#87 Mark Wallace on Duveen: The Story of the Most Spectacular Art Dealer of All Time

Eddie’s guest in this episode is Mark Wallace, a UK-based investor at Rothschild & Co Wealth Management with 30+ years of experience. Mark has selected the 1952 biography “Duveen: The Story of the Most Spectacular Art Dealer of All Time”, which explores the life of the legendary Joseph Duveen. Duveen’s ruthless focus on quality, patient holding periods, and strong relationships parallel the strategies of today's best business collectors. Tune in to find out why this captivating historical tale is an absolute gold mine of lessons for long-term investors.—————————————Our conversation with Mark Wallace was recorded on 8 July 2026. The background image of the thumbnail was generated with AI.—————————————For more info about the podcast, make sure to follow us on X: https://x.com/IB_Redeye. We love to hear your thoughts, so please rate and review us. And feel free to tell us about great authors, books, and investors. Thank you. /Eddie with team—————————————Episode Chapters(00:00) Intro by Eddie(00:52) Welcoming Mark(01:34) Mark’s passion for investing(02:12) Becoming a professional investor(04:16) Introducing the book – Duveen(06:21) Who was Joseph “Joe” Duveen?(10:03) One of the original quality investors(11:34) Patience and conviction(13:03) Duveen’s clients(14:45) Questionable business practices (15:52) Accumulators vs. Collectors(18:57) Risks of art dealing (and investing)(22:59) Mark’s role at Rothschild & Co(23:50) Investment philosophy(24:29) Research process(25:20) Geographical exposure(25:54) Portfolio management lessons(27:42) AI usage (28:59) Comparison with the market in the late 1990s(29:44) Inventory – the basement of investments(31:13) Mark’s art collecting(32:05) Were “Duveens” good investments?(33:27) Duveen’s impact on the US society(34:47) Legacy – Duveen and Mark(35:39) Mark’s interests in life(36:42) Book recommendations(38:07) Reading habits and note taking(39:13) Writing ambitions(01:16) Concluding remarks—————————————Books & Articles MentionedDuveen: The Story of the Most Spectacular Art Dealer of All Time – S.N. BehrmanArt Dealers: The Other Vincent van Gogh – ⁠Horizon Research GroupBuffett’s Shareholder LettersBorn to Be Wired – John MaloneAfter I Was Sixty – Roy ThomsonThe Formula – Joshua Robinson and Jonathan Clegg—————————————Companies MentionedBristol Oil & MineralsBooking.comAmazonJohn Deere—————————————More on Mark WallaceLinkedIn: https://www.linkedin.com/in/wallace-c-mark/—————————————About the PodcastIntro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books—————————————What is Investing by the Books?Investing by the Books was founded by Henrik Andersson, Bo Börtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis. Visit the website: http://www.investingbythebooks.com/Follow on Twitter/X: https://twitter.com/Investbythebook—————————————What is Redeye?Redeye is a research-centered boutique investment bank from Stockholm. Founded in 1999, Redeye cultivates investors through timeless knowledge, a humble attitude, and a strong focus on quality. Visit the website: https://www.redeye.se/Follow on Twitter/X: https://twitter.com/Redeye_—————————————DisclaimerNotice that the content in this podcast is not, and shall not be construed as investment advice. This information is meant to be informative and for general purposes only. For full disclaimer, visit Redeye.se