. >> and his top advisor, phyllis hattis, gives us an insider's tour of today's market. >> it soundsyou are telling me not to buy it. >> i am telling you to take your time. >> ronald lauder is heir to the famed estee lauder cosmetics fortune. he started collecting art at age 14 and has amassed one of the most impressive personal collections in the united states. >> these are picasso. >> all picasso. >> this year he displayed it for the first time at this museum he founded on the upper east side. >> what inspired you? >> the most important art is tough art, art that is brutal. to me, art is never about investment. there has always been a passion. >> an expensive passion. lauder's passion made headlines when he purchased this gustav klimt portrait for $135 million. >> it is a question of taste and >> how would you know what would really be a magnificent addition to what you already have? >> how does a woman know which man is right for being a husband? >> wow, this really is a passion. >> you look at it and say, that is right. you say, that's right for me. >> he is also guided by truste