Larry Gagosian, whom Art Review magazine called "the world's greatest art businessman," never actually planned on getting into the art business.
In fact, he'll tell you that in any other business, he would be a "complete flop."
Gagosian, the owner of six galleries worldwide, joined 1988 Wharton graduate Glenn Fuhrman in Huntsman Hall yesterday evening for a casual conversation on today's art world.
Gagosian got his start selling posters in Westwood Village, Calif., in the '70s, and said that he got into the business very much by luck.
His success seems like more than chance, though. Fuhrman interviewed some of the artists Gagosian represents, who consistently expressed appreciation for what they described as his large, beautiful galleries, willingness to invest in their work and access to the most and best collectors in a wide variety of cities.
"Art has become, for a variety of reasons, kind of a rich man's hobby," Gagosian said. "There's this wealth all over the world now. . The base of collectors has grown dramatically."
Nonetheless, he insists that price should not be used to "shorten the line" for artwork and determine who gets what art. He said he values unique talent and encourages new collectors to "collect their own taste."
Gagosian said that while he is wary of art-investment funds, art has historically been a good investment.
"Picasso has held up better than Chevrolet in value," he said.
When asked about what kind of legacy he hopes to leave behind, he replied simply: "That I had a really great gallery."
The talk was the inaugural event in a series called "The Business of Art," a collaboration between the Wharton School and the Institute of Contemporary Art.
ICA director Claudia Gould said that the event drew over 200 people, and the audience spilled over into an additional room within Huntsman Hall.
The event brought together a host of Wharton students and art aficionados, including some Penn alumni.
College junior Devan Jaganath, who is a student representative on the board of overseers of the ICA, said he was happy to see a dialogue being built between the two communities.
Damien Bright, a fine arts major in the College, said he came to the event because he is interested in starting his own art business.
"This is pretty much as appropriate as it gets," he said.
