The $12 Million Stuffed Shark

'Fabulous and entertaining guide to the craziness that is the contemporary art world.' 'An incredibly rich, insightful piece of non-fiction that addresses the vast majority of questions you would ask yourself as a contemporary art enthusiast.' Understand the curious economics of contemporary art. Why would a 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? This book sheds light on the modern art world and the marketing strategies that power the market to produce such astronomical prices; the money, lust and self-aggrandizement. Drawing on interviews with past and present executives of auction houses and art dealerships, artists and the buyers who move the market, Don Thompson launches us on a journey of discovery through the peculiar world of modern art to reveal the source of Charles Saatchi’s Midas touch, how far a gallery like White Cube has contributed to Damien Hirst becoming one of the highest-earning artists in the world, and much, much more . . .

'Fabulous and entertaining guide to the craziness that is the contemporary art world.' 'An incredibly rich, insightful piece of non-fiction that addresses the vast majority of questions you would ask yourself as a contemporary art enthusiast.' Understand the curious economics of contemporary art. Why would a 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? This book sheds light on the modern art world and the marketing strategies that power the market to produce such astronomical prices; the money, lust and self-aggrandizement. Drawing on interviews with past and present executives of auction houses and art dealerships, artists and the buyers who move the market, Don Thompson launches us on a journey of discovery through the peculiar world of modern art to reveal the source of Charles Saatchi’s Midas touch, how far a gallery like White Cube has contributed to Damien Hirst becoming one of the highest-earning artists in the world, and much, much more . . .

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.

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.