Founders
Episode 325 #325 Larry Gagosian (Billionaire Art Dealer)
Founders

Episode 325: #325 Larry Gagosian (Billionaire Art Dealer)

Founders

Episode 325

#325 Larry Gagosian (Billionaire Art Dealer)

David Senra is the host of Founders, where he studies history's greatest entrepreneurs. This is what he learned from reading How Larry Gagosian Reshaped The Art World by Patrick Radden Keefe.

What I learned from reading How Larry Gagosian Reshaped The Art World by Patrick Radden Keefe. 

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Get access to the World’s Most Valuable Notebook for Founders at FoundersNotes.com

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(4:00) The dealer has been so successful selling art to masters of the universe that he has become one of them.

(5:45) We think of genius as being complicated, but geniuses have the fewest moving parts. Gagosian is simple. He's basically a shark, a feeding machine.

(6:00) A novice is easily spotted because they do too much. Too many ingredients, too many movements. Too much explanation. A master uses the fewest motions required to fulfill their intention.

(10:00) His own publicist described him as “A Real Killer”

(12:00) The Invisible Billionaire: Daniel Ludwig by Jerry Shields. (Founders #292)

(17:30) There is always a blueprint. Joseph Duveen was the art dealer to the Robber Barons. 

Biographies of Duveen:

Duveen: A Life in Art 

Secrets Of An Art Dealer 

Duveen 

The Artful Partners: The Secret Association of Bernard Berenson and Joseph Duveen 

(18:00) Numerous friends of Gagosian caution me not to mistake this merry-go-round of parties and galas and super yacht cruises for a life of leisure. This guy is always working. This motherfucker works 24/7. The parties are marketing showcases in disguise.

(19:00) The Taste of Luxury: Bernard Arnault and the Moet-Hennessy Louis Vuitton Story by Nadege Forestier and Nazanine Ravai. (Founders #296)

(19:30) The best way to raise the price of something is to say that you would never sell it.

(23:00) If Gagosian possesses one secret weapon that has equipped him for success it might be his disinhibition.

(33:00) The niche Gagosian pursued was seen —at the time —as low status. The secondary business was perceived as a backwater by dealers. It was considered a bit distasteful.

(42:00) He disdains formal meetings. He finds bureaucracy and protocol dull. There is no hierarchy. There is Larry and then everyone else.

(44:00) Gagosian reaps huge profits from asymmetries of information.

(51:00) Art is just money on the walls.

(54:00) David Geffen is still as liquid as the day is long.

(56:00) The competitive drive of self-made billionaires does not go into remission once they’ve made their fortune.

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Get access to the World’s Most Valuable Notebook for Founders at Founders Notes.com

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#325 Larry Gagosian (Billionaire Art Dealer)

Introduction

Larry Gagosian is not a household name for most Americans, but among the famous and the wealthy and particularly among the very wealthy, he is a figure of colossal repute. He is dubious of art dealers who refer to themselves as Gallerists, which he regards as a pretentious euphemism that obscures the mercantile essence of the occupation. He has always favored a certain macho bluntness and calls himself a dealer without apology.

With 19 galleries that bear his name from New York to London to Athens to Hong Kong, generating more than $1 billion in annual revenue, Gagosian may well be the biggest dealer in the history of the world.

The business, which he owns without a partner or a shareholder or really anyone to answer to controls more than 200,000 square feet of prime real estate. Gagosian has more exhibition space than most museums, and he shuttles among his outpost on his $60 million private jet. He's been known to observe with the satisfaction of Alexander the Great, that the sun never sets on my gallery.

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