The $12 Million Stuffed Shark

272 pages, 2010

Donald N. Thompson

Takeaways

Description

A New York investment banker paid $12 million for the decaying, stuffed carcass of a shark. What makes this object valuable—and worth more than a billion dollars in 2006 alone? Why were record prices achieved at auction for works by 131 contemporary artists in 2006 alone, with astonishing new heights reached in 2007? Intriguing and entertaining, The $12 Million Stuffed Shark is a Freakonomic's approach to the economics and psychology of the contemporary art world. This book 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.

The Art Market's Unpredictability

In The $12 Million Stuffed Shark, Donald N. Thompson explores the unpredictable nature of the art market. He shows how the value of art is not always tied to its aesthetic quality, but often to the reputation of the artist and the perception of rarity. This can lead to seemingly absurd prices for certain pieces.

The Role of Auction Houses and Galleries

Thompson digs into the significant role that auction houses and galleries play in the art market. They not only help set prices but also create a sense of exclusivity and prestige around certain artists and works. This can significantly influence the perceived value of art.

The Power of Branding in Art

The author highlights the power of branding in the art world. He explains how artists like Damien Hirst and Jeff Koons have become brands in their own right, and how this can dramatically increase the value of their work. It's a fascinating look into the business side of art.

The Influence of Wealthy Collectors

Thompson also explores the influence of wealthy collectors on the art market. He shows how their purchases can drive up prices and create trends. This is a must-read for anyone interested in understanding the dynamics of the art market.

The Mystery of Art Valuation

In The $12 Million Stuffed Shark, you'll find an in-depth research into the often mysterious process of art valuation. Thompson demystifies this process, showing how it's not just about the art itself, but also about the story behind it, the artist's reputation, and the market forces at play.

4.5

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