5:42
boomers who own a trillion dollars of art
collection that nobody wants
including their kids and including uh what do you call it?
Including
museums.
They're like, "No, we also don't want it." What do you mean you
don't want it?
No, we don't want it.
You you mean to tell me you don't want these
true No, we don't.
Let me read it to you.
Boomers are leaving behind more art
than anyone wants.
This is a Bloomberg story, okay?
Bloomberg story that you
got right afterwards.
I'm going to go into an art that you should want to get
into and I'll give you my thoughts on it why.
So, nearly a trillion dollars of
art is expected to change hands in the
coming decade as boomer collections get
passed down, but there will not be enough buyers or museums to absorb them all.
The baby
boomers spend money at an astonishing rate creating
unprecedented demand that produce an unprecedented
supply.
The Artnet price database included 8,300 artists in 1988.
By 2012, it's 90,275.
So, they went from having 8,300 artists now
to having a 90,000 artists.
Now, millions of heirs face the challenge of
what to do with the
collections that were expensive to acquire but difficult to monetize.
Watch how weird this is and why that is.
The next generation don't want it.
"They want something different," says Philip
Hoffman, chairman of the Fine Art Group which
advises 350 family office collections in 20 countries.
He can only think of about five families
that have thought about what happens
next.
The rest are in denial believing their children would love to
continue stewarding the collection.
Finding buyers that is extraordinarily difficult for most
cases since dead artists need committed
dealers to resuscitate interest and those dealers are few.
Many try donating
to museums, but that has become substantially harder.
There is an avalanche coming, says Michael Darling
of Museum Exchange.
It's going to be difficult to metabolize all that art museum and
nonprofits.
Almost every major museum already has vastly more art than it can
display.
And unless offered a masterpiece, it's not often hungry for more.
Many now ask for cash donations to
accompany art gifts to cover storage, insurance, and infrastructure costs.
So, we we know there was a documentary done
back in the days about art where this
guy goes to I think it's Picasso and
he
says, "Hey, there's a young artist here locally."
Picasso's on his deathbed.
"There's a young artist here locally." He says,
"Would you mind if I come and
show you his art?
He just wants you to judge the art and tell me how you what
you think about it." So, he goes to Picasso.
He looks at it.
He says, "It's not that good." He says,
"You mind if I take a picture with
you
so I can show to the young artist
that I did meet you and you gave
some
feedback." He says, "Yeah, no problem." Takes the picture.
The moment Picasso
dies, he goes and says, "This is Picasso's
last painting." >> Was it Salvator Mundi?
>> I don't know which one this is.
Not Salvator Mundi.
>> Okay, it's not.
>> He ends up selling it for millions of dollars.
>> Wow.
>> Then the documentary comes out saying that 70% of art ever sold is fraud.
It's
fake.
Don't mess with it.
70% of art is sold that is fake.
So, now imagine
these people are sitting on all this art
that they bought to put on the wall
that
people are no longer interested in.
What do you do now?
While this is going on,
while this is going on, it's very interesting.
A Shohei Ohtani's card is out there that
Kevin O'Leary and the biggest card
collection guy named Shine I've sat down with him.
He came here
brought brought me You brought a hundred million
dollar card collection with him
to show me.
This was a year ago, two years ago.
They put up a tweet and say, "If
anybody pulls this card, we have a
six and a half million dollar bounty on
this card." A father, if you can pull
up the story
on who the father is, a father goes to Boca Raton card store.
He buys the box.
Okay, the card was pulled and anonymous collector
at Boca Raton sports card in
Florida.
The anonymous collector sold the card to secure portfolio by Kevin
O'Leary and Shine.
You know for how much?
$11 million is what they bought it for.
>> Okay, I give people perspective.
Those boxes are $250, $300, sometimes a little bit more.
Just for the box.
>> get them with guaranteed autographs in it, it's $500.
If you get them with the
guarantee, the box are $500.
>> >> So they pulled this up.
And the reason why this is special is because it's one
of one.
Okay, 24 NL MVP, the jerseys that he
actually wore, signed both in English
and signed in the language where he comes from.
>> Kanji.
Kanji.
>> And so they paid $11 million.
But do you know why people are going
into card collect collectibles and more
less than art?
Because these are certified.
>> Yeah.
These are graded.
>> Got you.
These are coming from the box that you know there's credibility behind
it.
You can find out if it's BS or not.
Back in the days, a card of Honus
Wagner that sold for $451,000
by the owner of the Kings and Wayne
Gretzky, Bruce McNall, the two
guys that bought it at a New York auction.
That card that sold for 451 was
cut by scissors.
People know it.
That's still a $5-10 million card today.
But
it's a very different business to get into uh with collectibles.
So Tom, when you
hear the story, two things.
One, boomers have a trillion dollars of art that
their kids and museums don't want.
And you hear about what's going on with
collectible cards.
We were at the house in Hamptons.
We're opening up a bunch of
boxes.
Tom was like, "This is a good rookie.
This is graded.
Watch the
corners." I was like, "Tom, this is >> Tom was new to the cards.
So Tom was
like, "What what what what what what >>
how YOU HOLD CARDS.
THE WAY TOM HELD CARDS TOM WAS LIKE, "WHAT IS THIS?
A SHOHEI?"
We're like, "What are you >> >> Tom, >> go for it.
Your thoughts
>> licked one of them.
I said, "Does it Does it still taste like the bubble
gum?" >> Yeah, that's still like that.
>> were the days.
>> WHAT ARE YOU DOING?
>> Um >> >> Well, first of all, in the artwork, it's not surprising.
Um I had an Andy Warhol
Moonwalk, and I had artist proof number four.
Uh Roman numeral four in pencil by
Andy Warhol.
And now I have to say, all these years later, as far as I know, I
had artist proof number four.
Um even though I bought it from Martin Lawrence
Gallery in San Francisco.
>> Martin Lawrence?
>> Yeah.
>> Yeah, Martin Geller.
>> How many jail?
>> No, no, no, no, no.
>> Martin Lawrence Gallery in >> There was a So, I did what I could.
I'm
at asking Pat's question.
And the first part is, I did what I could, but even
back then, people would say, "You got to be really careful.
You got to be really
careful." So, it doesn't surprise to me that
museums aren't very popular, and
there's so much proper How do you get your your Warhol certified?
Some years
later, the thing was $400,000 in LA, because
they had a Warhol festival, and
there were people there that knew what they
were doing, they were certifying.
But that was it.
So, if you don't have Keith Haring, if you don't have Warhol,
or you have something you know, Pat, that story is exactly right.
Art is a
train wreck.
This is fantastic.
It can be certified, it can be validated, and
when you have confidence and shortage in a market, guess what you have?
Value.
And right now, collectors can be confident, it
can be validated, and damn
it, it's pretty exciting what goes on here.
And is it great or not?
I I
thought it was really exciting, and this I understand the value of this.
Shohei
rarely signs his name in kanji on purpose.
>> Mhm.
>> He rarely does it.
Number one.
Number two, these are uniform patches.
Number
three, it's one of one.
And so, you're looking at it like this.
This is going to gain nothing but value.
It's the same philosophy that went behind Bitcoin, specifically.
They say there's
only going to be this many Bitcoin, and
we know it's going to be measured on
the
blockchain.
And so, Pat, I I think it's a What an exciting time if you're
collecting the right thing.
>> Yeah, exactly.
By the way, if you're watching this and you're in the space
and you collect cards, we're thinking about buying
50 to 100 boxes, cases, literally cases, and
going to the lounge
that we have and breaking them together, okay?
And going through it.
And if
you're somebody that's a >> No smoking that night.
>> No no smoking that night.
Definitely not.
If you're a breaker and you want to
be a part of it and bring your
own box, maybe we'll do something together to
be
a part of this.
>> It's an incredible feeling.
Like nowadays, I don't see any reason to buy
lottery tickets.
>> No.
>> You buy these cards, you get a
rookie card, you set them aside, your kids
are
going to later on sell it, do something
10, 20 years down the line, be worth
something.
At least there is something you're getting in return.
This guy
bought a box and pulls an 11 million
auto card, rather than going and buying
lottery.
There is no point to buying Replace buying lottery tickets with
buying baseball >> I agree because you know who's the winner?
You know who's the winner for
every lottery?
The government takes almost a third of They The government
wins every single time.
And then the Well, the the the card situation is like
the Willy Wonka and the Chocolate Factory, the golden ticket.
You are so
excited because you have no idea.
And this type of story I think is going to
boost the top sales, boost all these card sales.
And by the way, with Shohei
Ohtani, Tom, you made a great point.
It's only going to go up.
They just signed Who they signed?
Tarik Skubal.
They look like they're going to keep winning
championships and Ohtani's >> The Dodgers signed Skubal?
>> Yeah.
Yeah, Tom.
Don't even start.
I don't want to get into it, Adam.
>> I love the story cuz it's actually
a bigger testament to what's going on in
the world.
Yeah.
When I first started doing content, I was doing money
content, I remember one of the things I
talked about was There was a slogan in
the '80s.
Tommy, remember this?
It was he who dies with the most toys wins.
>> Oh, yeah.
T-shirts, posters.
It was such a Yeah.
>> like a whole mantra for life.
And basically what they found out was all
these toys when you die, you know, they
say you when you die, you can't take
it
with you.
So, what did that lead to?
Buying bigger houses, having two cars, debt debt
debt, jet skis, this that the
other.
And then all of a sudden you can't take it with you.
And then an
article came out in the Washington Post and
it says, "He who dies with the most
toys no longer wins." And what happens is
young people, especially you know,
people with brains realizing that it's not all about the possessions.
They're
they're very focused on experiences.
They want to travel, they want to see
the world, they want to be with their
friends.
There you go, he who dies with the most toys still dies, that's true.
And now you're going to tell young people,
especially even wealthy young
people, but young people, "Hey, we're going to
give you all this art." And
they're going to go, "I don't got a
house to put it in, and I don't
got walls to
put all this art in.
So, I'm going to I'm going to pass on the art, and I'd
rather have I'd rather have an experience here."
The second thing when
it comes down to art, we've had our
experience with NFTs and non-fungible
things.
Anything like that.
>> I've never touched it, I'll never touch an NFT.
It's not your thing, I know, but
the whole point is or meme coins.
Like I was approached by, "Hey Pat, you can
make a quick $10 million meme coins." I
said, "I'm not interested in meme
coins." >> the thing.
>> I'm good.
>> whole concept that is it's non-duplicatable, and that's why I think why you like these baseball cards.
I'll
never forget when you sold your Wayne Gretzky
in 2020, and then we had a whole
thing, and then a a couple years later
someone else sold it, it was like double
the price at that point.
But you know that it's graded.
I remember I'll never
forget I was in South Beach, and and
everyone's still standing in line
looking at during a Art Basel.
Everyone's like, "What are we in line for?"
It's like, "There's a banana on
the wall with tape.
It's a $10 million Yeah, it's a it is a $10 million
banana." And then you see a video of
a guy just eating a banana.
>> Yeah, the guy that put it up.
>> But you don't know what you're getting
with the art, but at least you know
what
you're getting with these cards.
>> Yes.
>> Save that money.
>> So, if you're you're a breaker, minac me.
Send me a minac, maybe we'll invite
you, and we'll do something together.
We'll break boxes.
Maybe we'll put a requirement of bringing a minimum of
five boxes at a certain price point that
you buy and you bring, so everybody in
the corner while they're pulling something can come out I don't know.
We
can have some fun with that.
>> This breaking thing has blown up.
I know this business is >> not going away.
>> friends that do this.
They love it.
>> It is not going away.
That's going to be around for a minute.
>> day, we used to do break dancing, bro.
That used to be our thing.
Vinny's good at that.
>> For people who sit there and they
say, you know, this is BS, this is
this, this
is that.
I'll tell you a basic story.
My wife was not a believer.
One day, I bought two Wayne Gretzky cards
six years ago, seven years ago for
$540,000.
My wife says, "What are you doing, babe?" I said, "Babe, hang
tight." 18 months later, I took those two cards, worked with Heritage Auctions, put it on the market.
At 11:30
midnight, I wake my wife up and said,
"Babe, you know those two cards I bought
for 540?" She says, "Yes." "I just sold
for $2.2 million." She says, "What?"
It was a record at the time.
Those $2.2 million cards that I sold today are
worth over $10 million.
>> Wow.
>> What?
>> One of the cards I sold six
months later sold for $3.5 million.
Just so you know, this works.
And this is pretty much the last chance for all
of you because we got less than 30 days left for the Vault.
And I'm going to
give you guys a surprise attendee that will
be there in the CEO session that
I'll be announcing today.
So, hang tight.
But first, I want you to watch
the highlight of what happened last week at
our campus during the Vault
networking event.
Go for it.
>> I believe in something very powerful.
You are the sixth
person of the five people you surround yourself
around.
The Vault is literally, in my opinion,
the pinnacle of the crowd and the
individuals that you should be around if you want
to level up. That's why
we're here.
>> We are at the pre-Vault networking event,
where we had private jets,
supercars, CEOs, founders, executives coming from all across
Florida, even from different states, and even from
different countries to start networking with other entrepreneurs
that are going to be at the Vault
conference.
>> Look at that smile on the camera. Look at Pat, baby. Pat, Mario.
>> Buy a ticket.
Whether you're starting off at a general or even an executive,
like work
your way up.
Just I feel like the perks of even
a general admission ticket is very good.
You kind of get to mingle with everyone.
And I think Pat does a great job of that.
You know, just cuz you don't have
a CEO ticket, it doesn't mean that you can't connect with
everyone.
>> True.
>> Everybody is welcoming. People will do business with you. Um your politics
don't matter. Uh the dollar
matters. Making the money matters.
Making the connection matters and so you need
to get involved.
>> Is that Is that who I think it is?
>> Love sniper.
>> Buy your ticket.
>> Go buy it.
>> Buy your ticket.
See you at the Vault.
>> That's cool.
>> Time to secure your access and we'll
see you in Vegas August 31st to September
3rd.
We'll see you at the Vault.
>> Amazing.
>> It's come It's That's end of the month.
That's >> I literally I can literally say
it changed my life.
>> There you go, baby.
Go to vault2026.com.
Stephen Bartlett, who made $42 million last year podcasting.
Logan Paul, who's about to be a billionaire.
He's all over
the place.
Uh you got Joe Montana and Jerry Rice
with possibly, you know who may
interview them?
Possibly, you may who interview them?
Had a conversation with
them yesterday.
Stephen A.
Smith may interview them.
I asked Stephen A.,
"Have you ever interviewed those two together?" He
says, "I never have." How
about you interview them instead of me cuz
it'll be exciting one and you know,
and then we have a Dan Martel AI.
He'll be there.
Uh and on top of that, at the
CEO session, those of you guys that are
going going to CEO, you got bigger
decisions to make.
I went and got the number one lawyer in America that'll be
at that event with us.
This is the lawyer of the top seven out of top 10
richest people in America use him as a
lawyer, Alex Spiro, who is Musk's
lawyer, who is Bezos's lawyer, who is probably
the most feared man in law in
America.
He'll be in the CEO session.
Those of you guys that didn't even know
the CEOs, you'll get a chance to ask
uh
Alex a question at the end of the
interview end of uh what do you call
it?
The CEO session together.
So, if you haven't registered, go to vault2026.
Register.
We will see you guys at MGM.
Again, vault2026.com.
Bring your spouse, bring your partner, bring your peers.
Don't come alone.
We
look forward to seeing you there.
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