Gaurav Kapadia: belief

Transcript context

…Do you think there is what you might call an arbitrage in current art markets? Some people say, “If you love textiles, they’re really much cheaper than paintings, and you can get more aesthetic value for the dollar you spend.” You may or may not agree, but that’s just an example of a claim about an arbitrage in art markets. Though some people say drawings. Do you see one? Some people say Old Masters. I think Tom Hill famously bought ancient bronzes to complement his contemporary art collection. The one thing I would just say about the art market right now — we’re in a mega reset as a lot of the mediocre works and mediocre galleries exit stage left, and you’re left with just higher fidelity work. I do think this concept of what is the best value is complicated in art. I’m not sure that should matter. In the pursuit of art, if you don’t think of it as an asset class — I view it as an intellectual pursuit — the dollars are less important. You’re not trying to arb the Dana Schutz drawing versus the Dana Schutz painting, which theoretically, one could do. But maybe you can afford only one of them, right?…

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