the curious economics of contemporary art

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. 'synopsis' may belong to another edition of this title. 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 to reveal the source of Charles Saatchi's Midas touch, and how far a gallery like White Cube has contributed to Damien Hirst becoming one of the highest-earning artists in the world.

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? The first book to look at the economics of the modern art world, and the marketing strategies that power the market to produce such astronomical prices, this surprising and revelatory 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 curious economics of contemporary art