All language subtitles for Power, Business and Fortune_ Stories That Define the Global Economy_CLIP_4

shape the rules, in technologies that
might outlive biology itself, not to

the world, to outlast it.

What began as a contingency plan for a
few has become an unspoken strategy

the ultra -wealthy.

When the New Zealand citizenship story
became public, one of Thiel's closest

peers, Sam Altman, Put it bluntly.

If things go really wrong, I'm flying to
Peter's place.

Some men try to make history.

Peter Thiel is trying to escape it.

And if the future breaks, he intends to
be standing somewhere it cannot reach.

Most people see this and think culture.

They see a charming, eco -friendly
tradition.

But look closer.

This isn't just people liking to pedal.
What you are watching is a high

-frequency, low -friction economic
machine.

Ultimately, private car ownership is
going to become obsolete.

Cities are building for pedestrians,
they're building for cycling, they're

building for livability, not for cars.

The multi -billion dollar system of
Amsterdam.

In Amsterdam, the bicycle isn't a toy.

It is a critical urban infrastructure.

If this system failed today, the city's
economy would collapse tomorrow.

For decades, the world has viewed
Amsterdam through a romantic lens.

But cities don't run on vibes.

They run on systems.

And when a system moves hundreds of
thousands of people every single day, it

stops being a choice and starts
demanding three things.

Space, rules, and capital.

Research shows that the cycling system
contributes benefits equivalent to

roughly 3 % of the Netherlands' GDP.

This isn't just green energy.

It's hard cash saved in public health,
reduced absenteeism at work, and most

importantly, unlocked productivity.

Every person on a bike is a person who
isn't taking up 12 square meters of

public space with a car.

That freed up space allows for high
value real estate, commerce, and

In economics, we call this optimization
of land use.

But success created a crisis.

By the 2010s, Amsterdam had a clutter
problem.

Thousands of bikes were choking the
streets.

The solution?

One of the most expensive and daring
engineering projects in the city.

They built a cathedral for 7 ,000
bicycles.

Under the water.

It cost millions. From a traditional
linear perspective, spending that much

free parking, Seems insane.

But from a circular economy perspective,
a model where Amsterdam is a global

leader with 30 .6 % circularity rate, it
was a mandatory investment.

As we see in the latest urban governance
reports, planning isn't an option here.

It's the only way to exist.

In this documentary, we are going beyond
the postcard.

We will travel back to 1965.

to see why the first sharing economy
experiment failed.

We will use scientific GPS data to track
the shadow economy of the 80 ,000 bikes

stolen every year.

And we will explore how Amsterdam is
using the bicycle to become the world's

first 100 % circular city by 2050.

This is the story of how a humble
machine with two wheels became the

a multi -billion dollar urban miracle.

To understand why Amsterdam spends 85
million euros on underwater parking

we have to go back to a time when the
city almost lost its soul to the car.

The 1960s.

As post -war prosperity grew, Amsterdam
was being choked by motor vehicles.

In response, a counterculture group
called the Provos launched what would

the first bike -sharing program in
history, the Vita Fiesta Plan, or the

Bike Plan.

Their proposal was radical and purely
idealistic.

Paint 20 ,000 bicycles white, leave them
unlocked across the city, and let

anyone use them for free.

No keys, no coins, no owners.

They viewed mobility as a public good,
as essential and free as the air we

breathe. On paper, it was a circular
economy, avant la lettre.

In practice, it was a disaster.

Within days, the system collapsed.

Why? Because the provost ignored a
fundamental principle of economics, the

tragedy of the common.

When we talk about the matrix of goods,
we are talking about the matrix of

product consumption, which is an
economic tool that serves us in a

way, as always, as economic models, to
understand what is the relationship

between the different products and their
use.

Therefore, in this case, we are
especially interested in seeing it from

of the supply and then the use of goods
and services that exist in a society at

a given moment.

So we have to understand what its
components are, the utility as well, and

have to see how this structure is
updated.

because they invited theft, and the
citizens, driven by individual

either took them home or threw them into
the canals.

The lesson was half.

You cannot have a massive urban transit
system based solely on romanticism. You

need governance.

However, the white bikes planted a seed.

It shifted the economic debate.

The city realized that if they didn't
want to spend billions on highways like

Los Angeles or London, they had to
invest in a different kind of capital.

Transition requires not just technology,
but a change in urban metabolism.

The failure of the white bikes taught
Amsterdam that the bicycle had to be

integrated into the formal economy of
the city, not as a rebel symbol, but as

regulated tax and planned asset.

Today, the free spirit of the white bike
only survives in one place, the Hoga

Veluve National Park.

But in the city, the white bike has been
replaced by a sophisticated capital

incentive model.

We no longer trust in the goodness of
the user. We trust in incentives.

We move the tragedy of the commons to a
system of managed common pool resources.

In economics, success can be as
disruptive as failure.

By the late 2010s, Amsterdam was a
victim of its own efficiency.

With nearly one million bicycles in the
city, the urban surface had reached a

breaking point.

Every bridge, railing, and sidewalk was
occupied by idle metal.

This wasn't just an aesthetic grievance,
it was an economic bottleneck.

Thousands of parked bikes were clogging
the city's arteries.

slowing down 200 ,000 daily commuters at
Central Station.

In one of the world's most expensive
real estate markets, free surface

is a luxury that a functional city
cannot afford.

The opportunity cost of that space was
becoming too high.

To solve this, Amsterdam launched De
Entree, a massive urban reconfiguration

project. The crown's all? The open
Havenfront underwater parking.

Consider that figure, spending 60
million euros just to store 7 ,000

underwater.

To a traditional accountant, this looks
like a massive sunk cost.

But to an urban economist, it's a
masterstroke of asset management.

By moving 7 ,000 bikes beneath the
water, the city performed open -heart

on its central hub. They reclaimed the
surface.

restoring the landscape to its 1900s
aesthetic.

This isn't just about beauty, it's about
maximizing pedestrian flow.

A station that breathes and flows is a
station that generates higher economic

value for the surrounding businesses.

However, an 85 million euro asset must
be managed like a high -performance

logistics center.

You cannot allow zombie bikes to occupy
these slots indefinitely.

This is where the incentive structure
comes into play.

The primary goal isn't profit, it's
turnover.

By offering the first 24 hours for free,
the city subsidizes the daily

workforce. But by charging a daily fee
thereafter, they penalize long -term

storage and abandonment.

Using advanced optical sensors, the city
monitors idle infantry in real time,

ensuring that these 7 ,000 flocks remain
a liquid asset for those who keep the

economy moving.

Finally, we must consider the cost of
friction.

that we have to assume in relation to a
distance and a transport with a traffic

that we are going to have to travel in
an urban space, generally, is where more

is studied.

We are talking about 0 .26 euros per
kilometre and this in the end is

the costs of people, of companies, of
families when it comes to moving

within spaces.

Every second lost in a transfer is a
loss in human capital and productivity.

This underwater facility connects
directly to the metro and train

The commuters can transition from their
bicycles to their train seats in less

than two minutes, shielded from the
elements.

This level of intermodal synergy is
exactly what makes Amsterdam's circular

economy, currently at a record 30 .6 %
circularity rate, a functional reality

rather than just a policy goal.

But this transition to a highly
regulated system created its own set of

problems. Because when you turn a
bicycle into a valuable economic asset,

create something else. A black market.

In Amsterdam, data doesn't tell the
whole story.

While police record 11 ,000 thefts a
year, the reality is closer to 80 ,000.

Most citizens don't report it.

Cost of time is higher than the bike's
value.

This creates a massive shadow market
operating entirely outside the official

GDP. Forget the myth of international
bike smuggling rings.

A 2023 study tracking 100 bikes proves
that stolen assets rarely leave the

Instead, they feed a shadow circular
economy.

Your stolen bike is sold to a street
dealer and then bought by your neighbor.

It's a localised, untaxed and illegal
closed loop.

High theft risk creates a market
distortion.

If you expect your bike to be stolen
within months, you don't buy quality,

buy junk.

This beta bike equilibrium keeps the
city's transport fleet low quality and

forces owners to spend more on locks
than the bikes themselves.

These aren't victimless crimes.

They are negative externalities that
drain city resources.

Amsterdam's answer?

The Seed Depot.

Since the city couldn't stop the theft,
it decided to manage the orphaned

assets. Because in a circular city, even
a stolen bike is a resource that must

be managed to maintain the urban
metabolism.

In a city with more bicycles than
people, orphaned assets are an

Every year, thousands of bikes are
simply left behind.

In economic terms, this is dead capital.

They occupy valuable public space,
provide zero utility, and degrade the

landscape.

According to official Amsterdam
regulations, the city must intervene

private property interferes with public
efficiency.

Where there is an improperly parked bike
blocking an emergency exit, For a wreck

that is no longer functional, the
municipality acts as the ultimate

spatial order.

All seized bicycles are transported to a
central facility, the FIEDS depot.

This is a logistical powerhouse that
manages the city's lost capital.

This isn't just a pound, it's a sorting
facility for the city's metal

metabolism. The retrieval.

Owners have around six weeks to claim
their bike for a fee, approximately 25

euros. This fee doesn't cover the full
operational cost, but it serves as a

-paid tax to discourage abandonment. If
your bicycle was removed from the city

parking facility, you will also pay 33
.75 euros parking cost.

For sorting, only about 25 % of bikes
are ever reclaimed. The rest?

They are classified as waste or asset.

Here is where the circular economy
strategy, 2020 to 2025, becomes

Amsterdam aims to reduce the use of new
raw material by 50 % by 2030.

The FIAT depot doesn't just scrap
everything.

Refurbishment. Bikes in decent condition
are sold to social enterprises or

second -hand shops.

They are recirculated into the economy,
at a low price point, providing

affordable mobility for low -income
residents.

Education. Many are used in vocational
training programs, turning junk into a

teaching tool for future mechanics.

Raw materials, the unsalvageable ones,
are sold as high -quality scrap metal,

feeding back into the industrial cycle.

What we see here is a complete life
cycle management of a transport mode.

The biggest challenge for circular
cities is the lack of effective

mechanisms. Amsterdam succeeds because
it treats the bicycle as a public

utility. From the multi -million euro
investment under the water to the scrap

metal in the harbour, the city manages
the entire cradle -to -grave cycle of

bicycle.

Amsterdam is no longer just building
bike lanes.

It is building a new economic DNA.

The city has set a target that many
economists call impossible, to be 100 %

circular by 2050.

This means that by mid -century, every
gram of steel in a bicycle and every

stone in a bridge must stay within the
economic loop.

The take -make -waste model will be
extinct.

For Amsterdam, The bicycle is the alpha
product, the test case for how a city

can move, consume, and recycle without
depleting the planet's capital.

To reach 100 % circularity, the concept
of private ownership is being challenged

by a more efficient model, product as a
service.

You don't buy the bike, you rent the
mobility.

So we talk a lot about ownership as a
service, but it's this idea of, you

something as a service.

So in our case, bike as a service, it's
all of the benefits of ownership, but

none of the drawbacks. So none of having
to deal with the maintenance or any of

the things that come with actually
owning something.

Economically, this aligns the incentives
of the producer and the consumer.

If the bike breaks, it's the company's
problem, not yours.

By centralizing all of that maintenance,
obviously we cut costs significantly,

we cut waste significantly.

But for the individual user, they have
nothing to worry about. As a subscriber,

you get all of your maintenance. So we
come and do preventative maintenance.

So first of all, that obviously reduces
the cost overall, not so much for the

end user, but the cost of the business.

That prevents breakdowns and things like
that.

But in the end, if you think about the
cost of time, the cost of effort, maybe

you don't even know how to maintain your
own bike, having a service that does

all of that for you is just a matter of
convenience.

This forces manufacturers to design for
durability and modularity, the core

pillars of this circular economy.

When the city manages the flow and
private companies manage the

shadow economy of theft we saw in Act 3
begins to shrink.

So if you subscribe to a bike from
Clover and your bike gets stolen, first

all, we actually probably will notice
that it got stolen maybe even before you

did because we have GPS on all the
bikes.

But if it does get stolen, you use our
WhatsApp chat. You basically send us a

message and we come and bring you a new
bike immediately.

Why steal a bike that is tracked,
branded, and has no resale value in a

subscription -based market?

So what is the final return on
investment?

Let's look at the triple bottom line.

Public health. By avoiding 11 ,000
deaths annually through active

The Dutch economy saved 19 billion euros
in healthcare costs.

Urban density.

By utilizing underwater parking and
vertical depots, Amsterdam maintains a

population density that will be
impossible with cars, keeping real

productivity at peak levels.

Resource independence.

By reclaiming metal from the Piers
Depot, the city insulates itself from

commodity price shock.

This is a sustainable urban metabolism.

The city isn't just a place where people
live. It's a living organism that

processes resources with maximum
efficiency.

Amsterdam's success has sent a clear
message to the rest of the continent.

Spatial efficiency is the only way
forward for the modern metropolis.

Across Europe, the bicycle has moved
from being a leisure tool to a

of urban recovery and economic
resilience.

In Paris, a city once defined by its
congestion, the Plan de l 'Or is

hundreds of millions to become 100 %
cyclable. In Barcelona, the superblocks

reclaiming entire intersections from
cars to create human -centric lungs.

These aren't just environmental
projects.

They are market corrections.

The cities are betting that a quieter,
cleaner, and more agile urban center

attract more talent, more tourism and
higher property values.

From the cycle superhighways of London
to the industrial hubs of Germany, the

economic logic is consistent.

Replacing a one and a half ton vehicle
with a 15 kilogram machine reduces the

cost of maintenance for the city and
increases the productivity of the

But while northern capitals have the
advantage of decades of infrastructure,

real test is happening in the south.

In the Mediterranean, where the street
is a social space and the sun is a

constant resource, a new leader is
emerging.

A city that has used the Amsterdam
blueprint to transform itself at record

speed. We are light years away from the
cycling infrastructure that Amsterdam or

any city in the Netherlands has. Do we
need these huge infrastructures? Well,

can create these huge infrastructures
that will not be necessary in places

there is a lot of traffic, a lot of
influence, such as train stations,

bus stations, the beach itself. Valencia
has a beach, so the beach has to have a

lot of infrastructure.

But then, also with this that we talk
about the permeability of the bicycle,

there must also be small places where
you can safely leave your bicycle so

you are going to visit a friend that you
can leave the bicycle in his portal.

You stop to drink something so that you
can be looking at the bicycle from where

you are drinking a beer.

We have to mix both models, the one with
great infrastructures for...

If Amsterdam is the blueprint, Valencia
is the laboratory.

It is not necessary for all the routes
to be substituted for bicycles, right?

And then also the management of
abandoned bicycles, those

spaces that people use as a trunk, or
not, well, those spaces

that we have to give to save the bike
have to be as a means of transport and

that there is a...

In less than a decade, this
Mediterranean city has transitioned from

-centric capital to a global reference
in urban metabolism.

Valencia Transformation wasn't a matter
of vibes or romanticism. It was a

calculated investment in spatial
efficiency.

I think attracting top global talent
means that you need to have a vibrant,

livable city. And I think most young
people, particularly who are coming into

the workforce now, are looking for ways
to get around a city that doesn't rely

on public transit.

They don't want to own a car because car
ownership is a total burden, having to

find parking, insurance, cost of the
car, all of that.

So having this accessible
infrastructure, cycling infrastructure

and in a city like Valencia that already
has a lot of reasons to attract top

talent, just makes it that much better.

Cycling is the preferred way to get
around in Valencia. We're number seven

the world for cycling to work, for
example.

So adding a layer of an easy
subscription e -bike service to that

attracts even more top talent to the
city.

By implementing the Anilo Ciclista, the
city has reclaimed high -value public

space to boost local commerce and reduce
the toxic liability of the car.

It's important to remember that
oftentimes with cars, although they can

multiple people, Most of the time, it's
one person per one car.

So when we're asking about, you know, 10
bikes versus one car, we're essentially

saying 10 people versus one person. So
we have a 10x multiplier on essentially

everything that's happening on that
street. Whether that be visits to

businesses, whether that be transactions
and purchases, everything gets that 10x

multiplier and increases revenue for the
whole street.

In economics, this is the optimization
of land use, the same principle that

drove Amsterdam to build under its
canals.

If I'm cycling and I pass by, for
example, a bakery,

So I smell that bakery and I go, oh, you
know what, maybe I'm going to stop in,

try something, one of those products,
you know, essentially become a patron of

that business. Whereas if I'm passing by
in a car, there's no chance of that

happening. And the other benefit is car
parking also has this sort of

psychological effect on the streets and
the people that live there.

Car parking makes the space feel a lot
more closed in and a lot more cramped

than bike parking, which keeps the space
very nice and open.

Emerging businesses are shifting the
market from ownership to usership.

You know, our customers, they depend on
their bikes as a reliable way to get

around. And so we use an ownership as a
service model. So instead of owning the

asset yourself, you subscribe to it from
us. And we think that's what customers

need in terms of reliable day -to -day
transportation.

If you look at something like Lime or
Ballen BC, they will have that idle

problem.

And certainly ownership, obviously.

The same thing, but with us, you know,
handling maintenance, battery swapping,

theft protection, insurance, all of
that, and yet still having access to the

bike anytime you want. It's your bike.

Subscription models like SwapJet, which
already dominate the Dutch market, are

landing in Valencia.

These companies treat the bike as a
service, covering all maintenance and

repairs for a monthly fee.

Ownership isn't necessarily a bad
investment, but I think most consumers

moving away from owning things. People
are leasing their cars, people are more

and more renting their homes.

So for us, the subscription model made
sense, that and affordability.

This eliminates the fear of theft and
long -term depreciation, turning the

bicycle into a predictable, low
-friction utility for the modern worker.

The impact it sends to logistics.

In Valencia's historic center, where
large trucks are increasingly

last -mile delivery by cargo bike is
becoming the gold standard for

We are witnessing the birth of micro
hubs, small urban distribution centers

allow for zero -emission, high -speed
delivery in high -density zones.

From the massive underwater investments
in Amsterdam to the emerging

subscription models in Valencia, the
message is clear.

The bicycle is no longer just a hobby.

It is a financial instrument and a
spatial optimizer.

You know, when we were speaking to
consumers about how we could get them to

switch from a car to an e -bike, it was
all about convenience.

So it was about this idea that, you
know, with a car, you can go point A to

point B whenever you want. You're not
relying on public transit or any of

things. But if you need gas, you go to a
gas station, it takes five minutes, and

you're back on your way.

People perceived e -bikes as
inconvenient because, oh, what if I

charge the battery? Then it's just kind
of a very heavy paperweight.

But if we eliminate that need for
charging and people can just come and

a charged battery anytime, it helps
break that barrier to entry for getting

of a car.

By integrating these new business models
with public planning, Valencia is

securing its place in the 21st century
economy, proving that a dense,

city isn't just a choice.

It's a competitive necessity.

Ultimately, private car ownership is
going to become obsolete.

Cities are building for pedestrians,
they're building for cycling, they're

building for livability, not for cars.

Throughout this documentary, we have
seen the gears of a massive economic

machine. But there is a final myth we
must dismantle. The idea that cities

Amsterdam or Valencia look like this
because their citizens are simply

different. History tells a different
story.

In the 1970s, Amsterdam was on the verge
of becoming another car -centric

congested metropolis.

The transition we see today wasn't a
natural evolution of culture.

It was a hostile takeover of urban space
by policy and planning.

When a city reaches a certain density,
freedom of choice in transport becomes a

mathematical impossibility.

If everyone chooses a car, No one moves.

In this high -stakes environment,
planning is not an option. It is the

to survive.

What is the ultimate harvest of this
planning?

It is the 3 % GDP boost we mentioned at
the start, but it's also found in the

margins.

The fiscal savings.

By avoiding the need for multi -billion
euro highway expansions and massive

healthcare costs related to sedentary
lifestyles,

The resilience factor.

By creating a circular metropolis that
can process its own waste at the

Kroekhuis depot and turn it back into
capital.

The talent magnet.

In the global war for talent, highly
skilled workers choose cities based on

livability.

Amsterdam's bicycle infrastructure is
its most effective recruitment tool.

We started this journey looking at a
simple machine.

Two wheels and a frame.

But as we've seen, the bicycle in
Amsterdam is much more than a transport

It is a financial instrument.

It is a spatial optimizer. It is the
invisible engine that allows a medieval

city to function as a 21st century
economic powerhouse.

The 85 million euros spent on underwater
tunnels, the complex logistics of the

Kruquius depot, or the new Mediterranean
bike lanes are not costs.

They are investments in resilience.

In a world of rising energy prices and
shrinking urban space, the Amsterdam

model offers a glimpse into the future.

It proves that the most sophisticated
technology isn't always a new gadget

sometimes. It's the perfect integration
of an old idea into a new circular

world.

Imagine for a moment, what if your
Bitcoin holdings could purchase more

just everyday items like coffee or the
latest gadgets?

What if that digital currency sitting in
your wallet could actually buy you a

house or perhaps even an entire
commercial building?

Welcome to the fascinating and rapidly
evolving world of crypto real estate,

where digital assets are being
transformed into tangible property.

Today we're taking a deep dive into the
revolutionary intersection of

cryptocurrency and property ownership,
examining in detail how Bitcoin is

successfully transforming what were once
purely digital coins into tangible

physical real estate investments.

Whether you're an experienced crypto
investor looking to diversify your

portfolio, or simply someone who's
curious about emerging trends in

markets, this is an in -depth look at
how the landscape and future of real

estate transactions is fundamentally
evolving and changing before our eyes.

The financial world is in constant
transformation.

But in this decade, digitalization has
accelerated that change faster than

anyone imagined.

Today, money, investments, and assets
flow through codes silent, transparent,

and borderless.

Cryptocurrencies, led by Bitcoin, mark
the beginning of a new era. They shook

the foundations of the global financial
system, sparking both excitement and

skepticism. Yet behind that phenomenon
emerged something even deeper.

Tokenization.

tokenization.

It has to do with the fractionalization
and therefore generate contracts at a

digital level that will depend on the
type of contract, the rights that we

obtain on these goods that are
tokenized. In the case of the

tokenization of the real world assets,
we are talking about the fact that in

last three years there has been an
increase of 380%, which tells us

of the level of development, the speed
of development of this type

of content and products and that,
therefore, is something that,

at the moment, while we are talking,
regulation continues.

The idea is simple. The impact,
enormous.

Each token represents a fraction of an
asset, a share, a bond, a property, or

even a work of art, all recorded on a
blockchain, a global tamper proof

that are fast, almost at level 24 -7,
and that in this way the process can

be automated through smart contracts.

These smart contracts allow us to speed
up and dynamize

these processes that traditionally

We believe the next step going forward
will be the tokenization of financial

assets. And that means every stock,
every bond will have its own basically Q

-SIF. It'll be on one general ledger. In
other words, a token isn't just an

asset. It's a digital entry in a new
kind of ledger that is rewriting how

capital markets keep their book.

Investment in tokenized real estate
represents one of the most recent

advancements in the property industry.

Tokenization enables houses and
apartments to be divided and sold, and

smaller units.

So what we are going to do is take these
high -value assets, we are talking

about in this case, and we are going to
fractionate them in different parts.

We could associate this without being
exactly the same.

Small programs act like a bridge between
a property and an online trading

platform. Hence, tokens create a digital
representation of a property,

facilitating its digital transfer.

The process of purchasing a property is
still associated with significant

bureaucracy, lengthy procedures, and
subsequent high costs.

So, what exactly is crypto real estate?

At its core, the term refers to any real
estate transaction where cryptocurrency

plays a major role, either as a direct
form of payment, a converted asset, or

collateral for purchasing property.

When we are talking about the use of
cryptocurrencies in real estate, we can

them to pay directly, that is, we have
bitcoins and what we do is we use those

bitcoins as long as the counterpart
accepts them to pay the total or

part of the operation.

We can also use cryptocurrencies as a
backup.

For the concept goals, Even deeper than
that, crypto real estate includes buying

a home directly with Bitcoin or other
cryptocurrencies, using stable coins

USDT or USDC for a more stable purchase,
converting crypto into fiat at closing,

taking out loans backed by
cryptocurrency to purchase real

real estate where ownership is
fractionalized into digital tokens,

-based property records, and smart
contract -driven transactions.

When we talk about the different assets
with which we can do the buying

and selling operations or that we can
use in the buying and selling

we can also use the stablecoins, which
are related, they are a family

close to cryptocurrencies, but they are
not exactly the same.

And then we can also talk about...

of the conversion of cryptocurrencies to
fiat.

When we talk about stablecoins, we have
to pay attention

to the regulation that is being done in
Europe with the MICA regulation that

divides them between EMT and ART. In the
case of

EMTs, we can talk about, for example,
those issued by

center, the USDT, and then, on the other
hand,

we could talk about the Recycle, which
are the USDT and the EURT.

In the case of the Recycle, they are
accepted by the current regulation.

with the MICA regulation and in the case
of the USDT not

yet. So I think it is one of the main
stablecoins worldwide.

And when we talk about the
cryptocurrencies that we convert to

what we are talking about is that we
take a cryptocurrency and we convert it

a value in this case like the euro or
the dollar to be able to carry out the

operation and agree on the value that we
are assigning to

these assets that otherwise could be
more volatile and could change in value.

Therefore, fiat in this case would be
the euro

or dollar currencies, for example. When
we talk about stablecoins,

It's an evolution in how value moves
around the world.

And for the first time, digital wealth
is becoming a direct pathway to physical

ownership.

To understand how we arrived at this
moment, we need to step back and look at

the timeline. Bitcoin launched in 2009
as a peer -to -peer digital alternative

to money.

In its early years, the idea of using
Bitcoin to buy real estate was

But Bitcoin grew, first crossing $1,
then $100, then $1 ,000, then tens of

thousands. A new wave of wealth was
created.

Suddenly, early adopters who once bought
pizza with Bitcoin now had enough

digital value to buy entire homes, and
sellers began paying attention.

The first public record of a property
purchased fully in Bitcoin dates back to

2017. From there, the trend spread to
luxury markets.

Miami, Los Angeles, New York, Dubai, and
London.

Developers began marketing properties
specifically to crypto buyers.

Brokers started specializing in crypto
transactions.

Escrow companies adapted.

Even governments began studying
blockchain -based property registries.

Buying real estate with Bitcoin isn't
science fiction.

Some sellers now accept crypto directly,
while others work through brokers who

convert Bitcoin into local currency.

The process is faster, borderless, and
sometimes even tax efficient, if you

the rules.

Things that sounded impossible in 2010
became normal by 2020, and now, in the

2020s, cryptocurrency is becoming a
serious player in global real estate.

The crypto boom has created a new class
of investors.

High net worth individuals want to
diversify, and real estate is a safe,

tangible asset.

From luxury homes in Miami to condos in
Dubai, Bitcoin buyers are making their

mark. Let's look at a few real -world
examples to understand how crypto real

estate works in practice.

Case study 1. In 2021, a luxury
penthouse at Arte by Antonio Soterio in

Surfside, Florida, made history.

The property sold for $22 .5 million,
paid entirely in cryptocurrency.

The largest publicly known real estate
transaction completed using digital

assets at the time. A developer's
decision to accept cryptocurrency had

off. The sale came just weeks after the
developer announced it would begin

accepting cryptocurrency payments
through a partnership with blockchain

SolidBlock. According to Forbes, the
deal demonstrated that crypto was no

just a speculative asset. It had become
a viable method for purchasing high -end

real estate.

Case study 2. In Dubai, one of the
earliest large -scale experiments with

real estate unfolded at Aston Plaza and
Residences, located in Dubai Science

Park. Marketed as one of the first major
developments in the region to accept

Bitcoin, the project offered apartments
priced directly in cryptocurrency.

Buyers were able to commit funds using
Bitcoin, capturing global attention.

But the story also revealed the risks of
innovation.

Originally advertised as a $325 million
development, the project later stalled

and its completion became uncertain.

While crypto payments were accepted, it
remains unclear whether all buyers

ultimately received finished property.

The case highlighted both the promise
and the pitfalls of early crypto

in real estate.

Case Study 3 In 2025, Spain recorded one
of its first officially reported

property sales completed with Bitcoin.

A property in Madrid, valued at
approximately 1 .5 million of euros, was

purchased by an international buyer
using Bitcoin.

The transaction followed standard real
estate procedures, including escrow,

legal compliance, and the conversion of
crypto into euros for the seller. It

marked a significant milestone, showing
that cryptocurrency could integrate into

traditional real estate systems, even in
highly regulated European markets.

Case Study 4. In the United States.

Crypto adoption hasn't been limited to
coastal tech hubs.

An agent with Sotheby's International
Realty in Delaware reported selling a

luxury property for $175 million paid in
Bitcoin, believed to be one of the

state's first major real estate
transactions involving cryptocurrency.

The sale was widely publicized as a
local milestone, signaling that crypto

estate was beginning to reach beyond
niche markets and into everyday property

transactions.

I consider that the United States, with
the Genius Act, is trying to maintain a

preeminent position in the markets at an
international level. Therefore, they

are strongly betting on the different
stablecoins

and on donating to the financial system.

that we know has a worldwide impact, of
the tools so that it can evolve in an

agile and dynamic way. On the one hand
we have agility and dynamism, on the

other hand we can find that the fact
that everything is happening in real

often limits the protection of the
consumer or what could be

the most conservative rules to try to
mitigate or reduce the risks

to the maximum.

Therefore, in the United States we see a
greater openness.

In the European Union we see more
conservative positions.

And then we have in other parts of EMEA,
we can see

how they are quite open to carry out
operations of this

type. Some are carried out, others are
not carried out, but without a doubt

within a framework of a will to advance,

to study and to put into practice.

Taking together, these cases tell a
larger story, one of experimentation,

success, setbacks, and growing
legitimacy.

Crypto real estate is no longer
hypothetical.

It's happening, transaction by
transaction, across the globe.

But it's not all smooth sailing.

Crypto's value can be volatile.

Regulations vary by country. And tax
implications can be tricky.

First, volatility.

Bitcoin and other cryptocurrencies can
move dramatically, sometimes losing or

gaining a third of their value in weeks.
For buyers who convert at closing,

rapid swings can erase gains or spike
costs in hours.

Second, transaction mechanics and title.

Even when a seller accepts crypto, most
governments and land registries require

deeds to be issued in the local
currency.

That usually means an intermediary
converts crypto to fiat before the legal

title is registered, adding counterparty
risk and an extra step that can delay

and complicate settlements.

Third, taxes. In many jurisdictions,
authorities treat crypto as property,

currency, which makes nearly every
transfer a taxable event. That includes

sales, exchanges, and sometimes even
payments for goods or services.

Buyers and sellers must track cost
basis, gains, and report the

accurately or face audits and penalties.

Fourth, lending and counterparty risk.

Crypto -backed lending exploded in the
previous market cycle, but it ended with

high -profile collapses and
bankruptcies. When platforms fail,

depositors can lose access to funds,
collateral can be liquidated at a loss,

promised liquidity disappears, a danger
for anyone relying on third -party

services to bridge crypto and property
purchases.

Fifth, compliance, and anti -money
laundering rules.

Regulators and global bodies have
tightened rules around virtual assets to

prevent illicit flows.

Real estate transactions are high on
that list, meaning additional KYC,

of fund checks, and reporting
requirements.

Failure to meet these standards can
stall a sale, trigger investigations, or

expose participants to legal liability.

Six, operational and technical risk.

Crypto transactions are irreversible. A
single wrong character in a wallet

address or a phishing attack on an email
with wiring instructions can send

millions to the wrong place, and there's
no bank to reverse the transfer.

Seventh, technology risk. Smart
contracts, tokenization, and new

innovation, but also software bugs and
design flaws.

A poorly written smart contract or an
unaudited tokenization platform can

assets, misallocate ownership shares, or
enable exploits.

Finally, market and reputational risk.
Developers and brokers who accept crypto

can attract new buyers, but they also
take on greater scrutiny, regulatory

compliance burdens, and the risk that
projects promoted with crypto funding

underdeliver, stall, or become entangled
in legal disputes.

In short, crypto can speed and globalize
property deals, but it also layers on

volatility, regulatory complexity, and
new failure modes.

For buyers, sellers, and advisors, the
lesson is clear.

De nuevo, tenemos que tener en cuenta
que el hecho de eliminar intermediación

hace que sean más ágiles los
procedimientos, pero igualmente la

muchas veces aporta garantías que ahora
tendremos que asegurarnos se

protejan con la tokenización.

The opportunities are huge.

A new generation of buyers is turning
digital value into physical assets.

For many, Bitcoin isn't just a currency.

It's a gateway to ownership.

One of the biggest shifts is
tokenization.

Instead of buying an entire building,
investors can now purchase fractional

ownership through blockchain -based
tokens.

This lowers the barrier to entry,
allowing smaller investors to access

estate markets that were once reserved
for institutions and the ultra -wealthy.

of high value it would be difficult with
a lower purchasing power while when

we fractionalize this or we do it in
different pieces or parts this asset

will allow the price of the same to be
lower

because in the end we are selling parts
and therefore it would be more

affordable and that it could be proposed

Tokenization also brings liquidity to an
industry that has traditionally been

slow and illiquid. Real estate
transactions can take months.

Tokenized shares can potentially be
transferred in minutes.

Crypto is also reshaping cross -border
real estate.

International buyers often face currency
controls, wire delays and banking

restrictions.

Cryptocurrency allows capital to move
globally with fewer friction points,

opening markets to buyers who were
previously locked out. As a result,

that embrace crypto -friendly
regulations are attracting global

Developers are responding by marketing
properties directly to crypto holders,

not as a novelty, but as a strategy.

Governments are also exploring
blockchain for land registries and

records. Immutable ledgers can reduce
disputes, prevent title fraud, and

permanent, verifiable ownership history.

especially in regions where property
rights are difficult to enforce.

This isn't a complete replacement of
traditional real estate.

It's a transformation.

Crypto doesn't eliminate the
fundamentals.

Location, demand, and due diligence
still matter. But it changes how value

moves, how quickly deals happen, and who
gets access.

So what does all of this mean for you as
an investor or future homebuyer? It

means new opportunities are emerging.

Opportunities to leverage your crypto
holdings.

Opportunities to participate in
international markets more easily.

Opportunities to acquire property faster
and more efficiently.

It requires long bureaucratic processes
that in many cases

can be complex.

In the case of tokenization, we are
talking about a sophisticated type of

technology. Therefore, we will have to
see exactly the consequences

and the level of knowledge required to
be able to proceed in the best way.

But it is true that we potentially do
get a greater liquidity than with real

estate only.

It reminds me, or we could associate it
with other types of assets that already

exist, such as SOCIMIS or RAID, and that
therefore allow us to

have participations or in this case,
rights in properties or

in property contracts, because the
intention of

tokenization is an intention that has
been dragging on since ancient

times, which is to obtain returns from
real estate.

But like any emerging space, education
is key. Working with crypto -friendly

agents, attorneys, and escrow companies
is essential.

Understanding your local regulations is
crucial, and ensuring the security of

your crypto wallet is absolutely non
-negotiable.

this continuous process of training.

We are talking about some active
systems, sophisticated

procedures, so we have to be constantly
educating ourselves.

This will generate a financial culture
that has to do with the capacities and

skills of people to make decisions.

And in the European case, we can talk
about ESMA and we

can talk about the fulfillment of
training schedules and also about the

experience that professionals who advise
or accompany us at any

time when we are making decisions, when
we are carrying out

operations.

The importance of financial education
or, in this case, the importance of

an advanced knowledge of any type of
financial asset and

of any procedure associated with it is
fundamental because, even with it,

there are always risks that we will not
be able to absolutely eliminate from the

equation. Therefore, at the very least,
we must try to reduce to the maximum the

risks that depend on us and we must also
try to

reduce the risks to the maximum of
people and entities,

that is, of physical or legal people
with whom we are going to relate when we

are carrying out this procedure so that
it is successful.

In the end, what we are looking for is

The cryptocurrency market has entered
the opening days of 2026 with renewed

momentum. After a volatile end to 2025,
prices across major digital assets have

moved sharply higher drawing attention
from both retail traders and

institutional investors.

In early January, the total
cryptocurrency market capitalization

around $3 .2 trillion, according to
aggregated data from major market

This represents a meaningful rebound
from late 2025 levels, with the market

adding hundreds of billions of dollars
in value over a relatively short period.

While exact figures vary, the direction
is clear. Capital has returned to the

crypto market at the start of the year.
At the center of this move is Bitcoin,

which rallied toward the $93 ,000 level
in the first week of January.

As the largest and most influential
digital asset, Bitcoin continues to act

the market's primary anchor and its
strength has helped lift sentiment

the broader ecosystem.

Historically, strong Bitcoin performance
has often preceded periods of increased

activity in alternative
cryptocurrencies, and early 2026 appears

a similar pattern.

Another key factor has been renewed
institutional participation,

through spot Bitcoin and Ethereum
exchange traded funds.

Reports from early January indicate
notable ETF inflows, suggesting that

traditional investors are once again
increasing exposure to digital assets.

The current momentum appears to be
driven by a combination of factors

Bitcoin's price recovery, increased ETF
inflows, improved global risk sentiment,

expectations of more supportive
regulatory and macroeconomic conditions.

As 2026 begins, the cryptocurrency
market finds itself at a familiar

Renewed optimism balanced against
persistent uncertainty.

Whether this early year strength marks
the beginning of a sustained trend or

simply another chapter in crypto's
cyclical nature is a question that only

will answer.

For now, the message from the market is
clear.

Crypto is once again commanding
attention.

If you approach crypto real estate with
knowledge and preparation, the rewards

can be extraordinary.

isn't just a catchy phrase.

It's the future of real estate
investment.

If you want to stay ahead of the curve,
now's the time to learn how crypto can

open doors.

Literally.

to acquire expertise, even as far as
possible, I think it is always

In the end, what we have to talk about
is transparency, we have to talk about

understanding what we are doing and we
have to talk about precaution and

control. But exploring, I think it is
very interesting at a technological

it is also very interesting at a social
level, what it can mean.

From digital coins to physical assets,
from online wallets to real -world

property lines, cryptocurrency is
reshaping how we buy, sell, and think

real estate.

We are witnessing the merging of two
worlds, the oldest asset on Earth and

of the newest technological inventions
of our time. And as the future unfolds,

only one question remains. Will Bitcoin
buy your next home?

The art market and visual arts as a
whole is like Hollywood or it's like

Bundesliga, if you will.

You know, there are a lot of people who
play football in Germany, but there are

very few who play in the Bundesliga.

The global art market is worth 65
billion US dollars, a market of

From Economy Investigates, why is the
art market so opaque?

How are prices set?

How do auction houses and galleries
operate?

What about the gender and equal pay gap?

Why is art so attractive as an
investment?

What is the future of digitalization in
the art market?

McConaughey dives into the mechanisms of
the global art industry from the

perspective of the German art market.

The glamorous world of an artist
fascinates and inspires us.

with their biographies, innovations,
rebellions, alternative lifestyles,

creativity and unique works of art.

But what remains once the glamour is
deconstructed?

It's always been the people with money
that affected the art world,

unfortunately, because without that
there's no market and there's no artist.

Art is above all a business in the hands
of a few players.

But how does the art market really work?

The business is booming.

In 2023, the global art market was
valued at $65 billion.

The year before, it was worth $67 .8
billion, the second highest figure ever

recorded for the global market.

This is because the wealth of the
world's billionaires has grown to 13 .7

trillion US dollars in 2023.

This wealth has a significant impact on
the top end of the art market.

The commercial art markets are great
indicators of economic trends, economic

developments. Which companies have
money, which companies are educated,

companies are interested in art and buy
art.

Despite increased purchasing power on
the art market, many artists, especially

women, people of color and queer
artists, live and work under precarious

circumstances.

The situation is similarly bad, at least
in the Western and American art

markets. I think Germany is third from
the bottom in a European comparison.

But this gender pay gap of 18 % in
Germany and around 30 % in the

arts It's not just a European problem,
it's a global problem.

To understand this contradiction,

let's look at the mechanics of the art
market.

Today, the art trade is perceived as
opaque and inaccessible.

Nevertheless, people remain fascinated.

Digitalization is rapidly developing.

accelerating social and cultural
insecurities in our society.

The top three art markets in the world
today are the US, the UK and China.

The US is the absolute leader,
accounting for 42 % of sales.

The Chinese market is the second largest
in the world with a share of 19%,

followed by the UK with a share of 17%.

The remaining 20 % of the global art
market is shared by the other 192

of the world.

So my name is Amelie von Wedel. I'm an
art advisor. I have an art advisory

company in London. In the commercial art
world, you have auction houses,

galleries, you have dealers, and you
have art advisors. I think that's

the sort of four main categories.

This strict hierarchical system creates
a huge gender pay gap.

The market grows through multi -million
dollar auctions,

where artwork is traded as an investment
by only a handful of the super -rich.

Meanwhile, the artists struggle at the
other end of the food chain.

on sort of gentleman rules.

And I think now everything is sort of
shifting and nothing is as clear -cut as

it used to be anymore.

The art world is growing year by year. I
think you've got now in total more than

2 million artists.

It's a very opaque, it's not a
transparent art world.

Since the 1990s, the international art
trade has been in a process of

industrialisation.

With the acceleration of digitalization
during the COVID -19 pandemic, online

-based business models have also become
more visible in the mainstream.

This includes online auction houses in
the low -priced segment, NFT

marketplaces, and artists selling
directly to buyers via Instagram.

The growth of online commerce is one of
the most significant developments in the

art market in recent years.

My name is Constanze Wolter. I'm an art
dealer for over 14 years now, and I'm

the founder of eartist .com, an online
auction house. We're getting artwork

private collections or from estates, and
we sell it in auction sales,

only specifically online.

The traditional auction houses are
focusing on high -end artworks in a very

price range.

So this is what makes sense
economically.

So not to forget, out there is a large
amount of artwork

lower that level, below 1 ,000 euro.

And this is exactly what we target as
well as artworks because that

fits our philosophy that art should be
more accessible to a wide range of

people. Around $11 billion were
generated through online sales.

My name is Dirk Boll. I'm on the board
of the 20th and 21st century art at

Christie's in London.

What we have seen during the pandemic is
that the commercial distribution of art

has become very much digitalized by
necessity.

This means that there is now a higher
proportion of digital distribution for

traditional suppliers.

the gallery system, the art trade, the
auctions.

At the same time, artists have
increasingly offered their objects and

directly during the pandemic through
their own websites, but especially

social media.

There is now a rule that as an artist
you can contribute from the secondary

market or you can benefit from the
secondary market, but it's kept at a

value. The secondary market, or resale
market, deals in works of art that are

part of a collection from a private
individual, gallery or museum.

When their work is resold, artists do
not receive a cut of the sale.

The boundary between the primary and
secondary markets has shifted

over the last 20 years.

On the one hand, the time gap between
the two markets has narrowed.

In the late 20th century, it took 10 to
20 years to get from the primary to the

secondary market.

This period has been steadily shrinking.

Today, you can find very fresh works on
the secondary market, the famous wet

canvas. At the same time, it has been
said that the way sellers work has

changed, especially in the gallery
system, which now also does a lot of

secondary marketing of its own artists'
work.

In most cases, works by deceased artists
are the main objects traded on the

secondary market.

My name is Zoe Claire Miller, and I am
an artist and organizer.

I'm based in Berlin, Germany, and I also
am one of the spokespeople of the BBK

Berlin, which is the professional
association of visual artists.

Active artists sell their art mostly
through the primary market.

Several factors, such as the artist's
fame and relevance, but also gender,

and ethnicity, influence prices in this
market.

In Germany, female visual artists earn
on average 28 % less than their male

colleagues.

The average annual income is 10 ,500
euros.

The gender pay gap is 7%. And 90 % of
female artists face poverty in old age.

with an expected pension of €357 per
month.

One can definitely notice that the
situation is shifting, that a lot of

and collections are hurriedly thinking
like, oh, wait, we need to show actually

also some women or some people of color.

It's still straight white men, straight
old white men, usually, that have the

highest prices, that set the record
prices, that sell the most, that have

highest representation at fairs, have
the most solo shows in museums. So this

still... definitely quite dominant.

In Germany, the so -called gender show
gap varies from one institution to

another. This refers to the number of
works by women that can be seen in

exhibitions, museums, collections, or
fairs.

At the Hamburger Bahnhof in Berlin, only
28 % of solo exhibitions between 2015

and 2019 were by women.

This has now evened out.

In addition to gender, skin color also
plays a role.

A lot of it has happened, I think,
already in the last year.

And I think you still have American
museum collections that are probably 80

male.

But there's such a push in terms of
museums buying female artists,

buying artists from sort of marginalized
groups.

It's also very political -driven.

And I think that is reflected in the art
market. And I think this trend will

only continue.

And I think there's no way back. And,
you know, for example, it's really

reflected also now in the sort of
traditional, for example, I don't know,

Christie's evening sale in New York last
May had more female artists than male

artists. And that's completely new.

And so I think all of this will...

and I think become more democratic.

In the art world in particular, there
are many more women than men.

But there is also the pyramid, where it
is mainly men who make a career in the

middle sector.

There are many reasons for this, because
this has been perceived as the right

model for centuries, because for a very
long time there was a lack of role

models for successful women.

But of course there are also social
reasons, such as the fact that women can

have children and men, unfortunately,
cannot.

these are all elements that have had an
impact at mid -career i

think it's because we simply have a very
male

patriarchal art elite that still
dominates the art market or has

art market over the last few decades and
probably still done so

when we think of a museum director when
we think of a gallery owner, but also

who does what, who teaches.

And on the other hand, of course, who is
also active in the important press

organs, who is the editor -in -chief.

We now have some amazing female artists
who are also very, very successful.

For example, Katharina Grosser, whose
artworks sell for around $600 ,000.

I believe the currently most expensive
living contemporary female artist is

Jenny Saville.

with one of her artworks selling for $10
million.

However, this is on the secondary
market.

While that sounds like a lot of money,
if you compare it to the price of a Jeff

Koons piece, which can cost $80 million,
it's clear that there's still quite a

disparity.

Sotheby's, the industry leader.

published a report in 2023 that
summarizes its own global sales figures

as those of the auction houses,
Christie's and Phillips.

According to the report, sales by female
artists in the million -dollar -plus

segment have more than doubled in five
years, from just under $222 million to

nearly $462 million.

Well, I think that both extremes are
kind of an unrealistic romantic

vision. An artist is self -employed, is
a freelancer, so like all other self

-employed people, an artist has to think
about financial aspects and business

aspects if they want to be able to
survive off of their art, if they

rich heirs to a huge family fortune that
means they don't ever have to earn

money in their life. So in terms of
needing to consider money and profit and

income, every artist has to be a
business person to some degree.

In order to succeed as an artist and
small business owner, artists need to

overcome individual market barriers.

These can be grants, prizes, exhibitions
in relevant museums, but also

sufficient reach on Instagram.

The market is now so large, it can
absorb a lot more artists.

And I think also, of course, there's now
lots of different ways how you can sell

your art.

You can also digitally now as an artist,
you can reach your audience in lots of

different ways.

But I think the predominant factor, I
think, is the sort of increase.

of wealth in the world.

And I think more and more people aspire
to having an original artwork on their

wall. The prices of world -famous
artworks are set on the top end of the

secondary market by the leading auction
houses and realized with the money of

the world's richest people.

My name is Daniel Van Schake.

I'm the managing partner of Grisebach,
which is one of the leading auction

houses in Germany.

for modern and contemporary art. The
auction system is particularly important

for the resale part of the market
because it's the most efficient way of

reselling artwork.

Auctions as a whole have an extremely
important role in the art market in

of creating price transparency and price
information because it's otherwise very

difficult to find the price information
about what artworks are selling for and

the auction is really the only fully
transparent and publicly available

information about that. So that's why it
fulfills a very important role within

the whole ecosystem.

Auction houses and galleries are two key
intermediaries in the traditional art

market.

They are there to ensure quality and
attract potential buyers.

As a gallery, you present the artist.

that you work with, and that's basically
what you have to sell. It's a beautiful

thing, and it's a very rewarding thing
to work with artists, but that's sort of

what you have to sell. And sometimes
they might make work you like, sometimes

they might make work that's not that
great, but of course you have to sell

it's your job.

And as an auction house, you're sort of
limited to what you manage to get on

consignment, while as an art advisor,
you have complete freedom. We can sort

roam the world.

and just sort of try and look for what
we really believe in for you know of

course different kind of reasons and
then try and find a good home for that

artwork most commercial art galleries
are small businesses both in terms of

employment and revenue in addition to
the small galleries a new type of

has emerged the so -called mega gallery
These are industry -leading galleries

with multiple global locations that are
sized to the standards of a large

museum.

This blurs the boundary between what is
considered a gallery and what a museum.

Because of this, museums are losing
their influence as the main institutions

art, as well as the main tastemakers for
quality control in art.

The largest mega -gallery is owned by
Larry Gagosian, the world -renowned

Gagosian Gallery.

It is actually a global empire
comprising 17 gallery locations around

Bogotian deals exclusively with
contemporary art in the top segment.

The total annual revenue of this empire
is approximately $1 billion.

The big gallery is just becoming bigger
and bigger and the smaller gallery is

struggling and there's medium -sized
galleries and I think that to have that

diversity of different commercial...

Places to sell art is important, and
hopefully we can somehow keep those

different places.

Galleries are closed systems.

This system is made accessible to
collectors in the traditional art market

art advisors.

If you look at the statistics, I think
there are supposed to be more

millionaires in 2026, or 40 % I think
more millionaires in 2026 than this

And more and more people, I think, look
at buying art.

$35 million.

The room at $36 million. $37 million.

It's in a new place.

I have $37 million now on the telephone
at $37 million.

I have $37 million here on the
telephone.

There are different reasons why you
collect.

I think that, you know, you do it maybe
for return, to get social capital

somehow. You know, it's fun to be part
of the art world.

I like to think that the art market is
transparent because, you know, in the

auction market, you can look everything
up. There's data banks where you can

look up all the auction sales going back
to 1985 or so. You know, you can see

all of this.

sales information,

what's sold for what price and so on and
so forth. If you look at a gallery

business or a private dealing business,
this information is not public.

It's true, but traditionally the art
market was a very small market, a very

competitive market too, so people wanted
to keep information private to

themselves and not share it with other
market participants because they felt

that there was a profit in it.

The gallery buys directly from artists
and then sells their work for profit.

Or the gallery takes the work on
commission and receives a commission

work is sold.

The artist and the gallery usually agree
on the price of the artwork.

The relationship between artist and
gallery is a business partnership and it

be quite...

difference depending on which artist and
which gallery.

I guess that ideally the situation would
be that artists and gallerists enter

into a long -term partnership where the
gallerist takes care of selling the

artist's work but also supports the
artist with production, also tries to

the artist be in important shows and
biennials and so functions kind of as

a promoter of the artist's work, also
might help with acquiring for them to be

able to realize big productions that
might be difficult if they didn't have

gallerist support.

while the artist is, of course, the
producer of the products that

the gallery sells.

So in those terms, the artist is quite
important for the gallerist.

In a worst -case scenario, an artist is
very dependent on the gallerist. There's

a very unequal power balance, a strong
hierarchy, and the art market, the art

world, is often one in which business
deals are made. Informally, like more

a handshake, often people start working
together, artists in a gallery, without

a formalized contract.

And then this can end up meaning that
the party involved in this business

partnership that doesn't have the best
legal advice can be taken advantage of.

Successful artists sometimes buy back
their own early work from galleries,

collections or collectors in order to
influence... maintain or increase the

market value or price of their art.

Art students and career changers rarely
make the leap from university directly

into a commercial gallery.

As an alternative, they set up their own
non -commercial exhibition spaces and

studio galleries.

In major European cities, such as
Berlin, these self -managed spaces are

encouraged.

Such independent structures or NGO
business models give artists a space for

visibility as well as publicity.

And they are incubators that produce
innovations which are later absorbed by

mainstream market and even the secondary
market.

In addition to sophisticated patronage,
technological developments such as

blockchain technology offer an
opportunity to reduce market barriers

new business areas.

I think the certification of digital art
through NFTs is an interesting concept,

an interesting technology.

It's low threshold, which means you
don't need a lot of equipment to produce

these certificates, so it's very
accessible to artists, and it's a good

make digital art tradable.

If you think of NFT technology as a
certification technology,

The question is when it will extend to
the sale of physical artwork.

At the same time, we have to recognize
that this is not an era of art, but a

technology that certifies art.

And that means that one day it will be
eclipsed by a newer, more up -to -date

technology. This is the fate of all
technological developments.

What is interesting in this area is the
liberation of artists from the big

support companies that provide such
systems, that can provide such services,

because nowadays almost anyone can do
such certification themselves.

Digital platforms enable artists to
reach...

other audiences to communicate with
their audiences in a different way and i

think that's the that's the trend i
think it's an exciting trend and it will

take us to a completely different art
world i think now more and more things

sold online that people have never seen
and also people are much more

comfortable now to pay by expensive
things online the digital art market

grow i think hybrid models will develop
of sort of physical exhibitions and

digital and the digital exhibition sort
of sitting alongside it's going to

enable more people to see artwork that
they might not be able to to go and see

physically i think it's also going to
democratize the market

I think there will also hopefully be
more sort of data and I think AI -driven

sort of data sets available that's also
maybe hopefully going to make the market

more transparent and will allow to make
better informed decisions.

But the question, what is interesting
art? Of course, technology cannot answer

this question.

The criteria by which galleries select
artists is individual and depends on

personal preferences.

Since COVID, we really did a program
inviting artist studios to consign

to us directly.

This is quite new because we saw that
there's a demand at the artist system

finding ways to promote and sell their
artworks. And we actually

work with artists.

Excellent relationships with market
makers are essential for emerging talent

make their mark on the art market.

After all, artists have to convince the
industry's major gatekeepers, such as

the major auction houses, to make it
into the top segment.

Those who manage to do so are eventually
included in the top 100 highest earning

artists in their country.

However, the artists do not receive a
share of the sales from the traditional

auction houses.

The global art market for art at auction
is about 35 billion.

Last year we did 75 million euros of
turnover.

So Germany as a whole is 2 % of the
global market.

The global art auction market generates
around $35 billion a year.

In 2023, Villa Gritherbach generated 50
million euros.

The auction system is particularly
important for the resale part of the

because it's the most efficient way of
reselling artwork.

Private owners.

come to us and ask us to sell artwork on
their behalf, and then we sell them

through the auction process, mostly in
live auctions, but sometimes also in

online auctions.

Auction houses generally claim to offer
the very best.

The art market worldwide is dominated by
a very few leading auction houses.

We only really work in art, so painting,
drawing, sculpture, prints.

We don't work with furniture. We don't
work with jewelry. All these things that

are other sub -markets, we do not do. We
only do visual art. We only do 19th

century, 20th century, and 21st century.

Most people know how a traditional
auction works.

A bid is placed, and the highest bidder
wins the

item.

$26 million.

At $26 ,500 ,000, fair warning now,
sold. Thank you very much indeed.

The consigner, the seller, when they
come in,

they will sign a consignment agreement
with us for the upcoming auction, and

then we receive a fee.

of the value, based on the value of the
work. So it could slide from the lower

the value, the higher the percentage
rate. It will be 18%, let's say, for an

item at 1 ,000 euros.

And if it's a higher value item, then
the rate goes down. So for a very high

value item, we might receive 5 % or so.
And then we also receive a so

-called buyer's premium, which is the
fee that the buyer pays to the auction

house. And that's also a fixed
percentage rate that they pay on the

price, which is the highest bid in the
room at the time of the auction.

When a work of art is sold at auction,
it is sold with a published estimate.

In other words, it is an estimate of
what the auction house expects to

for the work. There is also a reserve
price.

which is the price at which the owner
will allow the work to be sold.

This is the reserve or limit, the lowest
price at which the work can be bought.

There is more online bidding in the
auction sector today than ever before.

Sotheby's reports that 91 % of bids at
its 2022 auctions were placed online.

The reason is simple.

Top quality art does not fetch such high
prices because it is worth so much

more. Or because they are so much better
than the art in the lower segments of

the art market, but because there is so
much more money circulating in this

segment.

The museums legitimize these prices by
exhibiting this art.

In this segment of the market, art
becomes an investment for a small number

rich investors.

Some people certainly buy it for pure
investment.

Most of our clients buy it for pleasure,
but like with most

things, when you spend a lot of money on
something, you do hope that it doesn't

lose a lot of value. I think in the last
20 years, there's also been a large

influence through globalization that you
have new buyers, many new buyers coming

into the market from areas that
previously were not connected to the

Today there are more collectors than
famous works of art at auction.

But why is investing in art so
attractive?

Investment is indeed a motive for
buying. The motive for buying art is, of

course, in most cases, and it must be
said, hopefully the love of art, the

desire to surround oneself with art.

You always want to be surrounded by art
because you want to be able to enjoy

works of art without having to go to a
museum, in different moods, in different

moments of life, light, etc.

There are also other reasons for buying
art, such as the before -mentioned

investments in social prestige.

You want to belong to a social group,
and art is a way of doing that. You want

to impress those around you. You want to
park money.

So, in addition to investment, which is
more geared towards profit and therefore

speculation, people see works of art as
tangible assets, as money garages.

People want to decorate their homes
beautifully, which are all further

for buying art.

Even two years ago you couldn't call art
an asset class, and now it's become

totally accepted that art is looked at
by many people as an asset class.

Also you've now got platforms like
Masterworks, which I find totally

fascinating. It's basically a platform
where they sell fractional ownerships

artwork, so they really treat a painting
like a listed public.

and you can buy your share.

And also on their website, they compare
the S &P and how other asset class have

performed in comparison with art.

And they make the case that a certain
percentage of your portfolio should be

invested in art.

And they make a very powerful case with
this sort of real -time comparison, how

well artworks are doing compared to
traditional stock market gold.

real estate.

In the last banking crisis in 2008, I
think art did very well.

And it always goes down a little bit
with delay if there's a crisis in the

world, but it sort of, you know, it
didn't go down that much.

Especially sort of A -plus, top quality
works, they were holding their value.

And so I think that's also made it more
and more interesting that it's sort of

proven now over a certain amount of
years.

to be a good place to put your money.

I think not all art always has, over the
long term, a stable value.

I mean, there are changes in pricing,
also if you look over time.

So if you look at who the most expensive
artist in 1850 in Paris was,

it was an artist called Bouguereau.

A hundred years later, you couldn't give
his paintings away. Nobody was

interested in that art anymore.

It does change over time.

But generally, like in a shorter time
frame, you do have a certain stability,

especially if it's artists that are
quite well established in the market,

because there's just a large market and
there's a general interest in these

artists.

Investments, money garages, locked art
depots, out -of -touch art elites, money

laundering, non -transparent galleries.

The art market has a dubious, mafia
-like, shady image.

But what is the real truth in these
narratives?

Of course, there are illegal practices
in the art trade.

Every successful distribution system
involves something like this.

It can be a forgery or counterfeiting of
the artwork being traded.

It could be the use of an authentic work
of art for money laundering or fraud.

Anything is possible.

The art market is so intransparent
because there's a culture of silence.

Almost all serious galleries don't
publicly list the prices of artwork.

So it's quite hard to determine value.
And I mean, of course, value and

is also totally subjective.

Art is very, very frequently used as a
way to hide and move dirty money. I

you can imagine a Picasso that's worth
10 million and fits into a suitcase is

less of a hassle than, you know.

carrying a suitcase full of diamonds or
bars of gold or having a bank account

that, you know, someone might find out
that the money there wasn't taxed or was

gained through criminal activities.

So this also is a factor towards in
transparency.

Very few regulations in that sense now
for private collectors. I mean, the

you know, regulations, of course, now
and for the past.

decade or so where, you know, we...

follow all the rules for money
laundering and anti -money laundering,

been tightened up more and more over the
last few years, in which we spend a lot

of time and effort following these rules
and recording all these details that

are required.

The largest other regulation that
pertains to private collectors are the

and export rules for cultural goods,
which have been reformed in the last few

years in Germany from a private owner's
perspective the most.

a pertinent regulation?

I think generally it's an unregulated
market.

I think also famously so. It's probably
one of the most intransparent,

unregulated markets.

I think now if you buy a very young,
very sought -after artist with a long

waiting list, the gallery will probably
make you sign an invoice that has a five

-year non -resale clause.

But again, you know, there's always the
debate if those clauses are actually

legally enforceable.

I think there's more or less zero
regulation.

The Cultural Property Protection Act has
been in force in Germany since 2015.

This law regulates which works of art
are allowed to be exported.

The German art trade does not like this
at all, as much higher prices can be

achieved on the world market.

By contrast, with little or no
legislation, The USA, China, Switzerland

Singapore seem like paradises.

The US, China and Russia especially rely
on tax -friendly art markets.

So, of course, the art trade is subject
to taxes, which are quite normal

business taxes.

Works of art are subject to VAT and
inheritance tax.

There is an import -sale tax if art is
imported from abroad.

In principle, the law applies to works
of art as it does to any other

goods.

But there are ways around the laws. For
example, duty -free warehouses, such as

the one in the Free Port of Geneva.

Here, neither value -added tax nor
customs duties have to be paid. The

art can be stored there for an
indefinite period of time.

For the collector, custom duties and
taxes are only due when the work of art

arrives at its final destination.

There are some storages offering special
conditions for

people who have interests in
international sales without any

regulations.

Who stores which works and where remains
a trade secret.

Galleries are reluctant to reveal what
artworks they store.

Artists often have to pay for storage
themselves.

A small individual box of eight square
meters in this Berlin warehouse costs

euros net per month.

People don't like to talk about money
because everyone is... generally trying

seem like they're very successful
because if artists aren't doing well and

speak openly about it, then that has a
negative influence on their

market success.

So if someone knows that a big famous
artist at a big gallery didn't sell a

single work, that makes all the other
potential collectors think like, oh...

This isn't the hot shit anymore. We
shouldn't buy it either.

And the market is also really fragile.
Like, for instance, if

your prices go down on the secondary
market, then that totally messes with

the primary market.

Say you're a mid -career artist and
you've been producing work and selling

for 10 years. One collector bought a lot
of your work and then the collector

decides to dump all of that work at
auction and they fetch low prices.

Then that can totally ruin your career
because then basically you can't sell at

the price level that you'd been selling
at before.

The New York auction houses are
considered global market makers.

They drive up prices worldwide.

The New York galleries are the first to
create a market for their artists and

emerging talents.

The touchstone for whether the newly
created market is sustainable are the

auction houses.

This means that emerging artists who
manage to sell at an auction house but

not achieve good prices are quickly
forgotten.

long -term deciders of the fate of an
artist's work, and it's not individual

collectors. There's various examples
where you find that an artist was

successful and popular and put, let's
say, even by certain private collectors,

but if they don't have major museum
exhibitions, if they don't have that

from the museum over time, their career
and their recognition fades.

The other major players in the art
market are the international art fairs.

most important of these is Art Basel. At
this superlative event, around 300

galleries from 40 different countries
exhibit around 4 ,000 artists.

Art Basel and Art Basel Hong Kong are
considered the most expensive art

in the world.

700 of the world's potentially super
-rich international buyers come to buy

at Art Basel. The big question, which of
the 4 ,000 artists exhibited will be

bought? What's more, of the 400 of the
artists who sell their work successfully

at Art Basel, only 40 of them will go on
to maintain a successful long -term

career. In this artificial system of
pricing created by investors and fund

managers, it is difficult to determine
the real value of a work of art.

The difference between price and real
value is blurred by the media.

This leads to the general assumption
that expensive equals valuable.

We sold 2 ,500 works last year.

And the average price was about, let's
see, around

30 ,000 euros.

So you see, I mean, that's kind of the
market in Germany too. It

tends to be more in the five figures.

But I think you will find that it's
probably not that different around the

world, actually.

Because it's just, well, you know, I
think it's just, you have a lot more

that are sub -100 ,000 than you have
work that are above 100 ,000. And you

a lot more buyers that are below 100
,000 than they are above 100 ,000. So

just larger numbers.

In art, the value or quality of a work
depends on the creative power of the

artist.

Idea, theme, aesthetics and technique
are the meaningful parameters by which

value can be judged.

The media -effective staging of auctions
and artists, the mystification of the

art market by the media, galleries,
collectors and artists themselves

to a lack of transparency about the true
value of art.

Instead, marketing and the image value
of individual artists are polished up in

order to increase the market value and
price of individual works.

You sort of worry if a Joseph Beuys
would still become possible today

it's an artist you need to explain.

It's an expensive exhibition to put up.
It's not going to attract visitors.

Figures probably are not going to be
great. And that's just one example of an

artist that makes complicated
intellectual installations where the

meaning is not accessible on the first.
It's not love at first sight, probably

for most people. And I guess my...

and there's probably not going to be a
way around that, is that art will sell

and do well that looks good on a JPEG. I
think that will be also just...

things that are aesthetically pleasing
at first sight.

I think also the next generation, I
think, is leaning towards painting

it's sort of easier to digest. You can
imagine easily what it's going to look

like on your wall if you just see it on
a JPEG. That will definitely, I think,

influence the market.

The art market is becoming increasingly
fast -paced due to globalization and

digitalization.

Digitalization means that more people
see the same things.

It can be consumer goods, it can be
works of art, and that leads to a

homogenization of taste.

In the art market, it also has to do
with the fact that digitalization means

that we're increasingly guided in our
choices by algorithms, reflects a

historical taste.

i .e. the computer shows us what we
liked in the past, where the algorithm

assume that we will like it again, like
it, and possibly buy it.

This means that the presentation of
artworks in digital media often means

we are presented with similar things,
that we develop a taste that looks

conservative, because the computer does
not, of course, make the discoveries

that you make yourself when you visit a
graduating class at an art academy.

or an art fair.

Newcomers need to move fast, and
established companies need sophisticated

creative marketing strategies and
effective media campaigns to stay

The acceleration of market cycles and
the growth of structures naturally

a constant supply of material.

This means that as the markets grow,
both in terms of structure and demand,

need more and more art.

This puts a certain pressure on the
system, first of all, of course, on the

artists who create the goods that these
markets trade in.

And here you can see a very clear over
-functioning of the market, which can

bring objects onto the market that would
not have left the studios 10, 20, 30

years ago, because the quality control
has become different.

The art market is changing, with a new
generation of makers and collectors

entering the world stage.

The future of the traditional art market
will be even more influenced by the

digital art market.

What will not change are the power
structures.

Whether online or analog, the market
makers of yesterday, today and tomorrow

invest a lot of money and influence the
prices on the market.

But what are the prospects for newcomers
in this hyper -capitalistic art world?

Artists from all around the globe
entering the mainstream art market.

And I think it's easier now for them to
enter the mainstream.

art market, especially thanks to the
digitalization.

And I think also history books will have
to be rewritten because, you know, you

have also all these discovery stories
now of, you know, of course, lots of

African American artists, for example,
that are now entering American art

history that maybe didn't really have
the place in the books that they

And will the cultural discourse of the
future be left to super rich investors

and tech giants?

But, you know, having said that, you
know,

This means, on the one hand, that we
have a strong concentration of demand on

the globalized brands, also in the art
world, on the branded artists.

because it is not without reason that
they are called, and, on the other hand,

that new work, the emerging artists,
find it more difficult to assert

because their platforms for them are
getting smaller.

And what are the prospects for the next
generation of women in the art world?

It means that men may have to take a
back seat.

And that, of course, means a loss of
power.

Of course, it means a challenge to a
system that is male -dominated, that is

male -dominated to basically curtail
itself.

But of course, the question is, where do
we want to go?

Where do we as a society want to go?

At some point, it's not about ego and
power.

It's really about fairness.

September 2008.

The global financial system is on the
verge of a total blackout.

Lehman Brothers has vanished.

Merrill Lynch is gone.

AIG is hemorrhaging billions every hour.

In Washington, the halls of the Treasury
are filled with the smartest minds in

the country.

But they have a problem.

They are staring at a black box of toxic
debt worth trillions.

and no tools to open it.

There is only one person who has the
map.

One person who spent the last 20 years
building a digital, unblinking eye that

can see through the wreckage.

The government didn't call the big banks
to save the world. They needed someone

to handle the toxic waste.

And there was only one man that could
lead through that darkness.

They called Larry Fink.

Larry Fink, the man behind Black Rock.

Today, he manages more money than the
GDP of almost every nation on Earth.

$14 trillion.

But before he was the shadow sovereign
of Wall Street, he was a man who lost

everything.

Who is Larry Fink?

Lawrence D. Fink, also known as Larry
Fink, is one of the co -founders of

Rock. He is also the chairman and CEO of
the company, the largest money

management firm in the world.

It's the first time in history a company
manages to reach such a milestone and

gives the clear picture of how BlackRock
operates.

Not just a traditional investment bank,
but as a central pillar of the global

financial infrastructure, where its
sheer scale allows it to influence

economies. and industries at a level
previously reserved only for nation

Founded in 1988 as an investment firm
that prioritized risk management, with

.5 to $14 trillion under management,
BlackRock's influence is staggering.

BlackRock is a top three shareholder in
nearly every company in the S &P 500,

from Apple to Exxon.

from Microsoft to Nestle.

They don't just invest in the market,
they are the market.

But its reach is personal. It holds the
retirement dreams of over 35 million

Americans. This is the story of how a
kid from a California shoe store became

the custodian of the world's wealth.

But who is Larry Fink?

Lawrence Douglas Fink.

entered the world on November 2nd, 1952.

Born in Los Angeles, California, he was
raised in a Jewish family in the heart

of San Fernando Valley, the
quintessential American suburb of Van

His home was a balance of academic
discipline and retail grit.

His mother, Lila, was an English
professor who valued the power of

education.

And long before he pulled the strings of
the global economy, Larry Fink was

learning the value of money on a much
smaller scale.

His father's shoe store in Van Nuys,
where he spent evenings helping and

learning the business.

As one of three children, Larry grew up
in a household where hard work wasn't

just encouraged, it was the baseline.

While he often joked he wasn't the
smartest in the room, it was this

combination of his mother's intellectual
curiosity and his father's Main Street

business sense that would eventually
form the DNA of a global financial

While the future titans of Wall Street
were rubbing elbows in the marble halls

of Harvard or Yale, Fink was a Bruin.

In 1970, Larry arrived at UCLA.

For a young man from Van Nuys, this
wasn't just a local university, it was a

world of ideas.

But it was in his final year that the
trajectory of his life shifted.

He immersed himself in political
science, learning how power moves

nations.

But he soon realized that in the modern
world, power follows the money.

This led him to the Anderson School of
Management specializing in real estate.