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đŸ”„ Alvaro minutes: The Banana Wars + Martin Wong

Plus, is that me? Observer's Power List

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Alvaro from Frame & Flame
November 18, 2024

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-In a Minute-

đŸ”„ Words I Like: Auctions, memecoins, photorealism—assume the audience knows zilch but loves drama and doesn’t mind being entertained.

Banana Duct Tape Drama: $1M or Bust?

Let’s get real—Maurizio Cattelan’s Comedian (yeah, the duct-taped banana stunt) is back at Sotheby’s this week, flaunting a $1M estimate. But wait, the memecoin version, Comedian (BAN), is out here flexing harder, hitting a $235M market cap last week before cooling off at $175M. Imagine shelling out millions for hype you can’t even eat. Wild.

Why it matters: This isn’t just about bananas; it’s about how far we’ll let hype dictate value. Are we laughing with Cattelan, or is he laughing at us while cashing in? Wednesday’s auction will either prove he’s the ultimate art troll or cement his absurd genius.

The moral: Art is about the story. And let’s be real, if the story’s outrageous enough, people will throw cash at it—even if it’s a piece of fruit stuck to the wall.

P.S. Oh, and if you’re curious to see what Observer had to say about me (or just want the juicy details), check out the full 2024 Business of Art Power List here: Observer’s Power List. Spoiler: it’s worth the read.

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-Today’s Catch-

Martin Wong

Martin Wong, Grand Stand at the Stock Car Races, 1974

Martin Wong market analysis.pdf520.99 KB ‱ PDF File

💭 My 2 Cents: This piece is an underrated sleeper from Martin Wong’s early days, and it deserves way more respect. Forget the polished cityscapes everyone fawns over—this piece has raw energy, the kind that screams "work in progress" in the best way. Wong didn’t care about perfection here, and that’s exactly what makes it sing. If you don’t see the charm in this, you’re not paying attention.

🔑 Key Numbers: Estimated at $20,000–$40,000 for Doyle on Nov. 20, this little gem is sitting miles away from the $600,000–$800,000 estimate for Study for La Vida (1988) hitting Christie’s the very next day. Sure, the big-ticket pieces grab headlines, but early works like this one have been quietly trading under $30,000. With Wong’s market CAGR at 24.78% and sell-through rates in the 90% range, this underdog won’t stay cheap forever​.

🧠 Why It’s a Smart Pick: Look, this isn’t just a painting—it’s a slice of Wong’s evolution. Direct-from-the-artist provenance? Yep. Manageable size? Easy. Plus, with the Christie’s auction stealing the spotlight, savvy collectors know the smaller lots often offer the better buy. If you’re smart, you’ll grab this before everyone wakes up and realizes these early works are the real deal.

-Whenever You Are Ready-

Here are 3 ways I can help you:​

  1. Want me to work with you to source on and off-market pieces, assist with acquisitions, and help you grow your collection? Book a call

  2. Get in front of my audience - With more than 10,000+ newsletter subscribers and 200k+ Instagram followers, my team and I work with dozens of partners in unique ways to help them grow. Interested in a partnership, tap here.

  3. Interested in selling works from your collection? I'll help you connect with buyers from the Frame&Flame Community.

See you next Wednesday!

-Alvaro (@theartmarketguy)

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Not financial advice. Frame&Flame is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions.