Larry Gagosian, a prominent gallery owner, describes the art world as a “blood sport.” With 18 galleries worldwide, Gagosian’s exhibition spaces are larger than most museums. His annual revenues are estimated to exceed a billion dollars. In 2022, Gagosian made headlines by winning the auction for Andy Warhol’s “Shot Sage Blue Marilyn” at Christie’s.
He paid $195 million for the painting of Marilyn Monroe. “When you’re bidding at that level, your adrenaline is…it’s very exciting,” Gagosian said. Gagosian’s entry into the art world was unconventional.
He began by selling posters on the street in Los Angeles. This venture eventually led to a successful business and an upscale gallery. Gagosian’s career-defining moment came in 1981 when he purchased three paintings by the then-emerging artist Jean-Michel Basquiat.
This led to Basquiat’s first West Coast exhibition, which significantly raised Gagosian’s profile in the art scene.
Art world competition at highest level
The high-stakes art world thrives on competition among wealthy collectors.
New York, Gagosian notes, is a prime location for an art dealer due to the intense rivalry among collectors who vie to outdo each other with their acquisitions. Gagosian rebuffs claims that the art market is solely about money. “I don’t think, if people didn’t love art, that they would buy it at that level,” he asserts.
Despite skyrocketing prices distancing some from ownership, Gagosian believes it enhances art’s allure. As he approaches his 80th birthday, Gagosian shows no signs of slowing down. He thrives on the relentless drive and competition, equating the continued success of his galleries with victory.
Facing questions about future succession plans for his art empire, Gagosian admits, “I enjoy it too much” to pass the reins just yet. He remains adamant about remaining active and engaged in the business he built from scratch. Though he acknowledges the challenge of maintaining his legacy, Gagosian views his work in the art world not just as a career, but as an unending pursuit.