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00:00Goolsbee says there's a lot of buzz around art in Asia . The Asian market is growing market at the highest level. It's a small group of collectors but they are trophy hunters and they are incredibly educated and they want the best of the best. And to have a painting which has been consigned by Paul Allen one of the greatest collectors of the 20th century 21st century a collector who is pioneering in his vision and who only chose the best of the best. So you would bring a painting really perfectly made actually for this audience but the audience will see it at the Art Fair and you'll see around our stand. We have two types of audience. We have the high level of 35 million dollar buyer who is capable of spending a hundred million dollars frankly. And then you have the more general buy here . Probably spending below a million dollars. It has been said that there's a lot of new collectors coming up in this region in Asia and also new places I'm more prone for. For example you want to invest and flip out in or sell out in a short period of time. Do you find that's true. There's definitely a trading mentality in Asia. I think it's part of the characteristic that people want to buy and they also want to grow and as they taste change they will sell and they also want to know that what they buy holds its value. So I think those are characteristics which are Nikkei around the world. But I think there's a trading mentality that's very much part of the way that collectors think in Asia. I think what we're definitely seeing is the expansion of the number of collectors in a few years ago. We saw these powerful collectors come forward who were basically creating museums private foundations the long museum a perfect example private collectors who really wanted to give back to their community and create these phenomenal museums and they have transformed the landscape and the various regions that they've worked but that's also encouraged more collectors to come forward. And I think again frankly it is you know it's an obsessive passion but it is an asset class at the same time .

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De Kooning's 'Untitled XII' Sells for $35 Million

Levy Gorvy Gallery co-founder Brett Gorvy discusses art in Asia, and talks about an abstract painting by Willem de Kooning, "Untitled XII," that was snapped up on opening day at Art Basel Hong Kong. He speaks with Bloomberg's Rosalind Chin. (Corrects spelling of guest's company name in description and corrects information about de Kooning painting in description.) (Source: Bloomberg)

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