New York auctions plagued with cyber attacks and poor sales

CNBC's Robert Frank talks trouble impacting New York art auctions including a cyber attack and poor sales.

[@bluebassboy22]

The squawk box talkin bout big flops on the auction block. Straight fire.

[@christoforos689]

Stop talking over each other. It’s poor form.

[@user-ei2lm6us2e]

ART WORK IS MONEY LAUNDRYING THE WORK ISN'T WORTH IT.. 20% DOWN, BECAUSE ITS NOT WORTH EVEN HALF THAT

[@mukd559]

💯💯💯

[@TTT-1961.]

The issue is that investors want to be in more liquid assets. Note Sothebys reduced its comitssions across the board to 20%, but that still means that all things being equal you are taking big hits on the commission going in and out so you “better love it.”

[@Patrick-yh5yd]

How much of the stock market today is borrowed money?

[@ScotchOnyx]

There's this belief that artwork will always go up. It's all supply and demand driving these auction prices. With the crackdown on money laundering ofc these auctions numbers are down.

[@Dosflamingos]

Those drawings are so well painted and inspirational

[@williamelewis464]

Art itself says the people who prop up the inflated prices and call things "priceless" have zero sense of what actually matters in the world.

[@stevenikitas8170]

I watch some of the auctions (called "sales") online and I was shocked by how low some of the prices were in one sale compared to years past. I figured there must be something going on.

[@mathewmcwilliams6900]

The spaghetti picture as you call it is inspired by Chinese calligraphy and is painted by one of the greatest painters Brice Marden who has developed his unique language since the 60s and who always produced incredible works from complex sensuous monochromes to complex calligraphic works on paper and canvas. He was unique and no painter was able to come close to him. Those painting were labored over and were impossible to imitate. Only spending almost everyday working got him to where he is and you just show in front of your viewers obsessed with money how you have no eye whatsoever, You wouldn’t understand it if it was 50 dollars Not everything is the emperors new clothes, everyone knows that no painting is worth that much and that all that is about something outside of art but Brice Marden is where he is because he was a master of his craft and personally he has enriched my life to be able to know his paintings exist.

[@ITcanB]

"spaghetti picture " he thought he was so clever ❤

[@pjdava]

CNBC Television, This is fantastic! I subscribed because I love it!

[@Patrick-yh5yd]

Sometimes CNBC is good.

[@decnijfkris3706]

Today offer is rather poor

[@oliverbell1937]

The art market, just like everything else is losing the veil…if you are an individual who watches & looks deep you are bound to now understand the art market…the online auctions clearly showed what a scam the art market, in reality is 🤔

[@CatJuarez]

I'm on my way 💯🥰

[@candy9986]

Mediocre offerings

[@tarawhite4419]

Wow 😲😨😨😨😨

[@ScotchOnyx]

Blame it on cyber attacks.

[@carolynmullet1726]

"I'll make you one of those." Disgusting. Why does CNBC allow such an ignorant person to blather on about something he knows nothing about?

[@Alma-B]

never heard of him for $30-50M it better be a picasso or better

[@elizabethbrauer1118]

Good news for once!

[@rntablette9388]

the art market is just a fake and crook game

[@user-ho1pj8vm8l]

lol

[@mitchbayersdorfer9381]

Or... a lot of people are realizing that some of this art is just Bored Apes. A picture of spaghetti just isn't worth it.

[@imaslob6168]

More money laundering!!! I’ll give 500 bucks for that crap!!!

[@danwickramasinghe4744]

🤣

[@XxXenosxX]

Good, stealing from the rich is now Robin Hood levels of justified

[@deetee7652]

You know it’s hard out here in these streets when the wealthy are not spending that kind of money right now. 😂

[@RichardKing-sx6xc]

🤣😂😅😆

[@christofmaupin2023]

BooHoo🤣🤣🤣🤣