Which Watch When
Let's start with a couple of basic questions regarding value. First, how many days is a million seconds? How about a billion seconds? Next, what does the Mona Lisa weigh? If you wanted a stainless wristwatch for scuba diving in 1974, what would you buy? How about a sports car in 1969 if you were looking to spend under $3,000?
I have a piece of art for sale that is 22 1/2 inches square in my gallery. It's $1,200. A moderately well-known artist named Jack sold a piece exactly these dimensions in 1950 for $306. In 2006, a piece of this artist's work around 4 feet by 8 feet traded hands for about $30,000 per square inch. I have a 4 foot by 8 foot piece for sale here in the gallery. It's not $140 million dollars. He sold canvasses splattered with paint. I scratch metal really carefully. He's a genius. I'm just me.
What is anything worth? Exactly what someone is willing to pay for it. Mr. Pollock's art is all one-of-a-kind, like mine, but Ferrari made three dozen 250 GTO's between 1962 and 1964. They cost around $18,000 when new, but one sold for $2,500 in 1969. You know, used car. One was donated to a high school in Texas and they auctioned it for $7,000. In 2018, one sold for $70 million to the guy who started a company making excellent floor mats for cars. I have them--heavy-duty plastic and perfectly fitted and reasonably priced. He makes millions of them and millions.
An artist named David Choe painted graffiti murals at the headquarters of a start-up tech company in California, and he took shares in the company in lieu of cash. When Facebook went public his shares were worth around $200 million. Good call there David.
People constantly ask me at shows, "How much does it weight?" and "How long did it take you to make?" I have a piece here in the studio right now called "Solid State" that weighs 18 pounds, just like the Mona Lisa. Mine's newer, less well-known. So what things are worth is a function of age, notoriety, weight, rarity... A diamond was found last year the size of a baseball that weighs about 3/4 of a pound. What's it worth? Whatever you can get. The luxury company Louis Vuitton owns 25% of it and plans to send it on a world promotional tour. Diamonds are roughly 1 to 3.5 billion years old. Check the box for age and the box for how long did it take to make and the box for scarcity. Add marketing. A backstory helps: Rockefeller bought the Pollock painting for 300 bucks; the GTOs won a ton of races. Throw in the factor of good condition--is something in great shape? The watch mentioned above was bought in 1974 for $345 and the owner thought it was too nice to wear, so he left it in a lock box. Turns out it's now worth around $700,000 since it is pristine. Backstory? Paul Newman wore that model Rolex in a movie. I have a piece I just finished. It's in flawless condition and so special only two people have seen it, so far... What's it worth? Make me an offer. It's called "Box Lightning". Someday it will hang in a museum. For now, your house will do. All collections start with one piece. Every one. Ask any collector.
So, wrapping up: Age, scarcity, hoopla, weight, provenance, size, obvious genius and dumb luck are all factors, in no particular order. Quite often we value what others value--sparkly rocks, machinery, colored goo on canvas...What is the value of anything? What is the value of waking up in the morning not in pain? How about the last White Rhino? Grandkids? Priceless. But as far as "things" go--invest in what makes you smile. Take chances. There are sneaker collections worth millions. Matchbox cars. Baseball cards, omg. Then, patience. Days and days and years of smiles.
Oh, a million seconds is 11 and a half days. A billion is 31 and a half years.
Find what makes you smile and head that direction...
And, of course, take care of each other. And, support the arts. Today.
Peace and love as always, Bruce
