The $12 Million Stuffed Shark The Curious Economics of Contemporary Art

by Thompson, Don

• ISBN13: 9780230610224
• ISBN10: 0230610226
• Format: Hardcover
• Copyright: 2008-09-16
• Publisher: Palgrave Macmillan

Summary

"Why would a very 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? 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?" "This intriguing and entertaining book is the first to look at the economics of the modern art world and the marketing strategies which power the market to produce such astronomical prices for the latest Hirst, Koons or Emin. Don Thompson talks to auction houses, dealers and collectors, and reveals the psychology behind the art market, showing how far it is driven by lust and self-aggrandizement of possession. It is a world, the author shows, in which brand is all-important, and which in many ways has most in common with the branded world of luxury fashion. The result is a fascinating, shrewd and highly readable insight into a modern-day phenomenon. In contemporary art, you are nobody until somebody brands you."--BOOK JACKET..

Author Biography

Don Thompson teaches marketing and economics in the MBA program at the Schulich School of Business at York University in Toronto. He has  taught at the London School of Economics and at Harvard Business School. He lives in London and Toronto.

Table of Contents

The $12 Million Stuffed Shark	p. 1
Branding and Insecurity	p. 9
Branded Auctions	p. 19
Branded Dealers	p. 27
The Art of the Dealer	p. 41
Art and Artists	p. 53
Damien Hirst and the Shark	p. 61
Warhol, Koons, and Emin	p. 73
Charles Saatchi: Branded Collector	p. 85
Christie's and Sotheby's	p. 95
Choosing an Auction Hammer	p. 103
Auction Psychology	p. 117
The Secret World of Auctions	p. 131
Francis Bacon's Perfect Portrait	p. 145
Auction Houses vs. Dealers	p. 157
Art Fairs: The Dealer's Final Frontier	p. 169
Art and Money	p. 177
Pricing Contemporary Art	p. 189
Fakes	p. 201
Art Critics	p. 209
Museums	p. 215
End Game	p. 227
Contemporary Art as an Investment	p. 239
Postscript	p. 252
References	p. 255
Art Websites	p. 259
Photo Credits	p. 261
Index	p. 263
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