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The $12 million stuffed shark : the curious economics of contemporary art

Author: Donald N Thompson
Publisher: New York, NY : Palgrave Macmillan, 2010.
Edition/Format:   Print book : English : 1st Palgrave Macmillan pbk edView all editions and formats
Database:WorldCat
Summary:
Why would a smart New York investment banker pay $12 million for the decaying, stuffed carcass of a shark? By what alchemy does Jackson Pollock's drip painting No. 5, 1948 sell for $140 million? Intriguing and entertaining, The $12 Million Stuffed Shark is a Freakonomics approach to the economics and psychology of the contemporary art world. Why were record prices achieved at auction for works by 131 contemporary  Read more...
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Document Type: Book
All Authors / Contributors: Donald N Thompson
ISBN: 0230620590 9780230620599 9780230610224 0230610226
OCLC Number: 607914084
Notes: Originally published: 2008.
Description: 268 pages, [8] pages of plates : illustrations (chiefly color) ; 24 cm
Contents: The $12 million stuffed shark --
Branding and insecurity --
Branded auctions --
Branded dealers --
The art of the dealer --
Art and artists --
Damien Hirst and the shark --
Warhol, Koons and Emin --
Charles Saatchi: branded collector --
Christie's and Sotheby's --
Choosing an auction hammer --
Auction psychology --
The secret world of auctions --
Francis Bacon's perfect portrait --
Auction houses versus dealers --
Art fairs: The final frontier --
Art and money --
Pricing contemporary art --
Fakes --
Art critics --
Museums --
End game --
Contemporary art as an investment --
Postscript.
Other Titles: Twelve million dollar stuffed shark
Responsibility: Don Thompson.

Abstract:

Why would a smart New York investment banker pay $12 million for the decaying, stuffed carcass of a shark? By what alchemy does Jackson Pollock's drip painting No. 5, 1948 sell for $140 million? Intriguing and entertaining, The $12 Million Stuffed Shark is a Freakonomics approach to the economics and psychology of the contemporary art world. Why were record prices achieved at auction for works by 131 contemporary artists in 2006 alone, with astonishing new heights reached in 2007? Don Thompson explores the money, lust, and self-aggrandizement of the art world in an attempt to determine what makes a particular work valuable while others are ignored. This book is the first to look at the economics and the marketing strategies that enable the modern art market to generate such astronomical prices. Drawing on interviews with past and present executives of auction houses and art dealerships, artists, and the buyers who move the market, Thompson launches the reader on a journey of discovery through the peculiar world of modern art. Surprising, passionate, gossipy, revelatory, The $12 Million Stuffed Shark reveals a great deal that even experienced auction purchasers do not know.

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