Latest / Earn Your Leisure / EYL #3 Scared Money, Don’t Make No Money.

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EYL #3 Scared Money, Don’t Make No Money. · Earn Your Leisure

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1:19
Speaker 2: All right, Welcome back, Episode three, Episode three. Let's get
1:23
Speaker 2: to it. First of all, thank you for rocking with us.
1:26
Speaker 2: We appreciate y'all, and I want to shout out I
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1:43
Speaker 2: Thank you, I appreciate it. Okay, let's get into it.
1:47
Speaker 2: So we're gonna talk about the biggest event in sports
1:53
Speaker 2: that just recently passed, the Super Bowl. But we're gonna
1:57
Speaker 2: take a different approach, take a different approach.
2:00
Speaker 3: Last week, we talked about the marketing of the Super Bowl,
2:04
Speaker 3: but another huge part of it is the amount of
2:06
Speaker 3: money that's gambled on the game itself. So the Super
2:10
Speaker 3: Bowl took in one hundred and thirty four million dollars
2:12
Speaker 3: in bets on the game, prop bets, halftime things like that.
2:17
Speaker 3: So we're gonna talk about sports betting on a national stage.
2:21
Speaker 3: So we have seven states right now in the United
2:24
Speaker 3: States that have sports betting, with New York being a
2:27
Speaker 3: state that is on the fence about it. So you
2:31
Speaker 3: have Nevada obviously we know about that. Las Vegas is
2:35
Speaker 3: a huge see when it comes to gambling that starts
2:39
Speaker 3: in the nineteen forties. You have Delaware, you have Pennsylvania,
2:43
Speaker 3: New Mexico, New Jersey, and Pennsylvania, and the last one
2:49
Speaker 3: is Mississippi. Mississippi. So you have seven states right now
2:54
Speaker 3: that are engaged in it, and it's a huge revenue
2:57
Speaker 3: gaining for the states, but for some reason New York
3:01
Speaker 3: can't figure out how to get this correct. If we
3:05
Speaker 3: go down the list of how much money is generated
3:08
Speaker 3: by each state, for Nevada in the past six months,
3:11
Speaker 3: so we're talking about from June twenty eighteen to December
3:15
Speaker 3: twenty eighteen, as expected, they have the highest they grade.
3:18
Speaker 3: They grossed in about two point two billion dollars in
3:21
Speaker 3: that time. Delaware, a small state, grossed eighty four million,
3:25
Speaker 3: with fifty percent of that revenue going directly to the state.
3:30
Speaker 3: Mississippi generated one hundred and thirteen million, and Pennsylvania, which
3:36
Speaker 3: started I think they got passed in October twenty seven,
3:40
Speaker 3: twenty eighteen, they generated seventeen million dollars at the end
3:44
Speaker 3: of twenty eighteen. And then you have RhE Island, which
3:46
Speaker 3: is the small state in our Union, they generated about
3:50
Speaker 3: two million dollars with fifty one percent of the revenue
3:53
Speaker 3: going to the state. And I saved Jersey for last
3:57
Speaker 3: because their story is pretty remarkable. Being at the proximity
4:01
Speaker 3: to New York. They generated nine one hundred and twenty
4:04
Speaker 3: eight million dollars in six months, so they almost did
4:07
Speaker 3: a billion dollars in six months. And what's interesting is
4:10
Speaker 3: that most of their.
4:12
Speaker 2: When you say they, so who who gets them? That's
4:14
Speaker 2: the state revenue? Who makes that money?
4:17
Speaker 3: The state makes that Well that's the way that the
4:19
Speaker 3: state made, but the stand companies made. So the companies
4:22
Speaker 3: take a percentage, the state takes a percentage. New Jersey
4:24
Speaker 3: didn't give the details on how much they they take
4:28
Speaker 3: from it. So, like I.
4:29
Speaker 2: Said, that's so that's a total revenue.
4:32
Speaker 3: Yeah, total revenue. So, like, like I said, Delaware takes
4:34
Speaker 3: fifty percent of the revenue. New Jersey didn't release it
4:36
Speaker 3: the figures on how much they take from.
4:38
Speaker 2: So Delaware takes fifty of the revenue tax. Yeah, that's interesting.
4:42
Speaker 2: So let's not to cut you off. But so I
4:45
Speaker 2: didn't I didn't realize that the tax that is paid
4:50
Speaker 2: that gamble gambling institutions pay. Right. So we're in New York, right,
4:54
Speaker 2: I know we have listeners all over, but we're in
4:56
Speaker 2: New York. So there's New York gambling is not really
5:00
Speaker 2: league legal right on that level. It's like slot machines
5:04
Speaker 2: and stuff like that. So there's a casino where we live, right,
5:11
Speaker 2: but they don't actually have card games. They just have
5:13
Speaker 2: stop slot machines. So I heard I was at a
5:16
Speaker 2: panel discussion and I heard one of the executives at
5:20
Speaker 2: the casino speak and she was saying that they pay
5:25
Speaker 2: somewhere between sixty and seventy percent of their revenue in
5:29
Speaker 2: taxes to the state.
5:32
Speaker 3: Yeah.
5:33
Speaker 2: So now you're saying that Delaware pays takes fifty percent. Yeah,
5:38
Speaker 2: but she was saying, even but this is how much
5:40
Speaker 2: money gambling makes. Even though they pay seventy percent of
5:44
Speaker 2: their revenues to the state, it's still profitable for them, exactly.
5:48
Speaker 2: That's how much money they've brand.
5:50
Speaker 3: Right, So like that number, and now that we were
5:54
Speaker 3: in twenty nineteen, you can just put that up to
5:58
Speaker 3: one point two billion and six months. Right.
6:01
Speaker 4: All they did was legalize it.
6:02
Speaker 3: And the interesting I think I was saying about New
6:04
Speaker 3: Jersey is that most of their betting takes place online.
6:08
Speaker 3: So that's when you get sites in independent sites and
6:12
Speaker 3: FANDU and DraftKings who are sports who actually now have
6:16
Speaker 3: sports books, so people can literally gamble in their hands.
6:20
Speaker 3: So I remember a time, so.
6:22
Speaker 2: Just briefly explain that for somebody that might not be
6:24
Speaker 2: a sports fan what that means.
6:26
Speaker 3: So FanDuel is a is an app, and DraftKings both
6:30
Speaker 3: of them are apps where you can it arise from
6:34
Speaker 3: the daily Fantasy games. So people were playing Daily Fantasy
6:38
Speaker 3: and putting money in to start pools and then they
6:41
Speaker 3: fan do and DraftKings come up with an idea like, listen,
6:44
Speaker 3: we can do this on a daily basis. You don't
6:46
Speaker 3: have to wait a week. You can do it twice
6:48
Speaker 3: in a day that they change the parameters. So I
6:51
Speaker 3: can put a lineup together at for one o'clock games,
6:55
Speaker 3: and depending on how those players that I pit perform,
6:58
Speaker 3: I can win money. I can also do that at
7:00
Speaker 3: the four thirty games. I could do it at the
7:02
Speaker 3: Monday night.
7:02
Speaker 2: So you're pretty much you're picking your team.
7:04
Speaker 3: Yeah, you're picking a team every time you bet, okay, Yeah.
7:08
Speaker 3: So from that they decide after New Jersey legalizes that
7:12
Speaker 3: they're going to create their own sports book. So a
7:13
Speaker 3: sports book is where you actually place bets on games.
7:16
Speaker 3: So that's like a bookie. A bookie, right, you get
7:20
Speaker 3: a ticket. So New Jersey has a sports book. The
7:23
Speaker 3: interesting thing about New Jersey is that it's ten minutes
7:27
Speaker 3: from New York City, right, so pending, well, let me
7:32
Speaker 3: say at Crabit. So FanDuel is in charge of the
7:36
Speaker 3: sports book at the Meadowlands, So Meadowlands for those of
7:38
Speaker 3: you who aren't from the Tri City area. The Meadallands
7:41
Speaker 3: is where the Giants and the Jets play met Life Stadium.
7:44
Speaker 3: So the fan Do sports book is headquarters is at
7:47
Speaker 3: the Medlands. So that's about fifteen minutes from New York City,
7:51
Speaker 3: given if there's no driving, fifteen minutes. So what we're
7:54
Speaker 3: seeing is a lot of people who want to place
7:57
Speaker 3: bets that are from New York and can't do it.
8:00
Speaker 3: They're driving to Jersey. They're placing that bets. They're staying
8:03
Speaker 3: in Jersey to watch the games, spending capital at restaurants, right,
8:08
Speaker 3: maybe gambling more while they're there, paying for gas while
8:11
Speaker 3: they're there. All this money that's leaving New York is
8:15
Speaker 3: going to Jersey to place bets.
8:17
Speaker 2: So they track it via your phone, right, So the
8:20
Speaker 2: GPS and your phone.
8:21
Speaker 4: There's an interesting story about that.
8:23
Speaker 2: Well, before we even get to that, it's important you're
8:28
Speaker 2: being tracked at all times.
8:29
Speaker 4: Absolutely.
8:30
Speaker 2: You know, when I found out I was being tracked
8:31
Speaker 2: at all times. This is kind of going off topic,
8:33
Speaker 2: but it's interesting. So I used to have a BMW right,
8:36
Speaker 2: and the car kept out having problems, so I had
8:39
Speaker 2: to take it in to get service and they asked me,
8:42
Speaker 2: They said, you don't do a lot long distance driving,
8:45
Speaker 2: do you. And I looked at him, like, how do
8:47
Speaker 2: you know that? He's like, we looked at the GPS
8:49
Speaker 2: and that's why. I'm like, they really know where my
8:52
Speaker 2: car is at at all times. So if you ever
8:54
Speaker 2: did something and you didn't you can't say you wasn't
8:57
Speaker 2: there because your car is there. Because a thing with
9:00
Speaker 2: your cell phone.
9:01
Speaker 3: It's like when you drive now and your watch says
9:04
Speaker 3: eight minutes away from home, I'm.
9:05
Speaker 2: Like, all that is all that? So exactly your iPhone,
9:09
Speaker 2: I watch, all of that has a GPS built in,
9:13
Speaker 2: so they know where you are at all times.
9:15
Speaker 3: Yeah. So the crazy part is, and going back to
9:19
Speaker 3: that GPS thing, is that in I think twenty sixteen,
9:23
Speaker 3: the Attorney General for the state of New York I
9:26
Speaker 3: believe Sneyderman was his name. He says that this is illegal.
9:29
Speaker 3: You can't use FanDuel. This is illegal. We don't know
9:32
Speaker 3: how to regulate it yet. So DraftKings and fan do
9:35
Speaker 3: gets suspended, so you can't use it in New York State.
9:37
Speaker 3: So I recall I remember people like listening like, Yo,
9:41
Speaker 3: I'm gonna drive to Connecticut because we live pretty close
9:44
Speaker 3: to Connecticut and we look pretty close in New Jersey.
9:46
Speaker 3: I'm gonna take that ten minute drive. I'm gonna put
9:48
Speaker 3: my lines in because my GPS will show that I'm
9:51
Speaker 3: in Connecticut and then come back home.
9:52
Speaker 2: So what would happen if you try to place it
9:54
Speaker 2: bet in New York? It wouldn't go through just because GPS.
9:57
Speaker 3: Yeah, you get the message like you are not in
10:00
Speaker 3: a state that allows fan do to be played.
10:02
Speaker 2: If you if you take one step into Connecticut, you're good.
10:05
Speaker 2: The GPS changes.
10:06
Speaker 3: I had a friend of mine call his sister in
10:09
Speaker 3: Las Vegas to log into his account to say, listen,
10:12
Speaker 3: can you put a line in for me? Please? It
10:14
Speaker 3: was that serious, right, So that got lifted over I
10:19
Speaker 3: believe two thousand, summer twenty seventeen. So now you can
10:21
Speaker 3: use FanDuel for the daily fantasy portion, but you can't
10:25
Speaker 3: place the sports. You can't use the sports booking part
10:28
Speaker 3: of the app, not yet, which I think will change.
10:31
Speaker 3: I think we'll change when we have a governor. Now
10:34
Speaker 3: who is I think on board with that billion dollar
10:37
Speaker 3: industry easily billions bigger than New York. Yeah, all over America,
10:43
Speaker 3: right all over the world. Sports betting billions, people who
10:49
Speaker 3: are betting on everything, point spreads, point spreads. I just
10:54
Speaker 3: saw a prop bet and it was because the NBA
10:59
Speaker 3: All Star Game they picked the captains recently, and it
11:02
Speaker 3: was like, there's a prop bet for who the first
11:04
Speaker 3: pick is going to be, right, Like James Harden is
11:07
Speaker 3: the favorite to be the number one pick. Like you
11:09
Speaker 3: can bet on that, right, Like that's crazy, Right, Who's
11:13
Speaker 3: gonna win a coin to us? Who's gonna get the
11:16
Speaker 3: first first down, who's the first catch, who's gonna make
11:18
Speaker 3: the first three point in the game? Like all these
11:19
Speaker 3: things are being bet on, and they seem like so trivial,
11:22
Speaker 3: and it's like, wait, that makes sense. People are betting
11:24
Speaker 3: on them every day. So New Jersey billion dollars six months.
11:31
Speaker 3: What's the New York's response. I think we'll see a
11:34
Speaker 3: change within the next year. Right, we get a new
11:37
Speaker 3: Attorney general and Leticia James, who now is in charge
11:44
Speaker 3: of how to regulate these things, right, so she can
11:48
Speaker 3: control Hey, we get that money we regulated, here's where
11:52
Speaker 3: we can spread it and hopefully and I remember you
11:54
Speaker 3: posted something about the lottery and like how it was
11:56
Speaker 3: originally supposed to be for schools. Right, maybe that's where
12:01
Speaker 3: this heads. Right, we get another source of revenue for
12:04
Speaker 3: this state, and now we could the funds could be
12:06
Speaker 3: appropriated in the right way. That's my hope and hopefully
12:10
Speaker 3: that happens.
12:11
Speaker 2: Hold your breath.
12:12
Speaker 3: I'm fighting for education. You know that. I'm always gonna
12:15
Speaker 3: fight for that.
12:16
Speaker 2: Okay, all right, okay, okay, So sports batting billion dollar industry,
12:22
Speaker 2: billion dollar industry. So keeping it in sports, we were
12:29
Speaker 2: actually had a conversation last week about George Foreman, right,
12:35
Speaker 2: m hm. So George Forman is interesting for a few
12:38
Speaker 2: different reasons. Yeah, right, as anybody that followed me knows,
12:45
Speaker 2: I like to do case studies or not just businesses,
12:48
Speaker 2: but individuals as well, entrepreneurs and like the backstories on
12:52
Speaker 2: deals and stuff like that. So George for what is
12:56
Speaker 2: he known for?
12:57
Speaker 3: George, He's a generational personality, right, Like I said, like,
13:01
Speaker 3: depending on what generation you come from will determine on
13:04
Speaker 3: how you remember George Foreman. So like my dad and
13:07
Speaker 3: your dad, they know him as the great boxer, this
13:10
Speaker 3: Hall of fame guy who gets roped by Muhammad Ali
13:14
Speaker 3: and he's known for that for a generation. Then the
13:17
Speaker 3: next generation, I feel like our generation to a certain extent,
13:20
Speaker 3: is like, he's the guy who's out of shape, why
13:22
Speaker 3: is he still boxing? Becomes the commentator for boxing on HBO,
13:27
Speaker 3: and at some point he gets a sitcom and it's like,
13:30
Speaker 3: all right, this is who is this guy? And then
13:32
Speaker 3: the next generation of people like with like tail end
13:35
Speaker 3: and that he's known as the guy who's on the
13:37
Speaker 3: infomercials selling a product.
13:40
Speaker 2: Selling a product. Yeah, so this is the way.
13:42
Speaker 3: This is.
13:44
Speaker 4: A legendary product.
13:45
Speaker 2: Okay, So I gotta tell his story. I gotta tell
13:47
Speaker 2: his story in full detail. So George Foreman was a
13:51
Speaker 2: legendary boxer, right, who in the seventies. He retired from
13:56
Speaker 2: boxing in nineteen seventy seven, Right, first time he from
14:00
Speaker 2: box in nineteen seventy seven. Yeah, he had five million
14:04
Speaker 2: dollars at the time of his retirement, which is equal
14:06
Speaker 2: to twenty million today.
14:07
Speaker 4: That's not bad for a boxing not bad for anybody.
14:12
Speaker 2: In ten years. By nineteen eighty seven, he was flat broke.
14:15
Speaker 2: In his words, he's flat broke. He made some bad investments.
14:19
Speaker 2: You know how athletes go broke. There's a long list
14:21
Speaker 2: of reasons why Flat broke in nineteen eighty seven, which
14:24
Speaker 2: forced him back into fighting. So he comes out of retirement.
14:29
Speaker 4: It actually wins, No.
14:30
Speaker 2: He does win, but he so. In nineteen ninety four
14:34
Speaker 2: he became champion.
14:36
Speaker 4: Yeah, he beat Michael Moore.
14:37
Speaker 2: I think so the oldest heavyweight champion at that time
14:40
Speaker 2: in history, forty five years old.
14:42
Speaker 4: It might still be that belly out World.
14:45
Speaker 2: Nineteen ninety four, he becomes a heavyweight champion of forty
14:48
Speaker 2: five years old. Another interesting thing happened in nineteen ninety
14:51
Speaker 2: four though, right, So in nineteen ninety four, not only
14:54
Speaker 2: is he the heavyweight champ, but Hawk Hogan is the
15:00
Speaker 2: ww F cham WWF. People don't even know what WWF.
15:06
Speaker 2: It's called w W.
15:07
Speaker 3: Now now, Yeah, they had the lawsuit with the world
15:10
Speaker 3: what was it the It was an animal organization that
15:13
Speaker 3: had that name, and they lost the lawsuits and that
15:16
Speaker 3: the teams into w W.
15:17
Speaker 2: E anybody that grew up in the eighties or the nineties,
15:21
Speaker 2: So I grew up in the nineties, right, anybody that
15:24
Speaker 2: grew up in the nineties. Wrestling played a major part,
15:28
Speaker 2: huge in the culture. Absolutely culture your favorite uh undertaker?
15:37
Speaker 3: Yeah, I like to undertake it Ultimate Warriors. He played
15:40
Speaker 3: the part he played Ultimate war past rest in peace.
15:44
Speaker 3: So hawk Hogan icon absolutely.
15:48
Speaker 2: I don't think people fully understand how iconic Hawk Hogan was,
15:54
Speaker 2: Like you actually had to be living in that moment
15:58
Speaker 2: the Beatles.
15:59
Speaker 4: It was a hope, like it was a real thing.
16:02
Speaker 3: Like I remember watching that and that was when wrestling
16:05
Speaker 3: came on at Saturdays at eight o'clock and then it
16:07
Speaker 3: came on as Sundays at twelve like before it was
16:10
Speaker 3: a Monday night rule.
16:11
Speaker 2: Different.
16:12
Speaker 3: This guy was like Hawk Hogan superstar. Different superstar Michael,
16:15
Speaker 3: He's Michael Jordan of wrestling. Yes, him and Andre Giant.
16:19
Speaker 3: They have that in like the that that match at
16:22
Speaker 3: Masters Garden as one of the biggest moments in the
16:24
Speaker 3: history of New York City. Like when he picks up
16:27
Speaker 3: the all like Monstrous Andrea Giant and does like the
16:31
Speaker 3: slam on. It's like the one of the best memorial
16:34
Speaker 3: moments in the history of the Masters reguard.
16:35
Speaker 2: Hawk legend legend. So all right, So nineteen ninety four,
16:39
Speaker 2: they're both champs, right, they also both have the same
16:42
Speaker 2: business manager. Oh okay, right, So hawk Hogan at the
16:46
Speaker 2: time is bigger than George Foreman. So the business manageher
16:51
Speaker 2: meets with Hawk Hogan. He has three products for him
16:55
Speaker 2: to endorse. He offered him three products for endorse. Yeah,
16:59
Speaker 2: he had a pick one. One was a grill, one
17:05
Speaker 2: was a meatball maker, and one was a blender. Right,
17:10
Speaker 2: he chose the meatball maker. The meatball maker of the
17:15
Speaker 2: name is the Hawkermania meatball Maker. Have you heard of it?
17:20
Speaker 2: I'd never heard of it.
17:22
Speaker 4: I didn't even know.
17:22
Speaker 2: No, he chose the Hawkermania meatball Maker. That's what he chose. Now.
17:28
Speaker 2: He told the agent, get somebody else, get one of
17:33
Speaker 2: your other clients to endorse the other the grill and
17:37
Speaker 2: the blender. So at the time, George Foreman was eating
17:44
Speaker 2: two hamburgers before every fight. It was like a big thing.
17:48
Speaker 2: So he thought that it would be a perfect person
17:49
Speaker 2: to endorse the grill. So George Foreman agrees to endorse
17:54
Speaker 2: the grill. Right, So he makes a deal with the
17:57
Speaker 2: grill company to get forty profit of every grill sold,
18:05
Speaker 2: every grill.
18:05
Speaker 3: So it's like a masterpiece.
18:07
Speaker 2: And his name was on it, which we know as
18:11
Speaker 2: the Form and Grill. Right, he makes up to eight
18:15
Speaker 2: million dollars a month with the forman Grill. He made
18:20
Speaker 2: so much money with the form and Grill that eventually
18:24
Speaker 2: the people they realized they made a bad deal because
18:27
Speaker 2: they gave him too much, so they say, Okay, we
18:30
Speaker 2: got to get away from this. So in nineteen ninety
18:34
Speaker 2: nine they make a deal with him. They pay him
18:36
Speaker 2: one hundred and thirty eight million to buy him out
18:40
Speaker 2: and to use his name in perpetuity.
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21:34
Speaker 2: With the product forever. He takes a deal, So he
21:40
Speaker 2: made over two hundred and fifty million when you add
21:43
Speaker 2: the money that he made before nineteen ninety nine and
21:46
Speaker 2: then the lump sum one hundred and thirty eight million
21:50
Speaker 2: payout that they brought him out with in nineteen ninety nine.
21:56
Speaker 2: Stop game change that this hereuysn't looked back since I.
22:00
Speaker 3: Mean, and those grills, I mean, every household has no.
22:03
Speaker 2: It's one of the best inventions ever made that made like.
22:06
Speaker 4: The list of best invasion.
22:07
Speaker 3: No, it's definitely top three because when I was in college,
22:12
Speaker 3: I literally only cooked on the Former Girl. Yeah, I
22:15
Speaker 3: know a bunch of people who became chefs off to
22:16
Speaker 3: the formula. It was ridiculous.
22:19
Speaker 2: You can cook anything on the Former Girl.
22:20
Speaker 4: We went from Gavin to Hamburgers at eight at a time.
22:24
Speaker 2: You can cook corn for the Former Girl.
22:26
Speaker 3: It was ridiculous and it was easy to clean. It
22:28
Speaker 3: was perfect. It was a perfect problem.
22:30
Speaker 2: So do we blame hawk Hogan or do we just
22:32
Speaker 2: chalk it up to just look because who knows the
22:36
Speaker 2: grill is going to do that?
22:37
Speaker 3: Right? No, I don't think we could have predicted that.
22:40
Speaker 3: No one could have predicted that, right, Like he would
22:41
Speaker 3: have done that if he had known the grill. But
22:44
Speaker 3: could you imagine the whole Cogan grill?
22:48
Speaker 2: Little known historical fact, and that's why we're here. Little
22:51
Speaker 2: known historical facts like that changed the cost of history.
22:56
Speaker 2: All right, Okay, okay, all right, So let's change change topics, lanes,
23:01
Speaker 2: let's change lanes, and let's talk about the art world.
23:06
Speaker 2: So this topic is something that is near and dear
23:09
Speaker 2: to my heart. A little known fact is that so
23:13
Speaker 2: I used to play sports. Yeah, but my first passion
23:16
Speaker 2: was art first love. So I used to draw, and
23:18
Speaker 2: I actually was in a gifted and talented art class.
23:22
Speaker 2: I could have actually probably taken art further than I did,
23:27
Speaker 2: but I got distracted by other things. So art is
23:30
Speaker 2: something that I've always had a passion for. But we're
23:32
Speaker 2: going to talk about the business side of art.
23:34
Speaker 4: The business side, Yeah, absolutely, So.
23:38
Speaker 3: People don't realize that art as an item is something
23:43
Speaker 3: that appreciates and value, which means it gains value over time.
23:46
Speaker 2: It's an investment.
23:47
Speaker 4: It's an investment.
23:49
Speaker 3: So when we hear I bought that artwork for one million,
23:52
Speaker 3: two years later, it's worth two million. A couple years
23:54
Speaker 3: later's worth eight million. I can't wait to get that
23:56
Speaker 3: to my chl. What Jay saying in that line, and
23:58
Speaker 3: we reference to him again, is that this is an
24:00
Speaker 3: investment that I purchased at a price which will gain
24:04
Speaker 3: value a year, eight years, a great gains even more.
24:08
Speaker 3: But wait till my children get older and can take
24:12
Speaker 3: that asset and now maybe they can use it for
24:15
Speaker 3: my entiy game. So that artwork that he's talking about
24:18
Speaker 3: could be fifty million dollars by the time his children
24:20
Speaker 3: of the age, and that's not something that we think
24:23
Speaker 3: about investing in.
24:25
Speaker 2: It's not and it's something that I want to even
24:28
Speaker 2: tie it even closer to the culture because a lot
24:31
Speaker 2: of times people so when Jacobseha says a lot of
24:33
Speaker 2: things that goes over people's heads, right, So like when
24:35
Speaker 2: he says, I got Bosquiocht and a lobby on my spot,
24:40
Speaker 2: or when he says it ain't hard to tell I'm
24:43
Speaker 2: the new John Michelle. He talking about John Michelle boskiat right.
24:47
Speaker 2: So when you hear these names, it's like, especially John Michelle,
24:52
Speaker 2: he might not know that that's John Michelle. You're thinking
24:55
Speaker 2: probably a French painter that lived in the nineteen early
25:00
Speaker 2: nineteen hundreds, maybe eighteen hundreds, maybe even seventeen hundreds. And
25:04
Speaker 2: it's like, how does that? What is that?
25:05
Speaker 3: You know?
25:06
Speaker 4: Like, I think that definitely goes over people.
25:07
Speaker 2: But the crazy thing about it is that when he's
25:10
Speaker 2: referencing Bosquiyacht, people don't understand like that that's hip hop
25:14
Speaker 2: culture absolutely. Just so this dude is from Brooklyn. He's
25:18
Speaker 2: from Brooklyn. He is Haitian. That's why his name is Gene.
25:23
Speaker 2: That's why he has a French name right right, because
25:25
Speaker 2: he's Haitian.
25:26
Speaker 4: And then last name he's.
25:27
Speaker 2: Half Haitian half Puerto Rican. Actually yeah, but that's why.
25:30
Speaker 2: So you hear ge Michelle Bosciot, you're not thinking a
25:34
Speaker 2: black kid from Brooklyn, No, but that's the backstory on
25:37
Speaker 2: he's Haitian. So he starts in the eighties, not even
25:43
Speaker 2: that long ago, in the eighties as a graffiti.
25:45
Speaker 4: Artist, right seventies and into the eighties.
25:48
Speaker 2: Seventies and into the eighties as a graffiti artist, right
25:52
Speaker 2: dropped out of high school. Yep, unfortunately, So he made
25:56
Speaker 2: he made his name for himself in the Lower East
25:58
Speaker 2: He's from Brooklyn, but he made his name herself on
26:00
Speaker 2: the Lower east Side. Now, New York, anybody that's not familiar,
26:03
Speaker 2: New York was a different place in the eighties than
26:06
Speaker 2: it is now, absolutely completely different, right, the Lower East Side,
26:11
Speaker 2: Alphabet City was a different place than it is now.
26:16
Speaker 2: So the street art was huge, graffiti trained, graffiti, everything huge.
26:25
Speaker 3: Yeah, right, So he starts with that, and then he
26:30
Speaker 3: blows up and becomes the toast of New York and
26:33
Speaker 3: becomes the hottest artists in this I think he's on
26:37
Speaker 3: the cover up Time magazine or one of these publications
26:39
Speaker 3: where this is the new face of art, Like this
26:42
Speaker 3: kid is brilliant twenty two, twenty three at the time,
26:45
Speaker 3: Like he's a face of art now, like people are
26:48
Speaker 3: putting him in museums with Warhall now at twenty in
26:53
Speaker 3: his twenties.
26:53
Speaker 2: Prodigy.
26:54
Speaker 4: Yeah, absolutely, prodigy absolutely.
26:56
Speaker 2: Unfortunately passed away from overdose twenty seven years old in
27:01
Speaker 2: nineteen eighty.
27:02
Speaker 3: Eight, different time, eighties, New York City. But ain't even
27:07
Speaker 3: The interesting thing more so is that in twenty seventeen
27:10
Speaker 3: his painting sold for one hundred and ten million.
27:14
Speaker 2: Now, the reason why that's interested is that that made
27:17
Speaker 2: him the highest well he's the number one US painter
27:23
Speaker 2: with the highest selling painting ever. He has the highest
27:28
Speaker 2: selling painting for a US painter ever for one hundred
27:32
Speaker 2: and ten million. So you got a kid from Brooklyn
27:36
Speaker 2: who is a graffiti artist as Core dropped out of
27:41
Speaker 2: high school, was living on the street. That is the
27:46
Speaker 2: most successful US painter and one of the most successful
27:51
Speaker 2: artists in world history. That's an interesting.
27:56
Speaker 3: Story, legendary, just even a backstory like that. That's song
28:00
Speaker 3: that we're talking about, the Picasso Baby song. It inspired
28:04
Speaker 3: us so much that like during my summer program. Like
28:07
Speaker 3: our team was like, listen, we're gonna use this song
28:09
Speaker 3: and we're gonna go to the Museum of Mind Art
28:12
Speaker 3: and we're gonna teach them about just from these lyrics,
28:15
Speaker 3: about the paintings that he's talking about. Because most of
28:17
Speaker 3: the artists that Jay's talking about, whether it's is Bosky
28:21
Speaker 3: or is Warhol orso Picasso or is Jeff Coon Balloon,
28:25
Speaker 3: so he's talking about, they're in that museum. So we
28:27
Speaker 3: literally put together a scavenger hunt in the museum for
28:30
Speaker 3: the kids to become familiar with the art right from
28:34
Speaker 3: Jay and the artists that he's speaking of.
28:37
Speaker 4: Like, that's how much it impacted us. So like that's legendary, No,
28:40
Speaker 4: it is.
28:40
Speaker 2: And like you said, it's interesting because we talked about investments.
28:43
Speaker 2: That's an interesting investment that the average person doesn't think
28:46
Speaker 2: about art, investing in art, right. But so that's about
28:49
Speaker 2: when Chason that you said, I line one million and
28:51
Speaker 2: then two years later's worth two million. I can't wait
28:53
Speaker 2: to give it to my children's That's that's even deeper
28:55
Speaker 2: than just art because it's like, Okay, I'm leaving a
28:57
Speaker 2: legacy to my kids, right and I'm teaching them about investing, right,
29:01
Speaker 2: But art isn't invest But I want to tie it
29:03
Speaker 2: in too because you know, a lot of times we're
29:05
Speaker 2: talented people, right, and whether we take photos or whether
29:09
Speaker 2: we draw, whether we paint, a lot of times we
29:11
Speaker 2: don't fully understand the value of what we are doing
29:14
Speaker 2: because we are artists, right. And it's like I would
29:18
Speaker 2: have never I guarantee you he Boskiyot never thought his
29:22
Speaker 2: painting would self for a one hundred and ten million
29:25
Speaker 2: dollars or a painting probably con't fail me, right, So
29:28
Speaker 2: it's like, so, but the interesting thing with artist that
29:30
Speaker 2: is whatever somebody thinks it's worth, right, So it's important
29:35
Speaker 2: that you know you're worth as an artist, right Because
29:39
Speaker 2: like I said, there's a lot of people in our
29:41
Speaker 2: community that are talented, but do they fully understand that
29:46
Speaker 2: what they're doing is valuable. Like somebody might look at
29:50
Speaker 2: what they're doing and say that's trash. Somebody else might
29:53
Speaker 2: look at they do it and say, I'll give you
29:54
Speaker 2: a million dollars for that, right.
29:56
Speaker 3: And we can't mention art, especially in hip hop culture,
29:59
Speaker 3: without measuring us. So what he's doing with the no
30:02
Speaker 3: commissions campaign, like that's brilliant, right, a lot of times
30:08
Speaker 3: artists create these paintings and have to put them display.
30:11
Speaker 4: Them in a gallery.
30:13
Speaker 3: And what people don't realize is that they have to
30:15
Speaker 3: pay a commission to the gallery to display the art.
30:18
Speaker 3: And it's like they lose money just because they want
30:21
Speaker 3: to display it in this this setting. And what he's
30:23
Speaker 3: doing is like, listen, we're going to bake the setting
30:26
Speaker 3: and there's no commission, Like you get one hundred percent
30:29
Speaker 3: of what somebody paid for that, which is dope because
30:31
Speaker 3: he only not only does he again teach about art
30:35
Speaker 3: in a sense.
30:36
Speaker 4: But he's also teaching education.
30:37
Speaker 3: I'm like, listen, get one hundred percent of what you're working, Like,
30:40
Speaker 3: why pay this middleman because you're using this gallery?
30:44
Speaker 4: Right.
30:45
Speaker 3: The gallery may help prestiege, but the art is what
30:47
Speaker 3: makes people come up.
30:48
Speaker 2: And it's similar to this, so it all ties into
30:50
Speaker 2: even like the record label right where it's like, say,
30:52
Speaker 2: if this is art, why do I need to go
30:54
Speaker 2: to Southerby's or one of these houses to place my
30:57
Speaker 2: art so they can get a huge commission and they
31:00
Speaker 2: could value it and they can say this is worth
31:03
Speaker 2: this much and have an option on it. It's like
31:05
Speaker 2: this is our same thing with music. Right, Why do
31:06
Speaker 2: I have to go to a record label and have
31:09
Speaker 2: them take a piece of it and have them display
31:12
Speaker 2: it on their catalog and I appear courtesy of a
31:18
Speaker 2: record company, you know what I mean? Like, and that's it.
31:20
Speaker 2: So it all ties in. So when people think about art,
31:22
Speaker 2: a lot of times they don't fully understand how how
31:25
Speaker 2: much art is valued. It's it's it's actually mind blowing
31:31
Speaker 2: when you when you do the numbers on it.
31:32
Speaker 3: And we got the two biggest art stories of last year,
31:35
Speaker 3: I would argue that as a number one, the bank
31:37
Speaker 3: Ski story.
31:40
Speaker 2: Bankski is a legend. So Bankski is a street artist
31:44
Speaker 2: who goes all around the world and he just pops
31:47
Speaker 2: up and he'll just he'll paint these these these paintings
31:51
Speaker 2: on buildings, on sidewalks, on streets anywhere. But nobody ever knows,
31:56
Speaker 2: you know, who he is. See we would like to
31:58
Speaker 2: todde coach, he right doesn't do that. So one of
32:01
Speaker 2: the illest things ever was when ghost Face Killer first
32:05
Speaker 2: came out right with the Wu Tang because nobody saw.
32:08
Speaker 4: Us face that video.
32:09
Speaker 3: We didn't know, but like the first four videos, uh yeah,
32:12
Speaker 3: I think yeah.
32:13
Speaker 4: So like the protecting act in the method man video,
32:15
Speaker 4: and that's.
32:16
Speaker 3: Why he was ghost face because nobody saw him. It
32:18
Speaker 3: was like a whole big thing like who is he?
32:21
Speaker 2: Right? And it was the mistique when nobody knows who
32:23
Speaker 2: you are, you have a certain mistique to you. So,
32:26
Speaker 2: like he said, lady said, when he my face got revealed,
32:29
Speaker 2: the game got real. So for the first for the
32:31
Speaker 2: first four videos.
32:33
Speaker 3: Nobody knew who he what he looked like because he
32:35
Speaker 3: had like a visor like on like he it was
32:38
Speaker 3: it was interesting.
32:39
Speaker 2: So you have a certain mistique to you when people
32:43
Speaker 2: don't know who you are, they just hear about your name.
32:45
Speaker 3: And that's true, like and that is the original form
32:48
Speaker 3: of graffiti. Like in the seventies and ages, especially in
32:50
Speaker 3: New York City, it was like we put up this art.
32:53
Speaker 3: You'll know us by our tags. You don't even have
32:55
Speaker 3: to know who we are. You just know like, oh, like,
32:57
Speaker 3: oh that's the new guy. He's hot. Look at this
33:00
Speaker 3: that he did. Look at the train that he just
33:01
Speaker 3: he that piece that he put on that train, or
33:03
Speaker 3: look at that building over there that he tagged. And
33:06
Speaker 3: it was like that's what you became known for. You're
33:08
Speaker 3: tagged me and the art that you put up. And
33:10
Speaker 3: then that gets frowned upon in New York City and
33:12
Speaker 3: cops cracked down and they erased him, and people are
33:16
Speaker 3: getting locked up for graffiti. And twenty years, thirty years later,
33:22
Speaker 3: we have this.
33:23
Speaker 2: And that's what I said. I said this last time,
33:25
Speaker 2: and I fully believe that I said this on the
33:26
Speaker 2: first episode. You can't stop energy, right, So KRAFFII, I
33:30
Speaker 2: don't know if graffiti started with hip hop, but I'm
33:31
Speaker 2: just gonna say it did because I think it did.
33:33
Speaker 4: That's part of hip hop.
33:34
Speaker 2: So that started in the South Bronx. But people spray
33:39
Speaker 2: painting trains, spray painting walls, spray and like you said,
33:43
Speaker 2: it was frowned upon, it was looked at like it
33:46
Speaker 2: was defacing the city. They had a whole campaign to
33:48
Speaker 2: stomp it out. I go to Germany, Thailand, Asia, spray
33:54
Speaker 2: painting everywhere, murals, murals. Yeah, and now Bankski is pretty
33:58
Speaker 2: much a spray painter.
34:00
Speaker 3: Is currently the most famous artist in the world, the
34:05
Speaker 3: most notorious artist in the world.
34:07
Speaker 2: He's doing what.
34:10
Speaker 3: Kids, just regular sixteen fifteen year old kids was doing
34:13
Speaker 3: in nineteen eighty six, and they weren't looked at as artists.
34:16
Speaker 3: They were just regular kids with a spray can.
34:18
Speaker 4: They were looked as delinquents, misfits.
34:21
Speaker 2: Yeah, so that's how it all. It's interesting. But Bankski,
34:25
Speaker 2: we gotta talk about the stunt that he pulled.
34:27
Speaker 3: Yeah, So the two biggest, I would argue, the two
34:30
Speaker 3: biggest stories in art were the Bankski shredded painting. Like
34:35
Speaker 3: this was like a miraculous stunt. So he puts a
34:39
Speaker 3: painting up for auction, but he's no. He actually had
34:44
Speaker 3: a painting that he never wanted to be auction and
34:48
Speaker 3: he put it in this case.
34:51
Speaker 4: That was very thick, and people were like, this feels
34:53
Speaker 4: pretty funny.
34:54
Speaker 3: He's very heavy, and it went up for auction, right,
34:57
Speaker 3: that was the one thing he said he did not
34:58
Speaker 3: want to happen with the pay of bogs and so
35:01
Speaker 3: they bidden on it, bidden on it.
35:02
Speaker 4: And remember one point four million. One point four.
35:05
Speaker 3: Million, And as soon as that gavel went down and
35:08
Speaker 3: they were trying to take the painting off the wall,
35:12
Speaker 3: the painting starts, it starts to shred. So he has
35:15
Speaker 3: a shredder. He has a shred up built in the
35:18
Speaker 3: frame of the paint.
35:19
Speaker 2: As soon as the person paid one point four million
35:21
Speaker 2: and money got transferred, they're about to give her or
35:25
Speaker 2: him the painting as they're giving as they're trying to
35:28
Speaker 2: take it off the wall, it starts to shred like
35:30
Speaker 2: a paper shred. They were actually the interesting thing about
35:33
Speaker 2: so he must have had somebody on the inside.
35:37
Speaker 3: Mission impossibly some theories that like maybe he was in
35:40
Speaker 3: that room, or they pressed the butt somebody right after
35:44
Speaker 3: it was done. The interesting thing about it is.
35:46
Speaker 2: The interesting thing about it is that they were able
35:48
Speaker 2: to stop it because it only shredded halfway. So it's
35:51
Speaker 2: halfway shredded. It's sold for one point four million. Now
35:57
Speaker 2: I know where you're going. It's worth two million. It's
36:00
Speaker 2: actually worth more before than before. That's how art is
36:04
Speaker 2: so crazy, because now that's our because that's our Yeah, like.
36:07
Speaker 3: About half shredded Banksky painting, the whole story behind it.
36:12
Speaker 3: It won up six hundred thousand the moment plus the
36:14
Speaker 3: painting added to the value of it.
36:18
Speaker 4: Unbelieving.
36:19
Speaker 3: I mean, that's the second story. Is jay Z and
36:24
Speaker 3: Beyonce right them shooting that apeshient video and the Louver
36:27
Speaker 3: what that did? They said, record numbers for attendants at
36:30
Speaker 3: the Louver, and the museum itself said thank you to
36:34
Speaker 3: them for bringing attention to that.
36:36
Speaker 2: So the Louver is the most popular famous art museum
36:41
Speaker 2: in the world in Paris. The Pyramid building. Yeah, the
36:45
Speaker 2: glass pyramid.
36:45
Speaker 4: Glass pyramid.
36:46
Speaker 3: Right, So the tendance where Mona Lisa is right, So
36:49
Speaker 3: like the part in the video where they're standing in
36:52
Speaker 3: front of it. I remember he said, like I'm sleeping.
36:54
Speaker 3: That's in the mount of day Mona Lisa. Like we
36:56
Speaker 3: are art, Like that's Mona Lisa, but we're the focus here.
37:00
Speaker 2: So they do it. They threw a video in the in.
37:02
Speaker 3: The loop, Yeah, and tendance goes up by twenty five
37:04
Speaker 3: percent immediately after. You can't discount that, like just because
37:09
Speaker 3: they shot like that doesn't even happen, Like how many
37:12
Speaker 3: videos have even been shot in there, Like there's certain
37:15
Speaker 3: pinions they don't even allow you to even film in there,
37:17
Speaker 3: and they got the rights to do the entire video
37:20
Speaker 3: in there. Have to close it down and look what
37:23
Speaker 3: it does for the museum.
37:26
Speaker 2: Culture culture. Yeah, man, all right, all right, okay, so
37:33
Speaker 2: final words.
37:35
Speaker 3: So you man, you.
37:37
Speaker 2: Yeah, final word man. Like I said, I just think
37:40
Speaker 2: that a lot of times we have to fully understand
37:42
Speaker 2: that what we're doing has value. Right, We don't want
37:47
Speaker 2: to talk over anybody's head. We want to talk directly
37:50
Speaker 2: to the people. And it's important to realize and that's
37:54
Speaker 2: why we wanted to just talk about that art situation
37:58
Speaker 2: is that no matter which you're doing, is valuable, right,
38:01
Speaker 2: So it's important to a understand your worth. Never let
38:05
Speaker 2: somebody devalue your worth. And also, you know, have a
38:12
Speaker 2: broader sense of this is cool, but this is bigger
38:16
Speaker 2: than just my community. This is bigger than like this
38:18
Speaker 2: is for the world like this, because like I said,
38:21
Speaker 2: what we're doing is effecting the world, right, So it's
38:23
Speaker 2: important to understand.
38:24
Speaker 4: That in the sense like we're using the culture to teach.
38:27
Speaker 3: Culture that but I'm just saying when I say we'm
38:29
Speaker 3: talking about everybody, our culture is world culture absolutely. I
38:35
Speaker 3: think somebody said that, like the number one export of
38:37
Speaker 3: America is culture, right, Like we affect so many different
38:42
Speaker 3: places based on the things we.
38:43
Speaker 2: Do exactly exactly. So know your worth, that's my final word.
38:48
Speaker 4: Know your worth absolutely.
38:50
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