The late fashion designer, Virgil Abloh, had a design rule for himself called the "3% approach." Above is a slide from a presentation that he gave at Harvard back in 2013 where he listed it as item 3 of his "personal design language." The idea behind this 3% rule is simple: you really only need to change something by 3% in order to create something new.

Case in point:

Given this, it should come as no surprise that Abloh had cited artist Marcel Duchamp as being a source of inspiration. (We've spoken about this before.) Duchamp is most famous for his "readymade" sculptures where he took existing objects -- like urinals -- and transformed them into art by signing them and curating them appropriately. This was obviously controversial, but it made Duchamp one of the most important artists of the 20th century.

Now, 3% seems like an oddly precise number. I don't know how, for instance, you quantify the amount of change on the above shoe. Is it surface area? In any event, that's beside the point. What's most fascinating for me about this approach is that it suggests that small changes are enough to, not just create novelty, but actually establish authorship. Meaning, the shoe on the right is no longer a Converse shoe. It is now an "OFF-WHITE" shoe. They authored it.

Like the work of Duchamp, this was and is controversial. Lots of companies have sued Off-White for trademark infringement. We know, for example, where the above black stripes came from and we know that Off-White's multi-directional arrow logo is borrowed from Glasgow Airport's logo c.1960. But that's clearly the point of readymade reworks. And it's clearly enough for people to want to pay a lot more for the shoe on the right.

Fascinating.

Do you think that this 3% approach applies (or could apply) to other things outside of fashion, like architecture and buildings? I think so.

About five years ago, a project in downtown Los Angeles, called Oceanwide Plaza, halted construction. I don't know exactly what happened, but the reports suggest corruption, financing problems, and the Chinese developer running out of money.

Under typical circumstances, once you secure your financing and start construction, it should mean that you have enough money to finish the project. That is unless there are significant cost overruns, you experience a cash crunch somewhere else, and/or somebody does something bad.

In fact, on some projects, the peak equity requirement occurs before construction commencement, meaning that once you do secure your construction facility, you should be able to reduce the amount of equity that you have remaining in the project (i.e. you can pull out some cash).

Here it sounds like a combination of things went sideways. And now today, Oceanwide Plaza looks like this:

The towers have been tagged pretty much all the way up. And it kind of looks like each artist commandeered their own suite in the building. Not surprisingly, this has been attracting a lot of attention and debate. The project is also across the street from the Crypto.com Arena and so there are a lot of eyeballs on it.

On the one hand, you have artists being creative and doing something with an abandoned set of buildings -- ones that are beset with corruption charges and that people are generally upset about. But on the other hand, you have a busted project, and you have artists trespassing and creating what others see as another symbol for a spiralling downtown.

LA police are reporting that the site is going to be better secured and that all of the graffiti will be removed. But until then, this has got to be one of the tallest expressions of graffiti ever created.