sotheby's, first and foremost? >> sotheby's is really your only pure play. duopoly for a long, long time, a play on, you talked about tina there is no alternative. this is an alternative, actually in that art as an asset class is actually becoming -- >> just not very liquid you can god forbid this turns around, good luck selling modigliani. >> it is a bet on the creation of wealth around the world and sotheby's in particular has made a big push in china. this is a trophy property. sadly, i blew it, i don't own it now. i feel like buying it right in front of the auctions is like buying disney in front of "ironman." >> report tomorrow after the bell, maybe a shot and hopefully they miss, stock trades a little bit lower and grab it up. tomorrow, sotheby's after the bell. >> the other thing about the art market that suggest it may not be a bubble, it's really just the top quality piece by the top artists that are getting these crazy prices. there were some pieces last night, not so great, didn't sell. a very rational market. >> grasso's velvet tiger -- >> great

. >> sotheby's said it's proof of strong global demand. one in five of the bidders were new to sotheby's or the category. i'm robert franks. >>> well, tonight brings another high profile art sale, two fa famous paintings by jackson pollack are up for auction and each is expected to sell for as much as $35 million. joining us now to discuss that and more is stephen murphy. welcome. a very exciting night ahead for you. >> we're excited. >> before we get to the works on offer tonight, i want to get your reaction to the piece from robert frank. turbo charged. all the markings of al bubble. that's what one is of the sources said. to you agree with that? >> with all respect to the gentleman speaking he's way off the mark. there's a proclivity to draw a trend out of one evening's sale or one lot not being sold. the art market has been on the same curve of growth since before the recession. and before the recession there was a pause. after 2008, it paused. picked up in 2010 and has been growing ever since. the main reason it's growing is that that

sotheby's did $230 million in a couple of hours.$150 million the following night. very slightly thinner bidding at christie's but, you know, on what we're seeing is the really good pictures, three or four bidders around the world prepared to pay 5, 10, 15, $40 million. if the price is slightly overhyped, people are staying away. >> there is competitive at the right price. where is the bidding coming from? >> well, you're seeing -- the russians are in there. asia, one or two very wealthy asian families are bidding there. obviously, some of the big collectors, the hedge fund managers, they're back in buying. and people like the fine art front. >> yeah, well, quite right. you said, you know, it was a very strong in the impressionist front. what's going on between comp ten rath contemporary and old master market? >> that's very interesting. on this coming week monday, tuesday, wednesday we'll see some blockbuster sale results at the -- in the contemporary sales. i think contemporary will outshine impressionist. in the old day old master

smashed records no this was no isolated event these inflated prices were mirrored by options at sotheby's and christie's that made nearly half a billion dollars the highest total and auction history but max get this highest totals in auction history this past year mirrored in the auctions the buyers are often the galleries that represent the artist or collectors that own other works by these artists the more they pay the more valuable the work they already own because. most of the posers game. christie's and the other one self-abuse have been involved in scams in the past for their financing the purchase of art to jack the price up of art work to make the catalogue a back catalogue worth more that's an old trick it's the same concept i see your point that when a company buys back its own stock they're just to manipulate the stock price higher to make their bonuses higher so i think in the art world of the options the big auction houses are buying distaso the paintings that they're supposed to be auctioning at a higher price to make everyone involved much wealthier and we see this all the

rare first edition of "harry potter" and the ilosopher stone went up for auction at sotheby's.nidentified buyer paid $230,000 for the book. only 500 copies exist. wow. >>> another new twist f the feds to take down hedge fund leader steve cohaen from sac capital. they are treatings him like the mob. they may use the rico statute used against none other than john gotti to bu up the mafia. could the whole thing blow up from prosecutors faces? here is foer federal prosecutor doug burns and securities attorney richard roth. greato have you both on the show. do, what do you think of the tactic? will it wor >> that is interesting you need to look at whole history of the case. matthew martoma was busted arrested and everybody said if he fps and cooperate maybe they take down a case against steve cohen. from my ls. i don't thin that happened. i don't they have been able to do that. invocation of rico is a huge sledgehammer that is used against organized crime, mobsters, drug gangs. i tnk they may have a problem with it. melissa: do you think it will work or wouldn't work? >> no, i think

sotheby's posting a larger than expected loss of 33 cents a share during the first quarter.e in drop to the company's auction commission march begin. revenue fell short of estimates at $107 million. it marked a 3% drop from the same time last year. >>> nvidia out with better-than-expected result first quarter results. earnings for the company topping wall street expectations coming in at 18 cents a share. revenue beat estimates at 954.7 million. >>> sears is rolling out a lease to own program this month at all of its namesake stores. the program is geared toward customers who may not have had enough of a credit limit on their card or they can't pay for the item in full. and that is the latest from the fox biz biz. -- fox business, giving you the power to prosper we know all your investments may not be with fidelity, t we can still help you see your big picture. with the fidelity guided portfolio summary, you choose which accounts to track and use fideli's analytics to spot trends, gain insights, and fure out what you want to do next. all in one place. i'm meredith stoddard a

clearly equal to sotheby's and christie's in size so there's just a -- everywhere i look i see a great story in china. >> and the interesting thing about the art market as i understand it is that they are not in search of the great western impressionists. >> rose: right now a lot of traditional are calligraphy and the modern chinese artists are popular. >> rose: i'm going ask you questions that serve curious about. how deep are tensions within the society between, first, say rural and urban? >> okay. there's been a lot of tension rural and urban for a long time and also interior of china to coastal china. that's really the income gap. and that's something the wen administration was trying to deal with and it's believed to have gotten worse in the last ten years. newspaper the income disparity? >> that's right, that's right. so the coastal cities. the urban areas versus the rural areas. that's partly why a lot of these companies are being lured into the center of china. they take advantage of the lower labor costs so the cities like chongqing, building new areas for these companies so a

that was the winning bid for edward monk's the scream, when it went up for auction at sotheby's thisear. our next guest says you don't need millions to make a good art investment. we have the owner of raider galleries. he joins us now as spring auction season kicks off in new york. welcome to you. people are just intimidated by the art scene. you have hear one billion dollars in precious paintings going up for auction this season, a lot of people say it ain't for me. i wish it was but i can't get there. you brought some works that may be a little bit more affordable. describe these audubons. >> you can buy an original aqua tint for less than $3,000. by the most famous bird artist ever lived. it is affordable. this work done in london between 1826 and 1888. buy the best. lori: what do you research, homework, how much do you have to do before showing up at the gallery which can be a little intimidating? >> great question. buying reference books. becoming a friend of libraries. becoming a friend from the new york public library. they have three come meet sets. new york historical societ

it's an important piece of modern art sold at a sotheby's auction.paintings with a similar design. the buyer's name has not yet been revealed. another painting from the series was sold last year for $22 million. and i just have to say, this is one of those where you say i could do that. >> your daughter grace could do that. >> that's right. >>> and this morning we want to answer a question that jimmy fallon asked on late night. >> did you see 60 minutes did a story on bill gates and they included a photo of gates from his childhood. >> he's come a long way from that teenaged prodigy obsessed with writing computer code. >> can we see that again? that's gates on the left, but look at the kid on the right? i want to see 60 mint pie 0 mi0 piece about that kid. he must own a space station or something. >> that is so great. that's your next investigative piece. find that kid. >> seattle, we're coming. >>> that's right. jimmy fallon have no fear. "cbs this morning" has done some original reporting. we tracked that kid down. his name is tom, he grew up to be

the "new york post" says the casting of a famous sul kerr the thinker sold at sothebies.he posted an insta gram picture of himself with michelle obama. he said, quote, i got the opportunity to meet one of the greatest women in the world, and even got her kaepernicking. now i know that new verb. i like it. >> and britain's daily mail says musicians are sexier -- i agree. 31% are more likely to give their number to a man carry aggy tar. that's double the amount of people who would give their number to the same man who was empty-handed. the least popular, a man carrying a sports bag. only 9% would give their number to him. so charlie rose where's your guy tar. i do think a man who can sing a song is a very nice thing. >> as long as he's strumming. >> that's right. >>> this morning in london it's about pomp and politics. mark phillips is outside parliament right now. joins us with that story. mark, good morning to you. >> reporter: good morning, gayle. thing how boring it would be if they announced a legislative program through an e-mail or press conference. it would be like

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sales at the contemporary auction sotheby's last night. than $1 billion that the wealthy are going to spend on art over the past two weeks. the sale was led by the one mont six which sold for $43 million. it's basically a big canvas of blue with a white line in the middle. there it is. look at that. takes a lot of talent to do that. >> i like that -- rothco mixed his colors. five bidders competed for this piece. the winner was an italian bidder over the phone. it might have been prada or someone else from italy bidding there. the second place with -- >> what are you alex trebek? what was it? >> i spent way too much time. >> sold for $37 million. that was a record for any living artist. richter very hot among the hedge fund guys. also selling was a sculpture by eve klein. i think more than $20 million. and i think what's also interesting here are the sellers. this barnette newman used to be own by paul allen. now a seller in this market. >> you going to pronounce this one? >> i don't see it on the prompter anymore. and then, by the way, tha