The Economics of Painting: Patronage vs. the Market (video)

0:00The Theory of Money and Credit

0:30This morning we're speaking about painting and this afternoon we'll speak about music and tonight's film at seven o'clock here will be Amadeus, a little bit more on Rothbard for a film that actually deals with the issue of paper versus the market in very few ways. Okay, let's turn now to painting. I'll begin by paraphrasing an ad. Your gold retirement watch, $879. Your wife's diamond wedding ring, $29,800. A red-brass tricet. For all else For all else there is mastercard. It's really easy to have this notion about paintings that they are priceless.

1:30Well, recently at auction, a painting by Gustav Klink came on the market that was priceless. It sold for $135 million to Raoul de Blouder of the Noire Gallery in New York. So here was this priceless clump, you know, billed as the last great clump that would ever come on the market. Priceless at $6.5 million, $6.35 million. 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.

2:31And that would be about $20 million today, given inflation. 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. So paintings do have prices, despite the fact that we call them priceless. 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. 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?

3:23I 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. Now, again, that was a lot more than that would be, you know, at least $300,000 today. The last time it had a price on it was $43,000. So, paintings are part of markets. 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 to market as a cultural force.

4:36That's why the Howard Cowell book is so important, and the background painting, I think, is the best factor in the book, but one reason it is so good is that's the one area where he's able to draw upon established scholarship in the field of art history that recognizes the importance of markets to painting. and I'll be referring to Alfred's book which is called Red Writer's Enterprise and I've been surprised to see a number of books in our history that for which entrepreneur is not a dirty word. Alfred calls Rembrandt an entrepreneur, a book that I post on the supplementary bibliography, Michael Fitzgerald's Making Modernism, The Cost of the Communication of the Market for 20 Seconds of the Arts, Carl Picasso, entrepreneur, Alan Liston, Michael Angelo is entrepreneur.

5:41But it seems to be a field where the scholars are willing to recognize that there's something to be said for markets. So the way my job is going is the easiest of all that, and it is interesting that you do hear about the prices of paintings in a way that you don't hear so much about how much money Mozart made on a symphony or how much Dickens made on a novel. You hear about that, but prices seem to be futureed in part because paintings are unique objects and therefore there's this kind of fetish about owning the one you need, painting, and people get really excited over the price you pay for that.

6:33So, although in general I've been talking about this sort of anti-conversal prejudice, most cultural criticism, it's still there in a lot of our history, but let's talk about how markets support artists, and especially to talk about the positive role that businessmen play in the lives of others. This Fitzgerald book is basically a kind of celebration of Picasso's art field and how much they've been to make his art possible. And Fitzgerald makes the point that Picasso did very flattering drawings of his art fielders.

7:19They don't have one eye pointed one way and the other eye pointed the other way. And they're not split into cubist planes, they're not attracted to each other, they're not together. And Israel says, you know, potential new food reds butter. And it wasn't easy. It's like Paul Rosenberg. And he points out that these dealers help promote Picasso, they arrange First in private galleries, exhibitions, and then all major museums, ultimately the Museum of Modern Art, with a staging exhibition for Picasso. And the detail shows how the, the, the arqueologists served as middlemen in the classic entrepreneurial sense.

8:08They let the world know about Picasso, but they also let Picasso know about the world that is they were telling him what his clients wanted and they helped make Picasso which he said he was. And by the way, you know, as I was talking about the myth of the starving artist, well, Picasso died a big man and what a big analysis of still a lot of money. You know, again, we have this motion that, you know, Picasso, he was quite wealthy, 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.

9:11which I want to trace a calendar of the elegance of European painting and show how it was involved in the development of capitalism all along. So a very interesting thing that the two renaissance in painting, in Italy and the low countries, correspond to the commercial flowering of Europe starting in the late Middle Ages. That is, if you look at where the great traditions of European painting begins, it's in what's now Italy and what's now roughly Belgium.

9:56Now, in fact, it's misleading to talk about these nations in connection

10:33in 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. 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.

11:25And as Salerno points out, it's really these cities that are the origins of painting as we know it. And they are the great commercial cities of their time. They were in a way bordered by great powers. 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. And it's very interesting that the great painting we think of developed not in these massive political entities, and Finance and the Holy Noble Empire, but in these effectively called city states, the Ludwigs' estates are called cities, which were great training centers and also the centers of manufacturing and the beginning of modern banking and everything associated with capital.

12:38Dennis was a great training center with the Ottoman Empire then and in general in the East. Florence was a center of manufacture, all sorts of arsenal work. And Antwerp at that time was the great port of Northern Europe. They even lost that role to Amsterdam. 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, and the Economic Basis as a Necessary Condition for All.

13:36There are many places in which painting requires a certain level of economic development. Just when we talk about the theater, requires London having a certain economic level and take their place. Painting requires a certain space of appearance. He means, for example, paint. 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. 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.

14:27But 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. Moreover, artists needed customers, and customers with money to spend on something as frivolous as art. He had a medieval peasant sitting in his huddle, was not wondering about putting up the pages. He might have loved to, you know, improve the look of the double, but it was not often.

15:16The game was thrown at the process of our double for their attention, too. But you have to achieve a certain level of self-sufficiency, take care of the basic economic needs of life, and then you can start worrying about buying paintings. And that's what started to happen in cities like Florence and Venice as we started 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. 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, 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.

16:29But 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. 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. 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. So, what is that? Is that patronage? Is it customers? Because Mr. and Mrs. Salerno did pay for that painting.

17:18Still, I mean when I say that the line is a little difficult to draw. And similarly, with, you know, you want to say that the Renaissance is the great age of aristocratic patronage and painting. That's certainly true. But many of those aristocrats, one generation earlier, were just merchants. 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. Van Eyck's famous Arnold C. Wedding, which is in the National Gallery in London.

18:08That's the portrait of an Italian Mises and his wife, and he's got paintings and recouples. With the northern painters, it's an even more commercial environment than the Italian city. 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.

18:53So, as Salern points out, these painters fairly early developed bargains. ...paintings, that's one reason why paintings were expensive, because there were a lot of gold in that art form. And so, it's very hard to draw the line between artisan and, well, metaphoric artist in the letter town. Some of my friends, for example, made beautiful objects of art. I mean, it's both fantasy and a thought factor. It brings up the idea of Indiana, as one of the great algorithms in America. Well, it's just a thought factor. It's in front of a variety.

19:39It's got a lot of gold in it, and ivory, and stuff. But the point to see is that at this time, artists are going to think of themselves as fine artists

20:50I was thought of as the step-children of Renaissance art. They were the big thing in their day. Half of them were the key of Renaissance art in their day. They were much more valuable than anything and much more valuable than anything. It's kind of an irony if they say people didn't realize that. 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,

22:48is 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, I told you so, I did it as oil banking. And so, first, this is, packaging reading was a huge industry in the moment, 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.

23:36and the City. And, and, and, uh, uh, practices were so important because, uh, they were portable. And especially having four courts, someone like myself who's a political member, we only moved around, and, uh, what you know is that having these practices that you could roll up, take them to the, set up your new court, put up your practices, and suddenly you have this beautiful court. and those monorects that outfeed each other, who has the best capacity and they spend spectacular sums of money on these capacities. I mean, the fees that you can get are the chances of on-term, of like, you know, a whole lot of times. Half the budget goes to the bank, half the budget goes to the bank. I'm exaggerating there, but that's the level of spending that 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.

24:55There'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. The path of people, once interested, once in the good, I think, and several in the bad, they don't look anywhere near good. I would usually come to them with a stowaway. People prefer, they are amazing, rational, creative work. Anyway, but that's the level of people in front of you. You wanted to do it pathically, but you got a great audience,

26:12and, you know, that's just commercial, and again, it was better than his business, probably his business, really, at that time. What he thinks was incredibly beautiful, they found the greatest artistic talent of their day. And so what are we talking about? Is this an industry or is this a fine art? And again, that distinction will not be amazed at. And so when we look at the beginning of painting and even figures like Raphael, they were very much involved in the political market. And later on, Goya spent much of his career producing the models for wallpaper.

27:01If 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. 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. It would certainly make sense to start, you know, a family facility, as they say here. They could all have wallpapers and wallpapers in their homes.

27:46I 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. 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. His dream was not just to sell a painting, but to sell a thousand reproductions of that painting. And at one point, he discovered two lands. And Hayek's mind said, well, we could do something with it, we could reproduce it, and we could sell it at the capitol.

28:31And he said, I'm going to land it. And it was quite remarkable, but you know, that's what he sees always going. And what makes it possible for them to pursue their career is that the market finds ways to make money. And again, that's what, you know, your furthest from that is having to give up to a little paper or, you know, The very idea of a full day was a commercial gimmick.

29:16We go back and ask, why do we have paintings for banking roles? 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. And my critical example of the artists, the first artists are the Mammothons. There are people painted on walls. There's a model that's called Plexo, and there are many, many great examples of wall painting. Or healing painting. This is too capital. The walls are painted, they're Plexoed, the healing is Plexoed.

30:08and 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. You can't take this up to a 50-mile field because only one person owns it for 8,000 years. So if somebody's got the idea of a painter, recently a lot of people were, and Cattie came up with the idea, but the idea of a painter is important, it's affordable.

30:53And you can say to somebody, if you paint somebody's wall and it doesn't like it, 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. 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. It's a portrait of you, a portrait of King Saul, that you sell it to someone else. So, the idea of just a painting, of hanging out in the woods, hanging out in the canals, sounds quite commercial without it, and opens up tremendous freedom to others.

31:38Again, they'll often start to get paid a little bit for pictures that play the market. And it really works with, you know, the low country, the plundered area, and then later,

32:24In the northern countries, the English probably get the idea, well, here's to an Indian and not a settler in a bank. It's probably to get Indians that are the dealers in England before. And that becomes the best because it's available in the 17th century in the Netherlands. The output of fraud cases is simply staggering. 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.

33:20and 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, 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 and the Dutch Art Market is a perfect example of that.

34:18And with the entire, there's a negative context. I do feel there's almost a kind of standard benefit when some of you sometimes take the wire a bit from a form of it. But again, one of the reasons these painters have succeeded is because the traditional language of people became secular.

35:08People on Ice, when we recruit 400,000 people, 3,000 babies, and it's because the first time we see an outcast any day, that's really impressive, at least the other day, and after a while we realized what we were doing the same while, but finally they said no, amazingly real fast people instead, it says, we need to get the out, so we're not African, we're not Faragans, and our whole state as well. And so that is an example of how people are so much involved in market activities as we understand them. People use all these ways that artists began to be able to make living, make a living as artists that again, and again, not be dependent on specific payments.

36:05How he places that in detail in a lot of the model, I don't know, it's really in the late of time that our modern notion of the audits along with our team, a version of it, we as the audits did not like being here auditors or we're a class now. In fact, one of the interesting things is They often view it as very much the focus again, as very much the future of the many people dealing with it. 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, and by all means you need to be sure you're restrictive, that there's debt crisis, and so on.

36:52for 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. Albert Stratus had a rendering career. It's actually kind of weird when you're talking about the dust-painting field, you have to spice your painting by the hour. We starved for the hour for taking that, kind of the spirit and body of the theory of the value. I remember I didn't like that. You could take it quick with it. 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.

37:51and 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. You see that in Giorgio Petali's lines of the artist. Giorgio Petali is himself a painter and a rather cool one. 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.

39:12The reason that artists could become independent is because of a market that aids them to increase their opportunities. 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. 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. 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,

40:40I guess I don't like fat people being one myself. I don't have a lot of fat in that.

40:53And Rubin's output is, again, simply staggering. And it's very tricky to get overwhelmed by it and say, oh, another Rubin. And then it hits something like the money that was in the room or just a whole painting that was stuck in the light in Vienna and you know, you're just overwhelmed with power and the painting. And he was the most successful painter of the day, 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.

41:49You 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. This workshop produced them, and it's not just one type of production, Rubin's an example of type of production. It's been over as many years since I've been here.

42:37You get used to seeing on a label of paintings studio or Rubin's, or Rubin's workshop. 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,

43:34Some of them are very good, some of them are very bad. Some of them are eternally good, sorry. But there's a bit of an illusion here, and Rubin is a great example of it. That is, Rubin had a workshop. He had a lot of young artists around him who he worked with. and a lot, it's very hard to tell now, to get a moving painting, who painted what. We have in this case an enormous number of staff members for painting, Mr. Boehm's got a common brain in this painting. What he would do, he worked incredibly quickly, 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.

44:30It was a big business, a big company. It was quickly 10,000 ounces, it looked like, and I'm talking about a deficit from across, or a huge investment scheme, or maybe a scheme that you have to see and fit into evidence from Royal or Instagram or something. 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. 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,

46:09In 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. Again, it's the principle we think of our having to be the product of a stable business. And we often think, I don't want to be naïve, you know, month-on-month long, things get a whole little bit more difficult, more difficult, a lot. That's very well documented. But there are examples where anything is not just created by one person, and it's not worse for that reason. 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.

47:02Well, Rubin really had a factory, it was really mass production, because there were templates for these things out. And, you know, there are these great debates now about any given Rubin painting, I mean, how much did he paint it himself? One of the ironies now is when you go to museums, they have a disproportionate number of Rubens' sketches at the top. Because many artisans probably sketched more than a few paintings because they were scared by Rubens. He did the sketches himself, but paintings are not so sure how much of it he did.

47:48and they were often seen as, you know, there's war or even the vibrancy and color of the minimal sketch. I don't know if that's true or not, but if it shows you again the presentation of the ten laws, the tangible value of the interpretation of the sketch is proved by Ludwig for the sense that he's done well. And again, you don't see the claimant paintings of Ludwig that he did in the room are just that. And so he was married 21 a day. Now they are both people. We might have to keep them. But, you know, he goes to the United States with the Vienna and the Christian Solidarity Museum and the Dean's Collective Movement. The little business side museum is a whole room full of rooms. The outfit is just fabulous.

48:37And one thing you can say, I mean, he created a style, in vulgar contemporary terms, we would say he created a paradigm. He created an adjective, rubanet. I guess you all know what I mean when I say something like this. You know, rubanet was a fast, colloquial word. And I would say we know what that means. 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. They were not necessarily getting a movement original, and they knew that, but they knew what they were getting and it looked good.

49:23It was someone who didn't have a few people who had stopped the painting as long as it looked like a movement. 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. 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. 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. 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.

50:13But again, this is an example of a big economic principle, division of labor, and it's been working in my branch as well. Albert's book. Albert's book is excellent for presenting the issue of the Remembrance Day. He still has a few more workshops, and he claims the final stuff in terms of his generation. There are things that are actually more famous than Remembrance Day at the time, and changing the names of greater crises at the time, as I've pointed out to all of you. So, what I'm getting at here, again, you see that art is an example of social collaboration in a market environment.

51:07And again, find a picture of how a market would describe to you one of these workshops. It would become the Rubin's workshop, the Red Bank's workshop. 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. Well, why was Van Dyke in the Ludwig's question? Was slavery, even slavery, in 17th century standards that Ludwig before Van Dyke worked for?

51:56No, why did Van Dyke, how could I work that? He wanted to work out of Henry. And Ludwig was the greatest anchor in Europe at the time. and those now prove to be making more money off these hands than the guy from Pan-Tac put up with that. And not just put up with it, but you know, he stayed there. He said he was learning how to pay by working for the Sky Movement, developing his products, and he laughed around the kitchen, and I forget, he spent a lot of time in the woodwork shop, 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.

52:57I think this is something that we pay attention to. But you know, music is a typical good example of a market environment. Rubin has been playing by Good Deal. You know, you work at my workshop, now I get the chance to pay for the most of the money I spend on GQI, you know, and then you go off and start your own business. And that's what happened. And, you know, again, Mr. Mises, sort of, the native torturist, he would say, the cultivators are dead. They thought they were getting a rubin, but they're really getting, they're getting really, really tough.

53:42And 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.

54:19The 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, 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.

55:12In the past twenty years, twenty, thirty years, the number of people in the world has increased. 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, which sends a bunch of experts around the world, checking out the Rembrandts, and telling us if they're unique by Rembrandt or not, and the answer is different from the project that a lot of them are not by Rembrandt.

55:59Now, the situation is similar to the Rudin's situation. Rembrandt, as I said, he had a workshop in Albersburg, a book in Gershwin, on this finalist. And so, he was training a whole generation of artists, and they learned to paint like that. It turns out some of Rembrandt's self-portraits are by his students. Rembrandt's self-portraits are by his students. And, you know, people are frightened in the future, because for years and hundreds of years, Rembrandt's self-portraits are by his students. And, you know, it's exactly the same personal, young artists using Rembrandt's place.

56:52They 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, 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. 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. You see that Rembrandt is looking for a market, and you see this as a way of getting a detected pavement. As you know, as late as the 17th century in Hans, some artists were still trying to become court painters.

57:43In fact, some of Rembrandt's students became court painters in some way with an annual salary. 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. In fact, when you spend it, out of five common players across the whole world, it goes to $2.3 billion in 1966. It was ordered by some of these people, and it was delivered in 1912. He said that, he was not kidding, he had to work on it some more, and never said, for five months.

58:29He literally talked work on it some more. 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. 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, So that we know what a real-life picture looks like, we just don't know if it's my friend's life. And really, I don't know if any of you have found it, but some of the deep permission has been spent at you. Above all, the man who imposed his own life. Which is my favorite way for it.

59:15It's now your personal sin not to be my friend's life. It's the one that's in me for a living. This is one of the defining right-wing pictures. 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, we took a movie seven times in a figure, all over the place, westerns, fighting, you know, other stuff, you know, 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.

1:00:33People 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. 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. I'm Roman R. I'm the associate of the grand-grands. 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. 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, it's one of the worst thinking attempts in history.

1:01:25So they're here in Boston, they are a certified museum. And they robbed of a familiar, I mean that's tragic because it's the only one I've told you in the world, 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

1:02:39The first round, a vertical here, a little red line. Oh, this is another red line. Let's take that and go over 20. I mean, it was already identified as over 20. So there's kind of a key stand-alone difference. Go over 20 with the great painter. Go, go her. I don't want to take the name of the golden-toed wooded father again, but anyway. It's an interesting issue that all kinds of evidence can latch on to this question about what is the value of painting. And you see here that so much of the space of the value of painting is governed by this myth of the South African. I'll tell you, when the Rembrandt Project comes in and tells you here Rembrandt is not by Rembrandt, it's value falls.

1:03:30I'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, 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. You know, there's a kind of correlation between this author-based thinking about thinking and or neighboring values.

1:04:28And 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. 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, because the Labor Theory of Value is actually the student's theory of value, and this professor did not agree with it. The Labor Theory of Value is, why would you give me a T on that paper? I'm working so hard on it! 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. I know they're going for a spiritual advocate, but it's very interesting that if you go back to here, to Ricardo's, 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.

1:05:41And you couldn't estimate the value of a paper on how much time was spent. First of all, if Ludwig and I were put in a room and started painting at the old release time in an hour, the print roll would be very different in value of what that painting was in any way. 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, 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.

1:06:36The value of the painting is what the market is turning for. Right now, a print painting is under $35 million. Over that, there's a paragraph in Alfred's book that two Austrian economists have projected through the data. It teaches the decline of red rats and women who are at the market because of the painting. and that's the thesis of the Green New Amendment that the pain is, you know, even now, people do have the pain. We're going to have to concentrate on the record things and see how it can be done. 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.

1:07:23But the beauty of the question, why did the paintings banish any of the artemis who painted it? But this is, you know, a whole spectrum in the art world now. And again, broadly a part of the 19th century, you know, many paintings have only been We are approaching an artist's day in the 20th century by art of science. The great role of painting is that, I think, they pull out a painting and say, well, something like, you know, to me the greatest single painting in the world is the Faro Gepardista, meant to be by Giorgio Candelari, a fabulous painting.

1:08:15But it wasn't identified by Vanuatu for a hundred and four years after it was painted and, you know, Joseph Salerno was saying that, wow, I love that painting, I'm going to have it. He wasn't saying I'm collecting Vanuatu, he said I love that painting and it's so mixed, that's why we have a hard time identifying a lot of paintings now. Where history is not all that clear, and for centuries no one cares who painted it, they just want to portray it as beautiful. It's literally a romantic period as you start to get into some exceptions from the solitary scene. Renfriar has become one of the emblematic figures of that, and the Renfriar network is booming.

1:09:02and 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. My favorite example of how weird this is, what, what did you do with this? It's a whole different order in the UK. 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. 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. 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.

1:09:58and the use of agency for business. And other firms will say, so banking is so perfect, it must be by the record, and it can be by the students. I mean, they are serious, they're very consistent. And I've gotten pretty suspicious with the full-run bank project. I'm definitely not going to have a look at the website, I've got it all in there, Walmart. And I'm good. I hope you find it fun.

1:10:25We use the core three, of course,

1:10:56and the Federal Foreign Trade. We're very stupid and old, heart and world, and we do have to take some spectacular examples of what we've discovered. But it's kind of, you know, when someone forms a painting, and again, it was decided, and labored in with the paint, he could paint for me. I mean, that was not easy, but he could paint for me

1:11:54and the Great Italian Medical Painter, Giorgio Di Chirico, he did it to the self-organization. Now what happens is that Di Chirico, Di Chirico was a former colonialism, you know, a favorite of mine since 1959-1960. He was painting these, reading from Leo Carpenter, painting these. He was one of my favorite painters, and, you know, again, many people would want realism. I think he was also a late child, and probably became more realistic, and became more self-possessed and stuff.

1:12:41You 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. So we started painting the same kind of paintings we did in the teens. 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. But those values are considered extraordinary. That is just amazing for me. I mean, there's absolutely no question that Georgia will be careful.

1:13:28and the people have this idea of the romantic audience who are unsuspecting that what I want to hear is you decided to make it yourself by painting in the old stock as an authentic he wasn't painting from the heart he was painting to make sense if you go to the Mickey Hills in Carl 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,

1:14:57is 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, 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.

1:15:44I 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? It displeases you. It's great painting. You look at it and you say, this time all uses better value. People for years said about the man with the golden helmet. How did it change? Is there a time when it changed? Or was it maybe over a decade or something like that? And again, Alford, as a hard-time guy, he said basically that money was created in a style that he called runway.

1:16:29And again, he didn't recognize the runway from a mile away.

1:17:03and 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, In the late 19th century, it was a spectacular painting. And again, commercially more successful works. I might add that people became more famous in the 19th century. It's in the late 19th century that the Jews were able to make a sort of fund, and that paper started rising.

1:17:55All this was based on the feelings of the creative genius,

1:18:30is really raising the position of how we understand painting. Is it all somehow a mythic dream where there's individual media as a unique aura which we will easily communicate through these paintings? 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. 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. And again, these are not hacks. When you look at the identifiable independent work that they all do, they aren't great thinkers.

1:19:19It 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, 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. 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.

1:20:20So, formally, the commercial aspect of taking the fact that it is involved in markets, it is involved in money, it does not contaminate it. Martin Payet, a 10th money, a 10th pound business, Romantic Payet against it and a new gold standard. Payet against it somehow suggests that art and painting isn't in any way involved with money. 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. I think that was an hour ago, even some hard times have passed. So, let me end there, and get to questions here.

1:21:08Yes? 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? Oh yes, yeah, we are. For famous people, debt is a place of accurate treatment of a lot of people. But that place is someone beyond commercialization. So you know, these examples of the same audience, people who don't understand, you know, they're obviously not thinking for market at that point. They don't know what they're doing. I have a couple of examples of this. I've talked about this a couple of times. But let me get off the ground.

1:21:55You know, basically, since we became the after-developed outline, you know, so we can't take this to market at that point. The patent pages went off the top of the hill. So, there are many arts in the anti-commercial atmosphere of Rudd-Arts criticism in our country. And in fact, the best commercial rule of an army today would be anti-commercial. What did you say to Frederic who was pointing out? He said it's unfortunate that Goya had to design wallpapers.

1:22:52No, and again, I'm not, I just didn't take the things I should have said today. The only thing I remember is that I'm not saying that markets are perfect, and that all these aren't uncomfortable with some of the commercial aspects. I'll come back to this afternoon when we do the 1970 novel. You know, the Apollo is the greatest collection of lawyer paintings in the world, and it's just as blue as the moon. And you can see The man's entire life and artistic life unfolds, and my heart fell when I walked into the wallpaper room. I mean, there was any thought to see a man just making wallpaper.

1:23:42It's very pretty, that's the best I can say. I was going to make a wallpaper, so it's great wallpaper. But it's wallpaper. It's wallpaper wallpaper. 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. 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. 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.

1:24:49You 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. 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.

1:25:38Some of these money takers, maybe they're money takers, but they love finding other people's money. But every one of these people has been frustrated by having to deal with the money. But they're also frustrated by having to deal with takers, and if Ludwig had to apply for behavior, then he would have found these people frustrated, or more frustrated at one point. 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.

1:26:27and the gold standard is the same as the gold standard. So, yes, you're absolutely right, and gold is a wonderful thing, while the other problem I consider is the same as you in the world, and one of the reasons is that there's three huge rooms of glass, and they have basically, they have this whole light there, and you can just watch it. I've never seen this one. You turn a corner and you're in pastel. The wallpaper rules. 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, I think it'd be, you know, for years he was just repeating his pastel drawings for wallpaper.

1:27:17Thank you very much, ladies and gentlemen, and thank you, ladies and gentlemen, for this wonderful opportunity of my life. I don't cry anymore.