An iconic abstract painting just sold at auction for $85.8 million.
It was Mark Rothko's 'Brown and Blacks in Reds'.
A screenshot of the Sotheby’s website showing Mark Rothko’s Brown and Blacks in Reds.
What stood out to me about this monumental sale was not the price (despite its impressive number), but the aggressive storytelling from the auction house, Sotheby's, in the lead up to the auction.
As one of the largest, most successful auction houses in history, Sotheby's knows how to sell a painting for tens of millions of dollars: storytelling.
To the average person, there might not be anything remarkable about this painting. It's a large red canvas striped with different shades of red. While I'm sure it makes impressive statement piece within a room, it could be mistaken for a thrift store find to the uneducated.
Thankfully, Sotheby's is here to educate us. About Rothko's famous work, they said it's a rare painting that allows you to:
...see the whole spectrum of human drama cleaved open at once. In Brown and Blacks in Reds, the singular masterpiece at the heart of Robert Mnuchin’s collection, we see his aims realized, simultaneously and operatically announcing what it is to paint, to perceive, to live, and to feel.
You cannot sell just any painting for $85.8 million. But you can sell a painting which announces "what it is to paint, to perceive, to live, and to feel."
At least, if you can convince at least two buyers with deep pockets to believe it.
Now, I'm not trying to put down this piece of work. Rothko is one of the rare artists who have cemented themselves as a modern art legend. Decades of storytelling, by dealers, auction houses, and more, have cemented Rothko's legacy. Humans are meaning-seeking creatures, and stories like this help us discover the meaning in these objects.
Which is exactly why these strategies are used for modern pop-culture collectibles as well.
Just look at the marketing behind the recent sale of Logan Paul's PSA 10 Illustrator Pikachu. Here's an early promotional clip I found on Instagram:
This is just one of many in Logan and Goldin’s massive storytelling push to drum up excitement for the auction, and to get the attention of at least two whales to compete for it.
But, the truth is, Logan had already begun to establish the story of this card years in advance: right when he bought the damn thing.
In July of 2022, Logan released a video on his YouTube channel documenting his purchase of the Illustrator, titled: I Bought The World's Most Expensive Pokémon Card ($5,300,000)
The video would go on to get more than 10 million views. And for good reason: its exceptional. I despise Logan Paul, and even I can’t deny it.
This is incredible storytelling that educates viewers about the history of the Illustrator and its significance in the hobby.
Logan paid an absurd price to acquire this card, and he knows it. He also knew he'd need to build the legacy of this card immediately if he was ever going to have a chance to profit from it. So he started the moment he bought it.
And the storytelling continued in the lead up to its record-breaking $16.5 million sale.
There's no question: legacy is an essential component of a collectibles long-term value. These are the rare cards that cement themselves in the history of their hobby; the ones everyone knows, and even more covet.
As usual,
Thank you so much for reading the TCG Buyers Club newsletter. My name's Grey, I buy cardboard, and I'm on a mission to make collecting and investing in Pokémon simple.
Cheers 🍻
P.S. No stream this week because I’m travelling for work. I’ll make it up to you all next week! And, if you missed it last week, you can always get caught up below. See you next week!