“Ohtani Card Sold for $11 Million” - Why the Wealthy are Ditching Art for Collectible Cards

**SPEAKER_1** (0:00)
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**Patrick Bet-David** (0:30)
Boomers, who own a trillion dollars of art collection that nobody wants including their kids and including, what do you call it, including museums. They're like, we also don't want it.

**SPEAKER_1** (0:46)
What do you mean you don't want it?

**Patrick Bet-David** (0:46)
No, we don't want it. You mean to tell me you don't want these, 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 on it 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 boomers' collections get passed on, 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 have only 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 28 countries, he can only think of about 5 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 of this 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 company art gifts, to cover storage, insurance and infrastructure costs.
So 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 is 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 think about it. So he goes to Picasso, he looks at it, he says, it's not that good. He says, do you mind if I take a picture with you so I can show to the young artist I did meet you and he gave some feedbacks? Yeah, no problem. Takes the picture. The moment Picasso dies, he goes and says, this is Picasso's last painting.

**SPEAKER_3** (3:18)
Was it Salvador Mundi?

**Patrick Bet-David** (3:19)
I don't know which one this is, not Salvador Mundi. He ends up selling it for millions of dollars. Then the documentary comes out saying that 70 percent of art ever sold is fraud, is fake. Don't mess with it. 70 percent 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 me to the office. He brought 100 million out of 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, an 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.