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 $12 Million Dollar Stuffed Shar’k is 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. … 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 one of the highest-earning artists in the world.
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The most important aspect of the contemporary art market (roughly, art created since 1960 or so) is revealed in the penultimate chapter of The $12 Million Stuffed Shark. It’s worth an extended quote, because it helps everything else make some weird kind of sense.
The value of art often has more to do with artist, dealer, or auction-house …