Boris Johnson Resigns; Luxury Art Market Soars 7/7/22

Squawk Pod

CNBC

Investing, Business News, News, Business

4.2 • 543 Ratings

🗓️ 7 July 2022

⏱️ 25 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

UK Prime Minister Boris Johnson is resigning, following a torrent of resignations from ministers in his government in the past 24 hours. CNBC Europe’s Steve Sedgwick reports on the scandals that have caught up with Johnson and the quick sea changes of UK conservative politics. As Wall Street parses through the market’s recession signals and portfolio managers brace for a deeper downturn, the luxury art market soars. The first half of 2022 broke records for the industry, marking the most ever paid for an American artist at auction ($195 million), and the most ever paid for a single collection (a cool $922 million). CEO of Masterworks Scott Lynn offers investors fractional ownership–equity shares–of blue chip works by the likes of Basquiat and Banksy, and he says, it’s an alternative asset worth the hedge. Plus, the market is working its way through the Federal Reserve’s reasoning behind its 75 basis point rate hike decision last month. In this episode: Scott Lynn, @Scottlynn Steve Sedgwick @Steve_Sedgwick Joe Kernen, @JoeSquawk Melissa Lee @MelissaLeeCNBC Katie Kramer, @Kramer_Katie

Transcript

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0:00.0	Bring in show music please.
0:03.0	Hi, I'm C, NBC producer Katie Kramer, today on Squack Pod.
0:08.0	Translating Fed Speak or trying to.
0:11.0	It does sound like they would rather err on the side of
0:13.7	oil prices. Of hiking. Look at oil prices. You wanted to talk about something
0:16.7	different? No. How's this for something different? It's been very much the
0:20.4	Boris Johnson show here in the UK. The British Prime Minister resigns as rising energy prices and a cost crunch spread globally.
0:28.0	Europe's going to catch a coal.
0:29.0	Maybe the UK just gets half of it and then hopefully we can just get sniffles.
0:34.0	Plus crypto crumbles, even tech returns have been rocky, so why not art?
0:39.0	Own a piece of a Picasso?
0:40.0	Masterworks CEO Scotland says it's a reliable hedge.
0:44.4	We have data going back centuries for how these artist markets have developed and appreciated over time.
0:49.3	And artists like Rothko today consistently appreciate around 13, 14, 15 percent.
0:56.2	All that today and much more, it's Thursday July 7, 2022.
1:00.6	Squack Pod begins right now.
1:03.0	First up today on the podcast U.S. stocks may be getting a bit of a bright spot.
1:12.0	The S&P 500 seeing a few consecutive days of gains
1:17.0	after the dismal first half of the year
1:19.0	and the recession fear factor sweeping Wall Street.
1:21.0	We know a bit more about the Federal Reserve's fight against inflation.
1:25.0	Yesterday the Central Bank released the minutes of its June meeting, which revealed the Fed is prepared to be even bolder to curb surging prices.
	...

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