David Choe is a towering figure in the art world, with a net worth of $300 million at age 48. His unique style and business acumen, especially his lucrative deal with Facebook, have cemented his status as one of the richest artists in the industry.
Early life and inspiration
David Choe's early life was marked by creativity and adversity. He grew up in the Koreatown area of Los Angeles and was influenced by his Korean immigrant parents and their devout Christian faith. Choe's artistic journey began by drawing Star Wars and G.I. Joe characters, and later evolved into graffiti, inspired by local artists Hex and Mear One. The Los Angeles riots of 1992 devastated his parents' real estate business, causing him to drop out of high school and embark on a hitchhiking trip across multiple continents.
Make a name for yourself in the art world
Choi's return to California marked the beginning of his formal art education at CalArts, although he dropped out after two years. His graffiti work briefly landed him in jail, but also opened doors for him into the art and publishing industries. He began writing for magazines such as Vice and Hustler, as well as creating artwork for various other publications. Choi's persistence paid off, and he showed his work in unconventional venues like Double Rainbow Ice Cream Parlor, eventually leading to an exhibition at a gallery.
Facebook payday
One of the most pivotal moments in Choe's career was his involvement with Facebook. In the early 2000s, Facebook President Sean Parker commissioned Choe to paint a mural at the company's headquarters. Rather than accept the $60,000 payment, Choe chose to purchase company stock. The decision proved to be very profitable, as his stock was valued at approximately $200 million at the time of Facebook's IPO. The value of his stake fluctuates, but could reach $30-500 million, reflecting the company's growth.
Diversified artistic attempts
Choi's artistic output is diverse and includes figure paintings, graphic novels, and murals. His books Slow Jams and Bruished Fruit: The Art of David Choe showcase his talent and versatility. He has had solo exhibitions at prestigious galleries around the world, from Jonathan Levine Gallery in New York to Lazarides Gallery in London. Choi's work has also expanded into the digital realm, appearing in documentaries such as “Dirty Hands: The Art and Crime of David Choi” and television shows such as “Anthony Bourdain: Parts Unknown” and “The Mandalorian.”
Controversies and Challenges
Despite his success, Choi's career was not without controversy. In 2014, he sparked outrage over comments he made on a podcast about performing “rape behaviour”. Choi later apologized, saying the podcast was a work of fiction and that he had no history of sexual assault. The incident sparked protests and criticism, especially when he was commissioned to paint the Bowery mural in 2017.
Charity and personal life
David Choe is also known for his philanthropy. He raises funds for Wyclef Jean's Yle Haiti and provides assistance to at-risk children through the LIDÈ Haiti Foundation. His personal life had its ups and downs, including three months in jail in Japan and subsequent deportation. Choe’s resilience is reflected in his ability to incorporate challenging experiences into his art.
Real estate venture capital
Choe's financial success allowed him to invest in real estate. In 2010, he purchased a 6,500-square-foot mansion in Los Feliz, Los Angeles for $3.1 million. By September 2022, he listed the property for sale at $6.9 million, reflecting the appreciation in value. The investment underscores Choi's business acumen and ability to leverage his wealth.
Legacy and Impact
David Choe's journey from graffiti artist to multi-millionaire is a testament to his talent, risk-taking and business acumen. His influence extends beyond the art world, influencing popular culture and the digital landscape. As he continues to create and inspire, Choi's legacy as a groundbreaking artist and entrepreneur remains firmly established.