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Planet Money

Planet Monet (Classic)

Planet Money

NPR

News, Business

4.630.5K Ratings

🗓️ 11 January 2021

⏱️ 18 minutes

🧾️ Download transcript

Summary

Investors are pouring money into art, but a lot of it is disappearing into storage. We find out why. | Subscribe to our weekly newsletter here.

Transcript

Click on a timestamp to play from that location

0:00.0

This is Planet Money from NPR.

0:04.0

Hey, it's James Sneed, producer here at Planet Money.

0:10.8

A couple years ago, Julia Simon and Kenny Malone did a story on the art market and how

0:15.5

some of the most valuable works in the world are kept in a kind of painting perkatory.

0:21.1

So for no particular reason other than it just happens to be one of our own personal

0:25.4

favorite episodes, here's Planet Monet.

0:28.8

Enjoy.

0:30.8

Julia Simon.

0:31.8

Kenny Malone.

0:32.8

Last week you spent some time on Manhattan's Upper East Side.

0:36.1

I did.

0:37.1

Because we had heard that there was like something weird going on in the art world, in the art

0:42.3

market.

0:43.3

Yeah, I went to Sotheby's, I went to this art auction, and I get there.

0:48.0

It's this big room, there's jazz music playing.

0:51.0

Ladies and gentlemen, the sale is about to begin if you could take your seats.

0:54.9

I was surrounded by men in fancy scarves, women in black dresses, everyone drinking champagne.

1:00.9

They settled in.

1:01.9

Good evening, ladies and gentlemen, and welcome to Sotheby's.

1:06.1

My name is David Pollock and I will be your auctioneer this evening for you.

1:09.1

The art market has been going nuts.

1:11.5

And we begin with Lot 1.

...

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