[EXTRACT] Why even an auction expert overbids | Caitlin Donovan (JOOPITER)

Caitlin Donovan (0:00)

Pharrell really believes that objects hold energy. And so these objects that were so meaningful at times in his career, were just sitting collecting dust in his warehouses, felt kind of like a disservice to these objects. And so Pharrell realized that there wasn't an auction house that really cared about current culture and understood it, and would use that in valuing and selling, and making sure that it was targeting an audience that was not the traditional auction house audience. And so in that, he said there's a hole in the market.

Adrien Garcia (0:25)

Who are you ? What you do ? And what are we going to learn today ?

Caitlin Donovan (0:27)

And I think that what Joopiter does better than anyone else is storytelling. Every single object that we sell on Joopiter has extensive storytelling behind it.

Adrien Garcia (0:36)

What do you put the value on an object ?

Caitlin Donovan (0:38)

Value is always a little tricky. We sold a card last year for $2.6 million, a Michael Jordan-signed rookie card. And in the moment, it held the record for the most expensive card ever sold.

Adrien Garcia (0:49)

Why would I choose Joopiter instead of Subbiz or whatever auction house ?

Caitlin Donovan (0:53)

We sell things in the six figures on our marketplace and seven, eight figures on at auction. And people do it oftentimes sight unseen, and that is because of trust.

Adrien Garcia (1:03)

How did you make it to the top ?

Caitlin Donovan (1:04)

I tell anyone who's young, really try and make sure you're forging a path into something you love, because the hard work feels a little easier if you love what you're doing.

Adrien Garcia (1:12)

Do you think you could have made what you've done in terms of career somewhere else ?

Caitlin Donovan (1:16)

The work ethic that people have in New York is so far and beyond other places I've experienced and my personal experience. I think what's challenging about New York is there's just in such a small space, you have some of the most brilliant, creative, hard working people in the world. I'll be a Joopiter until the end.

Adrien Garcia (1:36)

Yeah.

Caitlin Donovan (1:39)

No, I mean, this for me, I always love to say that on a personal level, I loved working at Christie's. I had an amazing time and I had a very unique role there because of- I just loved everyone I worked with. I loved walking into 20 Rock where I worked, and there could be an auction of some of the most exceptional objects in the world just for public display, and being a part and around the auctions, whether they weren't my auctions.

Adrien Garcia (2:07)

It's super exciting.

Caitlin Donovan (2:07)

It's exciting. I loved it, and I was in many ways wasn't looking to leave. But for me, building my whole focus, my whole career has been new collectors in a traditional world. So Joopiter was an opportunity to take that one step further, if not 100 steps further.

Building an auction house that really caters to these clients, and offering objects in a unique way, and really caring about current culture. So for me, this is the dream for my path as to be here leading the auction sales or sales at Joopiter.

Adrien Garcia (2:43)

Yeah. Are you a collector ?

Caitlin Donovan (2:45)

I'm a collector, yes.

Adrien Garcia (2:46)

Yeah. What do you collect ?

Caitlin Donovan (2:47)

The things I love. I love design. I love design. I love furniture. I love photography.

Adrien Garcia (2:55)

What is your collection specialized in ?

Caitlin Donovan (2:58)

It depends. I love Italian furniture. I mean, I have those watches I love. I have some bags and jewelry. I mean, I think because I'm so in it, I understand the importance. I collect across a number of different categories. I don't have one collecting category that is really my focus.

Adrien Garcia (3:16)

If I want to start a collection, what would you advise to do ?

Caitlin Donovan (3:23)

I always say when you're starting a collection, start with what you love.

I think it's really easy. Young collectors often come and say, what should I buy ?

Especially contemporary art isn't a great example. If I told you what to buy right now, there's a chance that in 10 years from now, that artist's value has completely changed for whatever reason, especially if it's a living artist. And now you're stuck with these works that you bought only as an investment. I think, but no matter what, if you buy art you love, no matter what happens to that artist market, you love what's hanging on your wall. And I feel that way kind of across, I've always felt the way across fashion, across people say, like, what's the bag I need to buy now ? Because it holds its resale value. And I said, here are the new bags, which is your favorite ? Because that's the bag you should buy. You know, I think collectors who collect with that mentality are never going to be disappointed no matter what happens to the market.