about that, but prices seem to be futureed in part because paintings are unique objects 38 00:06:22.340 --> 00:06:28.720 and therefore there's this kind of fetish about owning the one you need, painting, 39 00:06:28.720 --> 00:06:33.820 and people get really excited over the price you pay for that. 40 00:06:33.820 --> 00:06:38.660 So, although in general I've been talking about this sort of anti-conversal prejudice, 41 00:06:38.660 --> 00:06:43.220 most cultural criticism, it's still there in a lot of our history, 42 00:06:43.220 --> 00:06:50.900 but let's talk about how markets support artists, 43 00:06:50.900 --> 00:06:58.700 and especially to talk about the positive role that businessmen play in the lives of others. 44 00:06:58.700 --> 00:07:05.220 This Fitzgerald book is basically a kind of celebration of Picasso's art field 45 00:07:05.220 --> 00:07:09.460 and how much they've been to make his art possible. 46 00:07:09.460 --> 00:07:19.060 And Fitzgerald makes the point that Picasso did very flattering drawings of his art fielders. 47 00:07:19.060 --> 00:07:24.060 They don't have one eye pointed one way and the other eye pointed the other way. 48 00:07:24.060 --> 00:07:31.060 And they're not split into cubist planes, they're not attracted to each other, they're not together. 49 00:07:31.060 --> 00:07:36.060 And Israel says, you know, potential new food reds butter. 50 00:07:36.060 --> 00:07:40.060 And it wasn't easy. It's like Paul Rosenberg. 51 00:07:40.060 --> 00:07:46.060 And he points out that these dealers help promote Picasso, they arrange 52 00:07:46.060 --> 00:07:52.060 First in private galleries, exhibitions, and then all major museums, 53 00:07:52.060 --> 00:07:56.900 ultimately the Museum of Modern Art, with a staging exhibition for Picasso. 54 00:07:57.120 --> 00:08:05.400 And the detail shows how the, the, the arqueologists served as middlemen 55 00:08:05.400 --> 00:08:07.720 in the classic entrepreneurial sense. 56 00:08:08.060 --> 00:08:14.060 They let the world know about Picasso, but they also let Picasso know about the world 57 00:08:14.060 --> 00:08:23.660 that is they were telling him what his clients wanted and they helped make Picasso which he said he was. 58 00:08:23.660 --> 00:08:27.660 And by the way, you know, as I was talking about the myth of the starving artist, 59 00:08:27.660 --> 00:08:34.060 well, Picasso died a big man and what a big analysis of still a lot of money. 60 00:08:34.060 --> 00:08:43.260 You know, again, we have this motion that, you know, Picasso, he was quite wealthy, 61 00:08:43.260 --> 00:09:11.260 He started early in his career and made sure to stay that way and grow wealthier and wealthier, and he ended up a kind of golden age, in fact, he was introduced by his heirs, so he is in some ways the greatest 20th century painter and frivolously archetypal of the modernist artist, and yet he turns out to be a fully commercial figure, and art is that way all the way back. 62 00:09:11.260 --> 00:09:17.260 which I want to trace a calendar of the elegance of European painting 63 00:09:17.260 --> 00:09:23.260 and show how it was involved in the development of capitalism all along. 64 00:09:23.260 --> 00:09:34.260 So a very interesting thing that the two renaissance in painting, in Italy and the low countries, 65 00:09:34.260 --> 00:09:43.180 correspond to the commercial flowering of Europe starting in the late Middle Ages. 66 00:09:43.180 --> 00:09:50.940 That is, if you look at where the great traditions of European painting begins, 67 00:09:50.940 --> 00:09:56.620 it's in what's now Italy and what's now roughly Belgium. 68 00:09:56.620 --> 00:10:03.380 Now, in fact, it's misleading to talk about these nations in connection 69 00:10:33.380 --> 00:11:02.380 in the Netherlands and Germany, the low countries, and that in itself is significant because these cities were basically in existence for commerce, they were cities as opposed to kingdoms or empires because they were, their life was a life of commerce. 70 00:11:02.380 --> 00:11:25.380 Now, we're talking about places like Florence, we look now at Italy, like Venice, and then places like Bruges and Antwerp, ultimately Amsterdam, but the whole series of cities, again, up in what's now Belgium and the Netherlands. 71 00:11:25.380 --> 00:11:35.380 And as Salerno points out, it's really these cities that are the origins of painting as we know it. 72 00:11:35.380 --> 00:11:48.380 And they are the great commercial cities of their time. They were in a way bordered by great powers. 73 00:11:48.380 --> 00:12:04.380 France, on one side, and the Holy Roman Empire, on the other, what would now roughly be called Germany, but then was a kind of new confederation of German states under the feudal lords of the Holy Roman Empire. 74 00:12:04.380 --> 00:12:14.380 And it's very interesting that the great painting we think of developed not in these massive political entities, 75 00:12:14.380 --> 00:12:24.340 and Finance and the Holy Noble Empire, but in these effectively called city states, the 76 00:12:24.340 --> 00:12:32.500 Ludwigs' estates are called cities, which were great training centers and also the centers 77 00:12:32.500 --> 00:12:38.180 of manufacturing and the beginning of modern banking and everything associated with capital. 78 00:12:38.180 --> 00:12:46.180 Dennis was a great training center with the Ottoman Empire then and in general in the East. 79 00:12:46.180 --> 00:12:53.180 Florence was a center of manufacture, all sorts of arsenal work. 80 00:12:53.180 --> 00:12:57.180 And Antwerp at that time was the great port of Northern Europe. 81 00:12:57.180 --> 00:13:01.180 They even lost that role to Amsterdam. 82 00:13:01.180 --> 00:13:30.180 but again there was a great deal of the beauty of the industry in this part of northern Europe and in fact it's this commercial environment that has one start, what we say as the entire Renaissance in art and the golden Renaissance in art and for a number of reasons, again we're talking about, 83 00:13:31.180 --> 00:13:36.180 and the Economic Basis as a Necessary Condition for All. 84 00:13:36.180 --> 00:13:43.180 There are many places in which painting requires a certain level of economic development. 85 00:13:43.180 --> 00:13:51.180 Just when we talk about the theater, requires London having a certain economic level and take their place. 86 00:13:51.180 --> 00:13:56.180 Painting requires a certain space of appearance. 87 00:13:56.180 --> 00:13:59.180 He means, for example, paint. 88 00:13:59.180 --> 00:14:14.180 And paint is a relatively expensive substance, and indeed, as with everything else we're going to talk about, one of the great achievements of capitalism was eventually to make paint teeth, as you can find out at Walmart. 89 00:14:14.180 --> 00:14:27.180 That is, by the, Salern talked about this, by the middle of the 19th century, paint was available teeth enough so that anybody could now become a painter. 90 00:14:27.180 --> 00:14:47.180 But when painting began in the modern sense, the 14th and 15th centuries, paint was a relatively expensive substance, so you couldn't find it except in relatively well-developed cities economically. 91 00:14:47.180 --> 00:14:58.180 Moreover, artists needed customers, and customers with money to spend on something as frivolous as art. 92 00:14:58.180 --> 00:15:10.180 He had a medieval peasant sitting in his huddle, was not wondering about putting up the pages. 93 00:15:10.180 --> 00:15:16.620 He might have loved to, you know, improve the look of the double, but it was not often. 94 00:15:16.620 --> 00:15:22.660 The game was thrown at the process of our double for their attention, too. 95 00:15:22.660 --> 00:15:30.060 But you have to achieve a certain level of self-sufficiency, take care of the basic economic needs of life, 96 00:15:30.060 --> 00:15:32.660 and then you can start worrying about buying paintings. 97 00:15:32.660 --> 00:15:38.300 And that's what started to happen in cities like Florence and Venice as we started 98 00:15:38.300 --> 00:15:56.300 to develop a wealthy merchant class, and so painting begins in an environment that's a combination of patronage and market, and in fact is one of the areas where it's very difficult to make the decisions. 99 00:15:56.300 --> 00:16:18.300 that is, most of the support for painting in places like Venice and Florence was probably best described in painting, above all from the spirit, and that's why so much of Renaissance painting is a religious subject, 100 00:16:18.300 --> 00:16:29.300 One of the fine ways August got the means they needed to live and the means they needed to pay was from finance from the church. 101 00:16:29.300 --> 00:16:43.300 But even there it's a little complicated because in many cases what you have are called donor paintings where an individual has paid for a painting to hang on the church. 102 00:16:43.300 --> 00:17:00.300 And these paintings, I'm sure you've seen some of them, they're rather amusing things, you know, though it's usually a picture like of Matthew, Mark, Luke, and John, and then there's two little figures at the bottom, and it's Mr. and Mrs. Poenso who paint for the painting. 103 00:17:00.300 --> 00:17:09.300 And they're put in the painting as part of the deal. And there's a very characteristic of a lot of the candy letter style paintings that they take that form. 104 00:17:09.300 --> 00:17:18.300 So, what is that? Is that patronage? Is it customers? Because Mr. and Mrs. Salerno did pay for that painting. 105 00:17:18.300 --> 00:17:21.300 Still, I mean when I say that the line is a little difficult to draw. 106 00:17:21.300 --> 00:17:30.300 And similarly, with, you know, you want to say that the Renaissance is the great age of aristocratic patronage and painting. 107 00:17:30.300 --> 00:17:38.300 That's certainly true. But many of those aristocrats, one generation earlier, were just merchants. 108 00:17:38.300 --> 00:18:02.300 And so, it's very hard to say whether there's just customers paying for these paintings, and certainly in the world in renaissance with what's often just from this painting, again, there's a lot of it's religious, but a lot of it is portraits of real-life merchants. 109 00:18:02.300 --> 00:18:08.060 Van Eyck's famous Arnold C. Wedding, which is in the National Gallery in London. 110 00:18:08.060 --> 00:18:16.060 That's the portrait of an Italian Mises and his wife, and he's got paintings and recouples. 111 00:18:16.060 --> 00:18:26.060 With the northern painters, it's an even more commercial environment than the Italian city. 112 00:18:26.060 --> 00:18:53.060 So, what we're basically talking about here again is that the thing that pagerism and the market hadn't found a better place was involved, that you had these were pagers who had to please their customers and the nice thing about this situation is that they had a lot of potential patrons and a lot of potential customers. 113 00:18:53.060 --> 00:19:00.060 So, as Salern points out, these painters fairly early developed bargains. 114 00:19:00.060 --> 00:19:09.060 ...paintings, that's one reason why paintings were expensive, because there were a lot of gold in that art form. 115 00:19:09.060 --> 00:19:21.060 And so, it's very hard to draw the line between artisan and, well, metaphoric artist in the letter town. 116 00:19:21.060 --> 00:19:26.060 Some of my friends, for example, made beautiful objects of art. 117 00:19:26.060 --> 00:19:30.060 I mean, it's both fantasy and a thought factor. 118 00:19:30.060 --> 00:19:35.060 It brings up the idea of Indiana, as one of the great algorithms in America. 119 00:19:35.060 --> 00:19:39.060 Well, it's just a thought factor. It's in front of a variety. 120 00:19:39.060 --> 00:19:42.060 It's got a lot of gold in it, and ivory, and stuff. 121 00:19:42.060 --> 00:19:50.060 But the point to see is that at this time, artists are going to think of themselves as fine artists 122 00:20:50.060 --> 00:20:55.060 I was thought of as the step-children of Renaissance art. 123 00:20:55.060 --> 00:20:58.220 They were the big thing in their day. 124 00:20:58.220 --> 00:21:03.740 Half of them were the key of Renaissance art in their day. 125 00:21:03.740 --> 00:21:06.980 They were much more valuable than anything 126 00:21:06.980 --> 00:21:10.140 and much more valuable than anything. 127 00:21:10.140 --> 00:21:18.620 It's kind of an irony if they say people didn't realize that. 128 00:21:18.620 --> 00:21:48.620 When people were trying out their reading at the time, they didn't know really how they were left with great, I mean, the shift for oil companies in the temperate energy was through the view, as we said, that it allowed for new tech, and it allowed for the artists' hope that it was life-better, and that turned out to be true, and oil painting turned out to be a fabulous reading experience, and when they're finished off with the store, oil painting is from the 14th century, 129 00:22:48.620 --> 00:22:55.620 is spectacular, and you reap the profits of all people on set, but when it's all been passed to the enemy precepts, they just say, 130 00:22:55.620 --> 00:23:07.300 I told you so, I did it as oil banking. And so, first, this is, packaging reading was a huge industry in the moment, 131 00:23:07.300 --> 00:23:36.300 The Silicon Valley of practice that we did was in that area. It wasn't until the revolt against the Holocaust that the whole industry was basically destroyed and stepped out of there, but for a long time it was one of the key bases of the economy of that era. 132 00:23:36.300 --> 00:23:38.300 and the City. 133 00:23:38.300 --> 00:23:41.300 And, and, and, uh, uh, 134 00:23:41.300 --> 00:23:45.300 practices were so important because, uh, they were portable. 135 00:23:45.300 --> 00:23:50.300 And especially having four courts, someone like myself who's a political member, 136 00:23:50.300 --> 00:23:55.300 we only moved around, and, uh, what you know is that having these practices 137 00:23:55.300 --> 00:24:00.300 that you could roll up, take them to the, set up your new court, put up your practices, 138 00:24:00.300 --> 00:24:02.300 and suddenly you have this beautiful court. 139 00:24:02.300 --> 00:24:11.300 and those monorects that outfeed each other, who has the best capacity and they spend spectacular 140 00:24:11.300 --> 00:24:16.300 sums of money on these capacities. I mean, the fees that you can get are the chances of 141 00:24:16.300 --> 00:24:22.300 on-term, of like, you know, a whole lot of times. Half the budget goes to the bank, half 142 00:24:22.300 --> 00:24:27.300 the budget goes to the bank. I'm exaggerating there, but that's the level of spending that 143 00:24:27.300 --> 00:24:55.300 as a drop, these kind of people take hundreds of workers working for two years to produce what it is, and the people we think of as the great danger today were through the models for the past, they're called cartoons, and this is very big media, but if you want to see some of the greatest art works in the world, go see the Raphael cartoons in London. 144 00:24:55.300 --> 00:25:14.300 There's one problem with the Detroit Albert Museum. They are a determined group of four great patentees, only by the Vatican, and they kept their colors. 145 00:25:14.300 --> 00:25:20.300 The path of people, once interested, once in the good, I think, and several in the bad, 146 00:25:20.300 --> 00:25:23.300 they don't look anywhere near good. 147 00:25:23.300 --> 00:25:26.300 I would usually come to them with a stowaway. 148 00:25:26.300 --> 00:25:31.300 People prefer, they are amazing, rational, creative work. 149 00:25:31.300 --> 00:25:37.300 Anyway, but that's the level of people in front of you. 150 00:25:37.300 --> 00:25:42.300 You wanted to do it pathically, but you got a great audience, 151 00:26:12.300 --> 00:26:18.300 and, you know, that's just commercial, and again, it was better than his business, 152 00:26:18.300 --> 00:26:24.300 probably his business, really, at that time. 153 00:26:24.300 --> 00:26:31.300 What he thinks was incredibly beautiful, they found the greatest artistic talent of their day. 154 00:26:31.300 --> 00:26:37.300 And so what are we talking about? Is this an industry or is this a fine art? 155 00:26:37.300 --> 00:26:41.300 And again, that distinction will not be amazed at. 156 00:26:41.300 --> 00:26:47.300 And so when we look at the beginning of painting and even figures like Raphael, 157 00:26:47.300 --> 00:26:50.300 they were very much involved in the political market. 158 00:26:50.300 --> 00:27:01.300 And later on, Goya spent much of his career producing the models for wallpaper. 159 00:27:01.300 --> 00:27:25.300 If you go to the bottom of this page, there's a whole room full of large wallpapers, and that kind of made me want to basically design a wallpaper, which was a great invention of the 18th century, instead of cleaning the artist's painting wall, it was a lettering wallpaper, which was designed by Boehm. 160 00:27:25.300 --> 00:27:35.300 We couldn't afford to hire a lawyer to come and refer to all, but lawyers could do a design which is going to be reproduced by wallpapers, so on and on. 161 00:27:35.300 --> 00:27:42.300 It would certainly make sense to start, you know, a family facility, as they say here. 162 00:27:42.300 --> 00:27:46.300 They could all have wallpapers and wallpapers in their homes. 163 00:27:46.300 --> 00:28:02.860 I mean, in fact, the connections between capitalism and the fine arts, as we call them, have always been finding ways that we can market the divine art, with the graphs, for example. 164 00:28:02.860 --> 00:28:13.860 I mean, seriously, one thing that I discovered in the practice of fascism is that fascism never meant a form of mechanical reproduction, even in our life. 165 00:28:13.860 --> 00:28:21.860 His dream was not just to sell a painting, but to sell a thousand reproductions of that painting. 166 00:28:21.860 --> 00:28:24.860 And at one point, he discovered two lands. 167 00:28:24.860 --> 00:28:31.860 And Hayek's mind said, well, we could do something with it, we could reproduce it, and we could sell it at the capitol. 168 00:28:31.860 --> 00:28:35.860 And he said, I'm going to land it. 169 00:28:35.860 --> 00:28:41.860 And it was quite remarkable, but you know, that's what he sees always going. 170 00:28:41.860 --> 00:28:53.860 And what makes it possible for them to pursue their career is that the market finds ways to make money. 171 00:28:53.860 --> 00:29:02.860 And again, that's what, you know, your furthest from that is having to give up to a little paper or, you know, 172 00:29:02.860 --> 00:29:16.860 The very idea of a full day was a commercial gimmick. 173 00:29:16.860 --> 00:29:28.860 We go back and ask, why do we have paintings for banking roles? 174 00:29:28.860 --> 00:29:43.860 Well, we uncovered Pompeii and we found his wall painting, and he, that, the fundamental form of painting, painting wall, it goes back to the case of Lascaux. 175 00:29:43.860 --> 00:29:49.360 And my critical example of the artists, the first artists are the Mammothons. 176 00:29:49.360 --> 00:29:53.360 There are people painted on walls. 177 00:29:53.360 --> 00:30:01.360 There's a model that's called Plexo, and there are many, many great examples of wall painting. 178 00:30:01.360 --> 00:30:08.360 Or healing painting. This is too capital. The walls are painted, they're Plexoed, the healing is Plexoed. 179 00:30:08.360 --> 00:30:34.360 and also from an individual, the problem is, the problem is the fault runs the moon, it runs the black, it can't take the 15 capitals here and there, it can't take the world here and there, there are certainly a million professors in the world, but if you're going to take the 15 capitals, you've got only one compromise, the fault. 180 00:30:34.360 --> 00:30:41.360 You can't take this up to a 50-mile field because only one person owns it for 8,000 years. 181 00:30:41.360 --> 00:30:49.360 So if somebody's got the idea of a painter, recently a lot of people were, and Cattie came up with the idea, 182 00:30:49.360 --> 00:30:53.360 but the idea of a painter is important, it's affordable. 183 00:30:53.360 --> 00:31:02.360 And you can say to somebody, if you paint somebody's wall and it doesn't like it, 184 00:31:02.360 --> 00:31:11.760 You can't say, well, I'll sell your wall to someone else, but if you paint a painting, and let's say the client doesn't like it, you can sell it to someone else. 185 00:31:11.760 --> 00:31:21.760 It's the same thing. Anything that I've ever wanted to do that all the time is actually going to blast me down against customers who think like it's worth selling to someone else. 186 00:31:21.760 --> 00:31:27.260 It's a portrait of you, a portrait of King Saul, that you sell it to someone else. 187 00:31:27.260 --> 00:31:34.260 So, the idea of just a painting, of hanging out in the woods, hanging out in the canals, 188 00:31:34.260 --> 00:31:38.760 sounds quite commercial without it, and opens up tremendous freedom to others. 189 00:31:38.760 --> 00:31:44.260 Again, they'll often start to get paid a little bit for pictures that play the market. 190 00:31:44.260 --> 00:31:54.760 And it really works with, you know, the low country, the plundered area, and then later, 191 00:32:24.760 --> 00:32:32.760 In the northern countries, the English probably get the idea, well, here's to an Indian and not a settler in a bank. 192 00:32:32.760 --> 00:32:37.760 It's probably to get Indians that are the dealers in England before. 193 00:32:37.760 --> 00:32:45.760 And that becomes the best because it's available in the 17th century in the Netherlands. 194 00:32:45.760 --> 00:32:50.760 The output of fraud cases is simply staggering. 195 00:32:50.760 --> 00:33:20.680 If you go to any major museum, and you know, you see roughly just one style of radio, you can find a couple of radios, and then you walk into the south room, and in with Hohkohler. 196 00:33:20.680 --> 00:33:42.680 and in this von Mises scale, so it's not landscape, I mean, I'm fine with the tip of that, I'm working very good individually, but in a whole new scale, but that system was turned down for market, and these guys were cut off from the market, and at that point, it was really easy to get this to happen, 197 00:33:42.680 --> 00:34:12.680 Alfred's going down in the book on red light, on the thing that's funny is that people in Europe, the 17th century, the 17th century, if you go into a relatively ordinary person's house in Holland, and they only have 10 people, and people are inspired by, okay, you're not part of a real estate, you know, maybe you're in a real estate, so that matters, but you know, it's so typical of capitalism, state luxury, and it makes them 198 00:34:12.680 --> 00:34:18.680 and the Dutch Art Market is a perfect example of that. 199 00:34:18.680 --> 00:34:22.680 And with the entire, there's a negative context. 200 00:34:22.680 --> 00:34:25.680 I do feel there's almost a kind of standard benefit 201 00:34:25.680 --> 00:34:29.680 when some of you sometimes take the wire a bit from a form of it. 202 00:34:29.680 --> 00:34:34.680 But again, one of the reasons these painters have succeeded 203 00:34:34.680 --> 00:34:38.680 is because the traditional language of people became secular. 204 00:35:08.680 --> 00:35:10.680 People on Ice, 205 00:35:10.680 --> 00:35:12.680 when we recruit 206 00:35:12.680 --> 00:35:14.680 400,000 people, 207 00:35:14.680 --> 00:35:16.680 3,000 babies, and it's because 208 00:35:16.680 --> 00:35:18.680 the first time we see an outcast any day, 209 00:35:18.680 --> 00:35:20.680 that's really impressive, 210 00:35:20.680 --> 00:35:22.680 at least the other day, and after a while 211 00:35:22.680 --> 00:35:24.680 we realized what we were doing 212 00:35:24.680 --> 00:35:26.680 the same while, but finally 213 00:35:26.680 --> 00:35:28.680 they said no, 214 00:35:28.680 --> 00:35:30.680 amazingly real fast people 215 00:35:30.680 --> 00:35:32.680 instead, it says, we need to get 216 00:35:32.680 --> 00:35:34.680 the out, so we're not African, 217 00:35:34.680 --> 00:35:36.680 we're not Faragans, and our whole state 218 00:35:36.680 --> 00:35:51.680 as well. And so that is an example of how people are so much involved in market activities as we understand them. 219 00:35:51.680 --> 00:36:01.680 People use all these ways that artists began to be able to make living, make a living as artists that again, 220 00:36:01.680 --> 00:36:05.440 and again, not be dependent on specific payments. 221 00:36:05.440 --> 00:36:09.280 How he places that in detail in a lot of the model, 222 00:36:09.280 --> 00:36:12.620 I don't know, it's really in the late of time 223 00:36:12.620 --> 00:36:15.880 that our modern notion of the audits 224 00:36:15.880 --> 00:36:19.040 along with our team, a version of it, 225 00:36:19.040 --> 00:36:22.640 we as the audits did not like being here auditors 226 00:36:22.640 --> 00:36:24.720 or we're a class now. 227 00:36:24.720 --> 00:36:27.600 In fact, one of the interesting things is 228 00:36:27.600 --> 00:36:36.600 They often view it as very much the focus again, as very much the future of the many people dealing with it. 229 00:36:36.600 --> 00:36:45.600 Like when you're dealing with it, in fact you have to be a member of a field in each state to be a painter, 230 00:36:45.600 --> 00:36:52.600 and by all means you need to be sure you're restrictive, that there's debt crisis, and so on. 231 00:36:52.600 --> 00:37:06.600 for what you do and many of these pages taste a little bit different and it really would predict even the gradual emancipation of individual artists from the field of rendering. 232 00:37:06.600 --> 00:37:10.600 Albert Stratus had a rendering career. 233 00:37:10.600 --> 00:37:20.600 It's actually kind of weird when you're talking about the dust-painting field, you have to spice your painting by the hour. 234 00:37:20.600 --> 00:37:27.600 We starved for the hour for taking that, kind of the spirit and body of the theory of the value. 235 00:37:27.600 --> 00:37:33.600 I remember I didn't like that. You could take it quick with it. 236 00:37:33.600 --> 00:37:51.600 They brought food to that. They gave up the advances they were going to give to what they thought was a greater benefit than being an independent artist. 237 00:37:51.600 --> 00:38:04.600 and the theory in the course of the Renaissance that the notion emerges that a painter is not a craftsman, he's not an artist, he's a divinely inspired creator. 238 00:38:04.600 --> 00:38:12.600 You see that in Giorgio Petali's lines of the artist. Giorgio Petali is himself a painter and a rather cool one. 239 00:38:12.600 --> 00:38:41.600 But these are the things that have arisen in terms of the biographies, in terms of the art history, and even just, you know, who is the one who effectively creates the nation through the novel, creates the nation, like I said, what we always find is so, is that these changes are not from New York craftsmen, they are not worked in, they are defined and inspired by art history. 240 00:39:12.600 --> 00:39:21.600 The reason that artists could become independent is because of a market that aids them to increase their opportunities. 241 00:39:21.600 --> 00:39:33.600 Then you can think of an economic firm taking away from either the items market or the insurance market in the course of the Venetian. 242 00:39:33.600 --> 00:39:49.600 and so it's actually the movement of people like Michelangelo and Disneyland that allowed them to stand on the pavement even though so powerful people had the access to it. 243 00:39:49.600 --> 00:40:10.600 and so on and so forth. So, again, in the history of art, we do explain how organized basic economic principles are at work in generating high cultural principles, 244 00:40:40.600 --> 00:40:47.600 I guess I don't like fat people being one myself. I don't have a lot of fat in that. 245 00:40:53.600 --> 00:40:58.600 And Rubin's output is, again, simply staggering. 246 00:40:59.600 --> 00:41:06.600 And it's very tricky to get overwhelmed by it and say, oh, another Rubin. 247 00:41:06.600 --> 00:41:10.840 And then it hits something like the 248 00:41:10.840 --> 00:41:21.520 money that was in the room or just a whole painting that was stuck in the light in Vienna 249 00:41:21.520 --> 00:41:26.440 and you know, you're just overwhelmed with power and the painting. 250 00:41:26.440 --> 00:41:32.520 And he was the most successful painter of the day, 251 00:41:32.520 --> 00:41:49.520 are possibly the most financially successful pages of all time, although Catasso would be a rival, kind of that, very difficult to translate 17th century money into 14th century money. 252 00:41:49.520 --> 00:42:18.520 You can't say Rubens made enough money today to buy himself a taxi, in particular, he was a very true business man, and long before Andy Warhol, Rubens had a factory, a safety factory, and the reason we have so many Rubens paintings today is because he didn't paint them. 253 00:42:19.520 --> 00:42:31.520 This workshop produced them, and it's not just one type of production, Rubin's an example of type of production. 254 00:42:31.520 --> 00:42:37.520 It's been over as many years since I've been here. 255 00:42:37.520 --> 00:42:47.520 You get used to seeing on a label of paintings studio or Rubin's, or Rubin's workshop. 256 00:42:47.520 --> 00:43:04.520 I wanted to say, and you see that for all sorts of things, it's not that we'll be living on debt, we'll be living in a silo, we'll be living in a ram ram as well, that is, we have this myth of the silo painting, which again, one of the folks that I told you, we still put the article in, 257 00:43:34.520 --> 00:43:39.520 Some of them are very good, some of them are very bad. Some of them are eternally good, sorry. 258 00:43:39.520 --> 00:43:45.520 But there's a bit of an illusion here, and Rubin is a great example of it. 259 00:43:45.520 --> 00:43:55.520 That is, Rubin had a workshop. He had a lot of young artists around him who he worked with. 260 00:43:55.520 --> 00:44:06.520 and a lot, it's very hard to tell now, to get a moving painting, who painted what. 261 00:44:06.520 --> 00:44:14.520 We have in this case an enormous number of staff members for painting, 262 00:44:14.520 --> 00:44:17.520 Mr. Boehm's got a common brain in this painting. 263 00:44:17.520 --> 00:44:21.520 What he would do, he worked incredibly quickly, 264 00:44:21.520 --> 00:44:30.520 He would step in a model for a new banking, and then turn it over to a factory, it was worth that, and have the students. 265 00:44:30.520 --> 00:44:33.520 It was a big business, a big company. 266 00:44:33.520 --> 00:44:40.520 It was quickly 10,000 ounces, it looked like, and I'm talking about a deficit from across, or a huge investment scheme, 267 00:44:40.520 --> 00:44:47.520 or maybe a scheme that you have to see and fit into evidence from Royal or Instagram or something. 268 00:44:47.520 --> 00:45:09.520 and then his workshop would execute the cases, based on his model, and then what he would do was come in and finish it, or include the eyes, you know, something really special, it's kind of like, well, these guys don't know how to do the eyes, you know, they don't know how to do it. 269 00:45:09.520 --> 00:45:39.520 Now, how do you pass through a painting like that? I mean, you show them at a room painting. Now, the scope of it is, it's true that in fiction, we're people like Anthony Van Dyke, Peter Poole, von Mises, these people have gone on to be great painters of all walks, so it's like, it's like when people complain about, you know, 270 00:46:09.520 --> 00:46:24.520 In another case of the digital age group, the Ludwig Studio of Specula, if you need a flower for the making of your program, it's a great flower. If you need an animal, you cross the frontiers. 271 00:46:24.520 --> 00:46:31.520 Again, it's the principle we think of our having to be the product of a stable business. 272 00:46:31.520 --> 00:46:36.520 And we often think, I don't want to be naïve, you know, month-on-month long, 273 00:46:36.520 --> 00:46:40.520 things get a whole little bit more difficult, more difficult, a lot. 274 00:46:40.520 --> 00:46:42.520 That's very well documented. 275 00:46:42.520 --> 00:46:48.520 But there are examples where anything is not just created by one person, 276 00:46:48.520 --> 00:46:51.520 and it's not worse for that reason. 277 00:46:51.520 --> 00:47:02.520 You know, it's like Henry Ford, the production, you know, someone puts in his carburetor, he gets a really good, full-use carburetor, and another guy does the actual stuff. 278 00:47:02.520 --> 00:47:11.520 Well, Rubin really had a factory, it was really mass production, because there were templates for these things out. 279 00:47:11.520 --> 00:47:20.520 And, you know, there are these great debates now about any given Rubin painting, I mean, how much did he paint it himself? 280 00:47:20.520 --> 00:47:33.520 One of the ironies now is when you go to museums, they have a disproportionate number of Rubens' sketches at the top. 281 00:47:33.520 --> 00:47:41.520 Because many artisans probably sketched more than a few paintings because they were scared by Rubens. 282 00:47:41.520 --> 00:47:48.520 He did the sketches himself, but paintings are not so sure how much of it he did. 283 00:47:48.520 --> 00:47:55.520 and they were often seen as, you know, there's war or even the vibrancy and color of the minimal sketch. 284 00:47:55.520 --> 00:48:03.520 I don't know if that's true or not, but if it shows you again the presentation of the ten laws, 285 00:48:03.520 --> 00:48:09.520 the tangible value of the interpretation of the sketch is proved by Ludwig for the sense that he's done well. 286 00:48:09.520 --> 00:48:17.520 And again, you don't see the claimant paintings of Ludwig that he did in the room are just that. 287 00:48:17.520 --> 00:48:23.520 And so he was married 21 a day. Now they are both people. We might have to keep them. 288 00:48:23.520 --> 00:48:30.520 But, you know, he goes to the United States with the Vienna and the Christian Solidarity Museum and the Dean's Collective Movement. 289 00:48:30.520 --> 00:48:37.520 The little business side museum is a whole room full of rooms. The outfit is just fabulous. 290 00:48:37.520 --> 00:48:48.520 And one thing you can say, I mean, he created a style, in vulgar contemporary terms, we would say he created a paradigm. 291 00:48:48.520 --> 00:48:55.520 He created an adjective, rubanet. I guess you all know what I mean when I say something like this. 292 00:48:55.520 --> 00:49:01.520 You know, rubanet was a fast, colloquial word. And I would say we know what that means. 293 00:49:01.520 --> 00:49:14.520 and what that means is that it really is like creating the brand so that people will find, in effect, a movement that's painted. 294 00:49:14.520 --> 00:49:23.520 They were not necessarily getting a movement original, and they knew that, but they knew what they were getting and it looked good. 295 00:49:23.520 --> 00:49:30.520 It was someone who didn't have a few people who had stopped the painting as long as it looked like a movement. 296 00:49:30.520 --> 00:49:40.520 And you could say, why would the Rubens say he didn't? I mean, you did recognize the Rubens from a mile west, except you don't know if it's only Rubens. 297 00:49:40.520 --> 00:49:50.520 That is, you know, you know, to the end of the day, you know the Rubens, and you look at them and say, they're so big, you can't see them from a mile west. 298 00:49:50.520 --> 00:49:59.520 You say, oh, that's the Rubens' room. And you hear you in the notes, you'll say, but you know, this was passed on by that guy who bought everything. 299 00:49:59.520 --> 00:50:13.520 In order to bank on the leader, the girl who takes it looks like Ludwig Mises, and it takes him a while to develop his own style, which frankly is a surging movement in my view. 300 00:50:13.520 --> 00:50:25.520 But again, this is an example of a big economic principle, division of labor, and it's been working in my branch as well. 301 00:50:25.520 --> 00:50:33.520 Albert's book. Albert's book is excellent for presenting the issue of the Remembrance Day. 302 00:50:33.520 --> 00:50:44.520 He still has a few more workshops, and he claims the final stuff in terms of his generation. 303 00:50:44.520 --> 00:50:51.520 There are things that are actually more famous than Remembrance Day at the time, 304 00:50:51.520 --> 00:50:58.120 and changing the names of greater crises at the time, as I've pointed out to all of you. 305 00:50:58.120 --> 00:51:07.720 So, what I'm getting at here, again, you see that art is an example of social collaboration in a market environment. 306 00:51:07.720 --> 00:51:14.420 And again, find a picture of how a market would describe to you one of these workshops. 307 00:51:14.420 --> 00:51:20.120 It would become the Rubin's workshop, the Red Bank's workshop. 308 00:51:20.120 --> 00:51:40.120 In the case of exploitation, we see a couple who are negative about that, but we'll talk about it, each day, how Rubens distorted Van Dyke, Van Dyke did the painting, but Rubens got the credit, and probably got most of the money. 309 00:51:40.120 --> 00:51:44.120 Well, why was Van Dyke in the Ludwig's question? 310 00:51:44.120 --> 00:51:56.120 Was slavery, even slavery, in 17th century standards that Ludwig before Van Dyke worked for? 311 00:51:56.120 --> 00:51:59.120 No, why did Van Dyke, how could I work that? 312 00:51:59.120 --> 00:52:02.120 He wanted to work out of Henry. 313 00:52:02.120 --> 00:52:07.120 And Ludwig was the greatest anchor in Europe at the time. 314 00:52:07.120 --> 00:52:15.120 and those now prove to be making more money off these hands than the guy from Pan-Tac put up with that. 315 00:52:15.120 --> 00:52:19.120 And not just put up with it, but you know, he stayed there. 316 00:52:19.120 --> 00:52:27.120 He said he was learning how to pay by working for the Sky Movement, developing his products, 317 00:52:27.120 --> 00:52:33.120 and he laughed around the kitchen, and I forget, he spent a lot of time in the woodwork shop, 318 00:52:33.120 --> 00:52:57.120 Well, that's the work it was, and anyone who helped me take it, in this world, is any portrait of the English aristocracy, you cannot go to one of these country houses without seeing the truly vandalized portraits of the doctors of this and the group of that, and I've talked to many of them, and it's too beautiful to put them in the vandals. 319 00:52:57.120 --> 00:53:00.120 I think this is something that we pay attention to. 320 00:53:00.120 --> 00:53:12.120 But you know, music is a typical good example of a market environment. 321 00:53:12.120 --> 00:53:15.120 Rubin has been playing by Good Deal. 322 00:53:15.120 --> 00:53:18.120 You know, you work at my workshop, 323 00:53:18.120 --> 00:53:22.120 now I get the chance to pay for the most of the money I spend on GQI, you know, 324 00:53:22.120 --> 00:53:25.120 and then you go off and start your own business. 325 00:53:25.120 --> 00:53:35.120 And that's what happened. And, you know, again, Mr. Mises, sort of, the native torturist, he would say, the cultivators are dead. 326 00:53:35.120 --> 00:53:42.120 They thought they were getting a rubin, but they're really getting, they're getting really, really tough. 327 00:53:42.120 --> 00:53:49.120 And then in our case, yes, in the future they're getting a hundred. You know, it's the market kind of action. In fact, they're getting a hundred benefits. 328 00:54:19.120 --> 00:54:49.120 The Federal Reserve actually has turned out more rubies, it was a market again, and you know, like, as you can see from her old rubies paintings, now are the kinds that all worked up over the years, usually a million rubies, but you know, my theory is that it walks like a ruby, it walks like a ruby, it looks like a ruby, it's a ruby, and if you talk about everybody living in a ruby you want to look at as beautiful, 329 00:54:49.120 --> 00:55:12.120 These are all beautiful. They're not quite the one thing. It is called for them anyway, but, you know, this is, what I'm trying to say is that it's a complex market transaction, which is packed with everybody's benefits, and you know that because everybody is a well-known individual transaction. 330 00:55:12.120 --> 00:55:32.120 In the past twenty years, twenty, thirty years, the number of people in the world has increased. 331 00:55:32.120 --> 00:55:43.120 There is a thing that I think is found from about 700 before, that is, there's a company called the Rembrandt Project, organized by the Justice Department, 332 00:55:43.120 --> 00:55:51.120 which sends a bunch of experts around the world, checking out the Rembrandts, and telling us if they're unique by Rembrandt or not, 333 00:55:51.120 --> 00:55:59.120 and the answer is different from the project that a lot of them are not by Rembrandt. 334 00:55:59.120 --> 00:56:05.120 Now, the situation is similar to the Rudin's situation. 335 00:56:05.120 --> 00:56:12.120 Rembrandt, as I said, he had a workshop in Albersburg, a book in Gershwin, on this finalist. 336 00:56:12.120 --> 00:56:23.120 And so, he was training a whole generation of artists, and they learned to paint like that. 337 00:56:23.120 --> 00:56:29.120 It turns out some of Rembrandt's self-portraits are by his students. 338 00:56:29.120 --> 00:56:33.120 Rembrandt's self-portraits are by his students. 339 00:56:33.120 --> 00:56:37.120 And, you know, people are frightened in the future, 340 00:56:37.120 --> 00:56:43.120 because for years and hundreds of years, Rembrandt's self-portraits are by his students. 341 00:56:43.120 --> 00:56:52.120 And, you know, it's exactly the same personal, young artists using Rembrandt's place. 342 00:56:52.120 --> 00:57:04.700 They came to work with them, they learned their craft, they worked for many of them and went on to quite successfully, actually more successful financially than one of them, 343 00:57:04.700 --> 00:57:21.620 because he was going to totally make more money at the time, and out there, you know, the biggest thing for them was the name of the book, the Grand Rapids, and the studio and the market. 344 00:57:21.620 --> 00:57:28.620 And as we already know, we have a few books to cover for this market, but the market is not as ready as it was. 345 00:57:28.620 --> 00:57:36.620 You see that Rembrandt is looking for a market, and you see this as a way of getting a detected pavement. 346 00:57:36.620 --> 00:57:43.620 As you know, as late as the 17th century in Hans, some artists were still trying to become court painters. 347 00:57:43.620 --> 00:57:50.620 In fact, some of Rembrandt's students became court painters in some way with an annual salary. 348 00:57:50.620 --> 00:58:08.620 But when Ryan entered for the market, his corporate, in many cases, you know, when the client didn't like the corporate, he just re-packaged it and sold it to someone else to make it fall. 349 00:58:08.620 --> 00:58:18.620 In fact, when you spend it, out of five common players across the whole world, it goes to $2.3 billion in 1966. 350 00:58:18.620 --> 00:58:23.620 It was ordered by some of these people, and it was delivered in 1912. 351 00:58:23.620 --> 00:58:29.620 He said that, he was not kidding, he had to work on it some more, and never said, for five months. 352 00:58:29.620 --> 00:58:32.620 He literally talked work on it some more. 353 00:58:32.620 --> 00:58:40.620 and I think the guy paid that, but he didn't take the companion picture that I was there with, that man who was going to do that. 354 00:58:40.620 --> 00:58:54.620 So, Albert is very much basing his market on transaction, and essentially argues that Linway's too clean to the kind of style, a kind of brand, 355 00:58:54.620 --> 00:59:01.620 So that we know what a real-life picture looks like, we just don't know if it's my friend's life. 356 00:59:01.620 --> 00:59:08.620 And really, I don't know if any of you have found it, but some of the deep permission has been spent at you. 357 00:59:08.620 --> 00:59:12.620 Above all, the man who imposed his own life. 358 00:59:12.620 --> 00:59:15.620 Which is my favorite way for it. 359 00:59:15.620 --> 00:59:18.620 It's now your personal sin not to be my friend's life. 360 00:59:18.620 --> 00:59:21.620 It's the one that's in me for a living. 361 00:59:21.620 --> 00:59:46.620 This is one of the defining right-wing pictures. 362 00:59:46.620 --> 00:59:56.620 and, you know, Alfred Quote, you know, playing with all the time, going on and on, about how we receive the essence of grand prize, 363 00:59:56.620 --> 01:00:04.620 we took a movie seven times in a figure, all over the place, westerns, fighting, you know, other stuff, you know, 364 01:00:04.620 --> 01:00:33.620 I don't quite know how this Lend-Rend project comes up, you know, I mean, the Polish writer, the person in New York, has been bouncing back and forth, and I guess the latest word on Lend-Rend is the use of Lend-Rend, but the use of Lend-Rend is not by Lend-Rend. 365 01:00:33.620 --> 01:00:42.620 People around me get into the work that you will often see a picture of because he's too old where the labor has been elusive. 366 01:00:42.620 --> 01:00:49.620 He used to say, he could be a son, but I went grand. And now he's this little car that says, I'm full of grand-grands. 367 01:00:49.620 --> 01:00:52.620 I'm Roman R. I'm the associate of the grand-grands. 368 01:00:52.620 --> 01:01:12.620 One of my favorite people's books is called A Grover's Point, and I've decided one of the greatest thinkers in history has never heard them, I'm guessing, but an unusual number of the paintings that are now said, not to be by one, but to be by Grover's point. 369 01:01:12.620 --> 01:01:20.620 So I've seen it over and over again. And my favorite example, as any of you have heard of the Israel-Food Market robbery, 370 01:01:20.620 --> 01:01:25.620 it's one of the worst thinking attempts in history. 371 01:01:25.620 --> 01:01:31.620 So they're here in Boston, they are a certified museum. 372 01:01:31.620 --> 01:01:39.620 And they robbed of a familiar, I mean that's tragic because it's the only one I've told you in the world, 373 01:01:39.620 --> 01:02:09.620 and the Law of the Union and the Rembrandt, and you know, it seems to me to be more progressive than we are speculating, but it's huge, and it's still never been able to recover that, but when you do it, what's really cool is that the first page is stolen, once I go through 20, and it's hard to believe that the right amateur isn't wrong with it, although at some point we've seen that, and it is, at this point, but I just can't 374 01:02:39.620 --> 01:02:42.620 The first round, a vertical here, a little red line. 375 01:02:42.620 --> 01:02:44.120 Oh, this is another red line. 376 01:02:44.120 --> 01:02:46.120 Let's take that and go over 20. 377 01:02:46.120 --> 01:02:48.620 I mean, it was already identified as over 20. 378 01:02:48.620 --> 01:02:51.620 So there's kind of a key stand-alone difference. 379 01:02:51.620 --> 01:02:54.620 Go over 20 with the great painter. 380 01:02:54.620 --> 01:02:58.120 Go, go her. 381 01:02:58.120 --> 01:03:05.120 I don't want to take the name of the golden-toed wooded father again, but anyway. 382 01:03:05.120 --> 01:03:14.720 It's an interesting issue that all kinds of evidence can latch on to this question about what is the value of painting. 383 01:03:14.720 --> 01:03:23.120 And you see here that so much of the space of the value of painting is governed by this myth of the South African. 384 01:03:23.120 --> 01:03:30.800 I'll tell you, when the Rembrandt Project comes in and tells you here Rembrandt is not by Rembrandt, it's value falls. 385 01:03:30.800 --> 01:04:00.800 I'm curious, you know, one day you got $20,000 paid in, next day out of the market, $200,000, maybe the best, I don't know, $20,000, $40,000, $50,000, but, you know, very easy things to think about, this is a theoretical question, and I think one of the few in the country, in fact, where we are, will raise the question of the value, and I have a few of these, because that is, it seems to me, 386 01:04:00.800 --> 01:04:14.800 should be valued to a ten day, and if people thought for years the land was a golden harvest, it was great magazine, it isn't any less so because someone has now said that it's a ten day. 387 01:04:14.800 --> 01:04:28.800 You know, there's a kind of correlation between this author-based thinking about thinking and or neighboring values. 388 01:04:28.800 --> 01:04:37.800 And Ludwig came to discover that, and there's a field to this that he said he came to that was charged by the number of hours in terms of thinking. 389 01:04:37.800 --> 01:04:50.800 The Labor Theory of Value, which was not developed by Marx, but by Steven Carter, a particular class of one, slowly brought me to the professor that it was absurd how anyone could come up with the Labor Theory of Value, 390 01:04:50.800 --> 01:04:56.800 because the Labor Theory of Value is actually the student's theory of value, and this professor did not agree with it. 391 01:04:56.800 --> 01:05:02.800 The Labor Theory of Value is, why would you give me a T on that paper? I'm working so hard on it! 392 01:05:02.800 --> 01:05:11.800 And here's the fact that after that, I didn't think that they could work with me. It doesn't matter how lucky we were back then. 393 01:05:11.800 --> 01:05:21.800 I know they're going for a spiritual advocate, but it's very interesting that if you go back to here, to Ricardo's, 394 01:05:21.800 --> 01:05:41.800 So, those are the three of them, which is a very rough conception, they all include a country, a country, but you can find four of them, forget if it's the federal, the car, or the hotel, but there are a bunch of other countries, and one of them is Old Master Banking. 395 01:05:41.800 --> 01:05:48.360 And you couldn't estimate the value of a paper on how much time was spent. 396 01:05:48.360 --> 01:05:55.560 First of all, if Ludwig and I were put in a room and started painting at the old release time in an hour, 397 01:05:55.560 --> 01:06:04.520 the print roll would be very different in value of what that painting was in any way. 398 01:06:04.520 --> 01:06:18.520 And it's interesting that, as I recall, I'm almost certain of the fact that the exclusion of painting, or what they call work, and one of the kind items they talk about, 399 01:06:18.520 --> 01:06:36.520 I will end the call here, and yet there's plenty of ways the minimum period of value has come back in the efforts to sever the value of the painting from just equal to debt to efficient income. 400 01:06:36.520 --> 01:06:47.520 The value of the painting is what the market is turning for. Right now, a print painting is under $35 million. 401 01:06:47.520 --> 01:06:54.520 Over that, there's a paragraph in Alfred's book that two Austrian economists have projected through the data. 402 01:06:54.520 --> 01:07:01.520 It teaches the decline of red rats and women who are at the market because of the painting. 403 01:07:01.520 --> 01:07:09.520 and that's the thesis of the Green New Amendment that the pain is, you know, even now, people do have the pain. 404 01:07:09.520 --> 01:07:13.520 We're going to have to concentrate on the record things and see how it can be done. 405 01:07:13.520 --> 01:07:23.520 We need to do something on some day, just in general, just people not supposed to be able to expect and see policies on its part. 406 01:07:23.520 --> 01:07:33.520 But the beauty of the question, why did the paintings banish any of the artemis who painted it? 407 01:07:33.520 --> 01:07:39.520 But this is, you know, a whole spectrum in the art world now. 408 01:07:39.520 --> 01:07:49.520 And again, broadly a part of the 19th century, you know, many paintings have only been 409 01:07:49.520 --> 01:07:54.520 We are approaching an artist's day in the 20th century by art of science. 410 01:07:56.520 --> 01:08:03.520 The great role of painting is that, I think, they pull out a painting and say, well, 411 01:08:04.520 --> 01:08:09.520 something like, you know, to me the greatest single painting in the world is the 412 01:08:09.520 --> 01:08:15.520 Faro Gepardista, meant to be by Giorgio Candelari, a fabulous painting. 413 01:08:15.520 --> 01:08:24.520 But it wasn't identified by Vanuatu for a hundred and four years after it was painted and, you know, 414 01:08:24.520 --> 01:08:29.520 Joseph Salerno was saying that, wow, I love that painting, I'm going to have it. 415 01:08:29.520 --> 01:08:35.520 He wasn't saying I'm collecting Vanuatu, he said I love that painting and it's so mixed, 416 01:08:35.520 --> 01:08:39.520 that's why we have a hard time identifying a lot of paintings now. 417 01:08:39.520 --> 01:08:49.520 Where history is not all that clear, and for centuries no one cares who painted it, they just want to portray it as beautiful. 418 01:08:49.520 --> 01:08:54.520 It's literally a romantic period as you start to get into some exceptions from the solitary scene. 419 01:08:54.520 --> 01:09:02.520 Renfriar has become one of the emblematic figures of that, and the Renfriar network is booming. 420 01:09:02.520 --> 01:09:13.520 and the course for the 19th century, because there's this fascination in London and the UK as well, but as you see now, it's all very complicated. 421 01:09:13.520 --> 01:09:21.520 My favorite example of how weird this is, what, what did you do with this? It's a whole different order in the UK. 422 01:09:21.520 --> 01:09:31.520 Now in most cases, with these run brands, they're claiming that they're probably worth it, and they're worth providing it to you. 423 01:09:31.520 --> 01:09:44.520 You know, this past trove that the dating is correct, that the painting can be dated to Lew Rockwell's lifetime, that's where I get humbled in how I can figure out who painted it. 424 01:09:44.520 --> 01:09:58.520 And Alfred brings in the question, you know, sometimes they say, this painting is so perfect, it can't be by Lew Rockwell, because he would have introduced a little complication and a little smudge here. 425 01:09:58.520 --> 01:10:00.160 and the use of agency for business. 426 01:10:00.160 --> 01:10:01.400 And other firms will say, 427 01:10:01.400 --> 01:10:04.080 so banking is so perfect, it must be by the record, 428 01:10:04.080 --> 01:10:05.680 and it can be by the students. 429 01:10:05.680 --> 01:10:08.680 I mean, they are serious, they're very consistent. 430 01:10:08.680 --> 01:10:11.760 And I've gotten pretty suspicious 431 01:10:11.760 --> 01:10:13.440 with the full-run bank project. 432 01:10:13.440 --> 01:10:15.920 I'm definitely not going to have a look at the website, 433 01:10:15.920 --> 01:10:18.120 I've got it all in there, Walmart. 434 01:10:18.120 --> 01:10:19.120 And I'm good. 435 01:10:19.120 --> 01:10:21.120 I hope you find it fun. 436 01:10:25.120 --> 01:10:26.720 We use the core three, of course, 437 01:10:56.720 --> 01:10:58.720 and the Federal Foreign Trade. 438 01:10:58.720 --> 01:11:02.720 We're very stupid and old, heart and world, 439 01:11:02.720 --> 01:11:06.720 and we do have to take some spectacular examples 440 01:11:06.720 --> 01:11:10.720 of what we've discovered. 441 01:11:10.720 --> 01:11:15.720 But it's kind of, you know, when someone forms a painting, 442 01:11:15.720 --> 01:11:19.720 and again, it was decided, and labored in with the paint, 443 01:11:19.720 --> 01:11:21.720 he could paint for me. 444 01:11:21.720 --> 01:11:24.720 I mean, that was not easy, but he could paint for me 445 01:11:54.720 --> 01:12:01.720 and the Great Italian Medical Painter, Giorgio Di Chirico, he did it to the self-organization. 446 01:12:01.720 --> 01:12:12.720 Now what happens is that Di Chirico, Di Chirico was a former colonialism, you know, a favorite of mine since 1959-1960. 447 01:12:12.720 --> 01:12:16.720 He was painting these, reading from Leo Carpenter, painting these. 448 01:12:16.720 --> 01:12:31.720 He was one of my favorite painters, and, you know, again, many people would want realism. 449 01:12:31.720 --> 01:12:41.720 I think he was also a late child, and probably became more realistic, and became more self-possessed and stuff. 450 01:12:41.720 --> 01:12:58.720 You know, when you save it for all of the periods, if you have a piece of gold in that physical period, those paintings became very valuable, and by the 30 to 40 years, you probably couldn't sell the kinds of paintings you would end up with. 451 01:12:58.720 --> 01:13:04.720 So we started painting the same kind of paintings we did in the teens. 452 01:13:04.720 --> 01:13:18.720 Now, in some cases, you start paying the same money, and in some cases, you even have a sort of fee, or a high fee of $17,000, and in this case, you have a high fee of $23,000, or $22,000. 453 01:13:18.720 --> 01:13:28.720 But those values are considered extraordinary. That is just amazing for me. I mean, there's absolutely no question that Georgia will be careful. 454 01:13:28.720 --> 01:13:30.780 and the 455 01:13:30.780 --> 01:13:32.780 people have 456 01:13:32.780 --> 01:13:36.780 this idea of the romantic audience 457 01:13:36.780 --> 01:13:39.780 who are unsuspecting 458 01:13:39.780 --> 01:13:42.780 that what I want to hear is 459 01:13:42.780 --> 01:13:44.780 you decided to make it yourself 460 01:13:44.780 --> 01:13:46.780 by painting in the old stock 461 01:13:46.780 --> 01:13:48.780 as an authentic 462 01:13:48.780 --> 01:13:51.780 he wasn't painting from the heart 463 01:13:51.780 --> 01:13:53.780 he was painting to make sense 464 01:13:53.780 --> 01:13:57.780 if you go to the Mickey Hills in Carl 465 01:13:57.780 --> 01:14:27.780 I looked in there, and he didn't tell me, you know, who was Ludwig von Mises, and I thought, this is good, and he has a museum of art, so I said, here's all, I'll go out and explain to you again, and then I looked at Dave Ludwig, and he said, you know, this stuff basically was wrong, because it's just, if you don't have self order, my mind is busy with that, and I didn't tell him, I'm here to tell you, he didn't tell me, he didn't tell me, he didn't tell me, 466 01:14:57.780 --> 01:15:18.780 is expected by us to hear them, but I think my mind fondles as to how we can do that sort of ordering, but notice it's a product of a kind of anti-proversial ideology, that a painting is only authentic if it was painted out of the heart of the painter, 467 01:15:18.780 --> 01:15:44.780 If somehow you're taking the painting just to make money, it's not authentic, you know, you would have to think of a lot of paintings in museums that you really invoke the principle that a society painted is redundant, it's more than authentic art, because you can't, you've got to be in a lot of museums, a lot of front-line paintings, and so on, a lot of things. 468 01:15:44.780 --> 01:15:57.780 I mean, I sort of don't know how to reply to that, but I'm waiting, because I think it's just like me in the question, and also in the elements whenever we ask here, what use of value is a painting? 469 01:15:57.780 --> 01:16:07.780 It displeases you. It's great painting. You look at it and you say, this time all uses better value. 470 01:16:07.780 --> 01:16:11.780 People for years said about the man with the golden helmet. 471 01:16:11.780 --> 01:16:17.780 How did it change? Is there a time when it changed? 472 01:16:17.780 --> 01:16:21.780 Or was it maybe over a decade or something like that? 473 01:16:21.780 --> 01:16:29.780 And again, Alford, as a hard-time guy, he said basically that money was created in a style that he called runway. 474 01:16:29.780 --> 01:16:33.780 And again, he didn't recognize the runway from a mile away. 475 01:17:03.780 --> 01:17:33.780 and Humanity, the old Rembrandts that were up in the 90s, somebody identified them as Rembrandts, and they didn't listen about them in books on Rembrandts, but again, we'll go down with this as an example, but we're talking about self-portraits of Rembrandts that came out of the United Students, and again, what I was saying about the Ludwig's students, Rembrandts students were not expected to remember, 476 01:17:33.780 --> 01:17:39.780 In the late 19th century, it was a spectacular painting. 477 01:17:39.780 --> 01:17:42.780 And again, commercially more successful works. 478 01:17:42.780 --> 01:17:46.780 I might add that people became more famous in the 19th century. 479 01:17:46.780 --> 01:17:52.780 It's in the late 19th century that the Jews were able to make a sort of fund, 480 01:17:52.780 --> 01:17:55.780 and that paper started rising. 481 01:17:55.780 --> 01:18:00.780 All this was based on the feelings of the creative genius, 482 01:18:30.780 --> 01:18:36.780 is really raising the position of how we understand painting. 483 01:18:36.780 --> 01:18:45.780 Is it all somehow a mythic dream where there's individual media as a unique aura 484 01:18:45.780 --> 01:18:48.780 which we will easily communicate through these paintings? 485 01:18:48.780 --> 01:18:57.780 Or is it as Alfred claims with my right, that what's great about these paintings is that they're created in 30% of style. 486 01:18:57.780 --> 01:19:09.780 I mean, you could say it makes the Rembrandt greater to realize that it created a certain mode, or let's say even a way of thinking, that other teachers could imitate. 487 01:19:09.780 --> 01:19:19.780 And again, these are not hacks. When you look at the identifiable independent work that they all do, they aren't great thinkers. 488 01:19:19.780 --> 01:19:43.780 It actually does a lot of work in my team, it raises a lot of things in my team, and we then recognize that we're dealing with a market process here, we're dealing with a social process, human associations, where people are of genius and power, work together, 489 01:19:43.780 --> 01:20:01.780 Again, we see the advantages from working with money-hangers. They're all people out on this avenue. And again, we're not getting any more money than what we're getting. And that's what we've been saying the whole day. We're super out of it. We're super in it from the bottom up. 490 01:20:01.780 --> 01:20:20.780 So, I get to people that, you know, I'll take the ban on going to hell with it, the burden of being in the market is a lot of money, I'll take it, I've loved that banking all my life, and I'm getting proud to have it in my living room that's full of the money I just bought from Ludwig Boehm-Bawerk last week. 491 01:20:20.780 --> 01:20:32.780 So, formally, the commercial aspect of taking the fact that it is involved in markets, it is involved in money, it does not contaminate it. 492 01:20:32.780 --> 01:20:43.780 Martin Payet, a 10th money, a 10th pound business, Romantic Payet against it and a new gold standard. 493 01:20:43.780 --> 01:20:49.780 Payet against it somehow suggests that art and painting isn't in any way involved with money. 494 01:20:49.780 --> 01:20:57.780 Well, next week we've got a lot of paint to paint here, because the history of painting is totally irrelevant to the history of Congress. 495 01:20:57.780 --> 01:21:02.780 I think that was an hour ago, even some hard times have passed. 496 01:21:02.780 --> 01:21:06.780 So, let me end there, and get to questions here. 497 01:21:08.780 --> 01:21:09.780 Yes? 498 01:21:09.780 --> 01:21:18.780 Can you hear a painter's opinion that his work is inflated because of their evident lack of a tax subject on its commercial enterprise? 499 01:21:18.780 --> 01:21:20.780 Oh yes, yeah, we are. 500 01:21:22.780 --> 01:21:28.780 For famous people, debt is a place of accurate treatment of a lot of people. 501 01:21:28.780 --> 01:21:31.780 But that place is someone beyond commercialization. 502 01:21:31.780 --> 01:21:37.780 So you know, these examples of the same audience, people who don't understand, you know, 503 01:21:37.780 --> 01:21:41.780 they're obviously not thinking for market at that point. 504 01:21:41.780 --> 01:21:43.780 They don't know what they're doing. 505 01:21:43.780 --> 01:21:47.780 I have a couple of examples of this. 506 01:21:47.780 --> 01:21:51.780 I've talked about this a couple of times. 507 01:21:51.780 --> 01:21:55.780 But let me get off the ground. 508 01:21:55.780 --> 01:22:01.780 You know, basically, since we became the after-developed outline, 509 01:22:01.780 --> 01:22:05.780 you know, so we can't take this to market at that point. 510 01:22:05.780 --> 01:22:09.780 The patent pages went off the top of the hill. 511 01:22:09.780 --> 01:22:26.780 So, there are many arts in the anti-commercial atmosphere of Rudd-Arts criticism in our country. 512 01:22:26.780 --> 01:22:37.780 And in fact, the best commercial rule of an army today would be anti-commercial. 513 01:22:37.780 --> 01:22:52.780 What did you say to Frederic who was pointing out? He said it's unfortunate that Goya had to design wallpapers. 514 01:22:52.780 --> 01:23:01.780 No, and again, I'm not, I just didn't take the things I should have said today. 515 01:23:01.780 --> 01:23:07.780 The only thing I remember is that I'm not saying that markets are perfect, and that 516 01:23:07.780 --> 01:23:13.780 all these aren't uncomfortable with some of the commercial aspects. I'll come back to 517 01:23:13.780 --> 01:23:19.780 this afternoon when we do the 1970 novel. You know, the Apollo is the greatest collection 518 01:23:19.780 --> 01:23:27.780 of lawyer paintings in the world, and it's just as blue as the moon. And you can see 519 01:23:27.780 --> 01:23:36.180 The man's entire life and artistic life unfolds, and my heart fell when I walked into the wallpaper room. 520 01:23:36.180 --> 01:23:42.660 I mean, there was any thought to see a man just making wallpaper. 521 01:23:42.660 --> 01:23:45.620 It's very pretty, that's the best I can say. 522 01:23:45.620 --> 01:23:49.060 I was going to make a wallpaper, so it's great wallpaper. 523 01:23:49.060 --> 01:23:54.100 But it's wallpaper. It's wallpaper wallpaper. 524 01:23:54.100 --> 01:24:09.100 But, you know, when you look at the portrait you did for the Royal Family, I mean, that's for the mother, you know, that's a really bad painting. That's a really bad painting, but it's a different kind of painting. He makes a book like this, and you don't want him to do the same here. 525 01:24:09.100 --> 01:24:23.100 Literally, it's a painting, it's a painting right here, and he's really good at this. It's the greatest warning against injury that you'll have to go out and talk to the Hispanic Royal Family. 526 01:24:23.100 --> 01:24:49.580 and then we get to the last room of these kind of sort of dark thinking when he was living alone for a whole year or so, and then it gets bad, and you know, this is a great thing, one great thing you want to see, and he sort of, I mean that is a real lesson you see in every form of Miami's support for art and what their advantages and disadvantages are. 527 01:24:49.580 --> 01:25:09.580 You know, maybe in the long run you made a great living and were allowed to do the other part by doing that, but I think it's true, we emphasize through Shakespeare, that every one of these artists who has embraced the market in some way has a subject. 528 01:25:09.580 --> 01:25:38.580 Let me remind you, Rembrandt went bankrupt at one point. Now, the fact is just like that, after 11 filing, with remodeling and the historical work that he's done in his life, he spent about three or four years there, and went back to making money, and he wanted to be a banker, he was a great art collector, and he loved to spend a fortune on painting. He loved buying other people's paintings and prints, and he's wonderful, an old man who's got art and stuff, and he's moving, by the way. 529 01:25:38.580 --> 01:25:44.580 Some of these money takers, maybe they're money takers, but they love finding other people's money. 530 01:25:44.580 --> 01:25:50.580 But every one of these people has been frustrated by having to deal with the money. 531 01:25:50.580 --> 01:25:57.580 But they're also frustrated by having to deal with takers, and if Ludwig had to apply for behavior, 532 01:25:57.580 --> 01:26:03.580 then he would have found these people frustrated, or more frustrated at one point. 533 01:26:03.580 --> 01:26:27.580 1. It is frustrating to artists that have to do something in the term of being given the means to live and for being given the means to change in the state. But, if you know, everyone came to find something, I have to bring paper in order to be expected. I love lecturing, I love teaching, and bring paper. If I didn't have to bring paper, I'd do what I do for nothing. 534 01:26:27.580 --> 01:26:32.580 and the gold standard is the same as the gold standard. 535 01:26:32.580 --> 01:26:37.580 So, yes, you're absolutely right, and gold is a wonderful thing, 536 01:26:37.580 --> 01:26:42.580 while the other problem I consider is the same as you in the world, 537 01:26:42.580 --> 01:26:47.580 and one of the reasons is that there's three huge rooms of glass, 538 01:26:47.580 --> 01:26:52.580 and they have basically, they have this whole light there, and you can just watch it. 539 01:26:52.580 --> 01:26:59.580 I've never seen this one. You turn a corner and you're in pastel. The wallpaper rules. 540 01:26:59.580 --> 01:27:11.580 And it's just, you know, hard to see, but you know, for a man that goes on to paint atlas, the valley, the storage, and those incredibly dark paintings with that heavy layer of paint on it, 541 01:27:11.580 --> 01:27:17.580 I think it'd be, you know, for years he was just repeating his pastel drawings for wallpaper. 542 01:27:17.580 --> 01:27:36.580 Thank you very much, ladies and gentlemen, and thank you, ladies and gentlemen, for this wonderful opportunity of my life. I don't cry anymore.