What would you do if somebody offered you the chance of a lifetime?
An opportunity to become world-famous?
To have your name ring throughout the pages of history?
Well, that’s what Victor Lustig offered to a group of ambitious scrap-metal businessmen in 1925. And that’s how he made millions.
Let’s take a look at how he did it...
The Psychology
People want to be rich and famous. Maybe not everyone, but most do. The fear of immortality bleeds into everything these people do. They are terrified of death so they combat this fear by either thinking about it constantly or denying their own mortality.
One of the best ways to deal with this anxiety is to be a part of something larger than yourself that will live on well beyond your inevitable death.
People are also irrationally star-struck, not just when they see celebrities, but when they deal with people who have that air about them, the aura of confidence and conviction. When someone seems to be sure of themselves we assume they are. It’s easier to take people at their word than trying to expose underlying motives, as long as their actions are congruent with their appearance.
This is how some of the greatest con-men in history have exploited their marks. By creating a smoke screen of wealth, confidence, and familiarity, perceptions are diluted and subtle incongruences go unnoticed…until it’s too late to correct course.
The Set-up
Lustig knew that in order for his con to be believable, it had to be so unbelievable that to argue with it would make the target seem stupid. So he chose the Eiffel Tower. The symbol of Parisian culture. A national landmark. And he was going to sell it.
He targeted a select group of ambitious young french scrap-metal businessmen and invited them to a secret government meeting in the fanciest hotel in Paris. He told them that the Eiffel Tower was costing the government millions in upkeep and was an eye-sore. The government was going to tear it down and was offering these men a chance to bid on the posthumous mental remains.
He organized a tour of the tower with these men and used an official badge to get past a security guard into a private area. Afterwards, he then told them to submit their bids over the next few days and he would be in touch.
The Execution
One of these businessmen submitted a proposal equal to roughly four million USD, in today’s value. Lustig invited this man back to the hotel to receive the official bill of sale in exchange for a quarter of the sale amount up front.
Upon arrival at the hotel, this man began to get cold feet. Why weren’t they meeting in a government building? Why was this so secretive? The con seemed to be unravelling quickly.
Lustig sensed this hesitation. So, instead of continue the transaction, he began talking about how little his salary was, how much his wife cost, and how he felt unappreciated. HE WAS ASKING FOR A BRIBE! Lustig was no longer trying to prove the deal was real, he was trying to prove that he was real. Because as we know, government officials ask for bribes. He laced his web of lies with more lies.
Upon hearing this, the Frenchman no longer worried about the deal, he, in fact, was comforted by the unscrupulous government official. So he handed over a few thousand francs as a bribe as well as the check for the tower.
Lustig told the man that he would be contacted in a few days with instructions on how to proceed with the tower.
The Frenchman never heard back from Lustig again…But he was so embarrassed to have fallen for the con that the didn’t say a word to anyone.
The Results
Through this absurdly huge con, Lustig was able to exact more than one million dollars from the gullible businessman. He painted such a grandiose picture, with dollar signs and fame embedded into its fabric. The Frenchman was blind to the flaws in the deal, and even when he suspected Lustig, this suspicion was overwhelmed by the false reality that Lustig created.
This con worked so well that Lustig returned to Paris later to perform this stunt again, claiming an even bigger payday than the first attempt.
***
“Largeness of scale deceives the human eye. It distracts and awes us, and is so self-evident that we cannot imagine there is any illusion or deception afoot” (Robert Greene).
As the saying goes, when something seems too good to be true it usually is. There is no free lunch, and if you disagree, then I’d like to talk to you about a tower in Paris that’s for sale…
*This true story is adapted from Robert Greene’s The 48 Laws of Power
An opportunity to become world-famous?
To have your name ring throughout the pages of history?
Well, that’s what Victor Lustig offered to a group of ambitious scrap-metal businessmen in 1925. And that’s how he made millions.
Let’s take a look at how he did it...
The Psychology
People want to be rich and famous. Maybe not everyone, but most do. The fear of immortality bleeds into everything these people do. They are terrified of death so they combat this fear by either thinking about it constantly or denying their own mortality.
One of the best ways to deal with this anxiety is to be a part of something larger than yourself that will live on well beyond your inevitable death.
People are also irrationally star-struck, not just when they see celebrities, but when they deal with people who have that air about them, the aura of confidence and conviction. When someone seems to be sure of themselves we assume they are. It’s easier to take people at their word than trying to expose underlying motives, as long as their actions are congruent with their appearance.
This is how some of the greatest con-men in history have exploited their marks. By creating a smoke screen of wealth, confidence, and familiarity, perceptions are diluted and subtle incongruences go unnoticed…until it’s too late to correct course.
The Set-up
Lustig knew that in order for his con to be believable, it had to be so unbelievable that to argue with it would make the target seem stupid. So he chose the Eiffel Tower. The symbol of Parisian culture. A national landmark. And he was going to sell it.
He targeted a select group of ambitious young french scrap-metal businessmen and invited them to a secret government meeting in the fanciest hotel in Paris. He told them that the Eiffel Tower was costing the government millions in upkeep and was an eye-sore. The government was going to tear it down and was offering these men a chance to bid on the posthumous mental remains.
He organized a tour of the tower with these men and used an official badge to get past a security guard into a private area. Afterwards, he then told them to submit their bids over the next few days and he would be in touch.
The Execution
One of these businessmen submitted a proposal equal to roughly four million USD, in today’s value. Lustig invited this man back to the hotel to receive the official bill of sale in exchange for a quarter of the sale amount up front.
Upon arrival at the hotel, this man began to get cold feet. Why weren’t they meeting in a government building? Why was this so secretive? The con seemed to be unravelling quickly.
Lustig sensed this hesitation. So, instead of continue the transaction, he began talking about how little his salary was, how much his wife cost, and how he felt unappreciated. HE WAS ASKING FOR A BRIBE! Lustig was no longer trying to prove the deal was real, he was trying to prove that he was real. Because as we know, government officials ask for bribes. He laced his web of lies with more lies.
Upon hearing this, the Frenchman no longer worried about the deal, he, in fact, was comforted by the unscrupulous government official. So he handed over a few thousand francs as a bribe as well as the check for the tower.
Lustig told the man that he would be contacted in a few days with instructions on how to proceed with the tower.
The Frenchman never heard back from Lustig again…But he was so embarrassed to have fallen for the con that the didn’t say a word to anyone.
The Results
Through this absurdly huge con, Lustig was able to exact more than one million dollars from the gullible businessman. He painted such a grandiose picture, with dollar signs and fame embedded into its fabric. The Frenchman was blind to the flaws in the deal, and even when he suspected Lustig, this suspicion was overwhelmed by the false reality that Lustig created.
This con worked so well that Lustig returned to Paris later to perform this stunt again, claiming an even bigger payday than the first attempt.
***
“Largeness of scale deceives the human eye. It distracts and awes us, and is so self-evident that we cannot imagine there is any illusion or deception afoot” (Robert Greene).
As the saying goes, when something seems too good to be true it usually is. There is no free lunch, and if you disagree, then I’d like to talk to you about a tower in Paris that’s for sale…
*This true story is adapted from Robert Greene’s The 48 Laws of Power