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The $12 Million Stuffed Shark
The $12 Million Stuffed Shark: The Curious Economics of Contemporary Art | Don Thompson
4 posts | 5 read | 1 reading | 2 to read
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 both 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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review
ChaoticMissAdventures
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This was written in 2008 so it is a bit outdated, but it is a book that gives a lot of thought to art - what is art, making, selling, owning, and value. Much to think about. How does a work become "worth" $12M and what is worth? I found the section on auctioneers most fascinating since I have become interested in Sotheby's auctions. Also found throughout the competition and unity of Sotheby's and Christie's really interesting.

ChaoticMissAdventures It is fascinating to me that someone like Charles Saachi (once a husband of Nigella Lawson) can make and later break a contemporary artist career. Poors like me have probably never heard of him and to know he can buy an artist and that artist work price is driven up and he gets mad at an artist and sells all their work people notice and no one will buy that artist work any longer. 2w
ChaoticMissAdventures This is a book that the poor need to read with a big disconnect from the idea of money. If you cannot make your mind think of this type of money as Monopoly money this book will just make you so angry that people have this much to throw around you will not be able to read the book through. 2w
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ChaoticMissAdventures
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Last year started my HUGE crush on Sotheby's auctioneer Phyllis Kao. That has lead me to this tagged book.

She is not featured in it, but it does give a history and look at current look at art houses and sales, it is interesting to think about what is art, even though the idea of this much money makes me sick to my stomach.

marleed Ohhhh, I‘m curious 👀 2w
ChaoticMissAdventures @marleed honestly the title really got me. 😀 2w
39 likes2 comments
review
Dietz123
Pickpick

This book explains the 'whys' of modern art in an approachable fashion. If you've ever looked at contemporary art and wondered why someone paid x millions for a sculpture, this book explains the business behind it. The chapter on high-end auction houses wasn't as interesting to me, but it's important for understanding pricing later.

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writerlibrarian
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September photo challenge #8 Ugly Cover. It's not the quite the cover but the art piece it refers to. This is an amazing book on contemporary art and the money side of it. The 12 million dollars stuffed shark Damien Hirst "created" is quite ugly.

#septphotochallenge