The $12 Million Stuffed Shark: The Curious Economics of Contemporary Art - Softcover

Thompson, Don

Softcover

ISBN 10: 1845133021 ISBN 13: 9781845133023

Publisher: Aurum, 2008

Synopsis

Why would a very smart New York investment banker pay twelve million dollars for the decaying, stuffed carcass of a shark? By what alchemy does Jackson Pollock's drip painting No.5 1948 sell for $140 million? And why does a leather jacket with silver chain attached, tossed in a corner and titled 'No One Ever Leaves', bring $690,000 at a 2007 Sotheby's auction? The Twelve Million Dollar Stuffed Shark is the first book to look at the economics of the modern art world and the marketing strategies which power the market to produce such astronomical prices. Don Thompson talks to auction houses, dealers, and collectors to find out the source of Charles Saatchi's Midas touch, and how far a gallery like White Cube has contributed to Damien Hirst becoming the highest-earning artist in the world. He unravels the Byzantine sale procedures by which the top auction houses maintain both premium prices for what they sell and their own pre-eminence, but also shows us a market whose most spectacular excesses are driven just as often by far simpler human urges like lust and self-aggrandizement. It is a world in which brand is all-important, and which in many ways has most in common with the branded world of luxury fashion. The result is a fascinating, shrewd and highly readable insight into a modern-day phenomenon. Don Thompson is an economist and professor of business specialising in art. He has taught at the London School of Economics and the Harvard Business School. This is his first trade book. He lives in London and Toronto.

About this title

Review

"If you read no other book about art in your life, read the one that's gripped me like a thriller for the past two days."
-- Richard Morrison in The Times, January 16th 2008

'intriguing and readable'
-- The Sunday Express, 23rd March 2008

an 'entralling revelation-rich trip through the money game of the art market.' -- The Independent, 28th March 2008

Synopsis

This is the Tipping Point or Freakonomics for the art world. It will appeal to anyone interested in art, but also for anyone who has wondered 'yes, but, is it art?' It is the first book to look at the economics and marketing strategies which power the contemporary art market. It offers fascinating behind the scenes look at what makes or breaks an artist and the branding which drives this lucrative market. It contains exclusive interviews with artists, collectors, auctioneers and exhibitors. Author is an economist professor specializing in art and auctions.Why would a very smart New York investment banker pay twelve million dollars for the decaying, stuffed carcass of a shark? By what alchemy does Jackson Pollock's drip painting No.5 1948 sell for $140 million? And why does a leather jacket with silver chain attached, tossed in a corner and titled 'No One Ever Leaves', bring $690,000 at a 2007 Sotheby's auction? "The Twelve Million Dollar Stuffed Shark" is the first book to look at the economics of the modern art world and the marketing strategies which power the market to produce such astronomical prices.

Don Thompson talks to auction houses, dealers, and collectors to find out the source of Charles Saatchi's Midas touch, and how far a gallery like White Cube has contributed to Damien Hirst becoming the highest-earning artist in the world.He unravels the Byzantine sale procedures by which the top auction houses maintain both premium prices for what they sell and their own pre-eminence, but also shows us a market whose most spectacular excesses are driven just as often by far simpler human urges like lust and self-aggrandizement. It is a world in which brand is all-important, and which in many ways has most in common with the branded world of luxury fashion. The result is a fascinating, shrewd and highly readable insight into a modern-day phenomenon.

Edition details

• Publisher: Aurum
• Publication date: 2008
• ISBN 10: 1845133021
• ISBN 13: 9781845133023
• Binding: Paperback
• Language: English
• Number of pages: 304