by Don Thompson
First published 2010
The contemporary art market operates on principles that baffle outsiders. A decaying shark preserved in formaldehyde commands twelve million dollars. Jackson Pollock's paint drips fetch one hundred forty million. Don Thompson investigates these astronomical transactions by interviewing auction house executives, art dealers, artists, and the wealthy collectors who drive prices skyward. He examines the marketing strategies and economic forces that transformed canvases and installations into investment vehicles worth more than skyscrapers. Thompson reveals how auction houses manufacture demand, how dealers cultivate mystique, and how buyers use art purchases to signal status and wealth. The book exposes the psychology behind record-breaking sales, including the hundred thirty-one contemporary artists who achieved new price peaks in 2006 alone. Thompson applies economic analysis to artistic value, showing how reputation, scarcity, and strategic promotion create market conditions where a stuffed shark becomes more valuable than most people's homes. His investigation uncovers the gossip, ambition, and financial maneuvering that experienced collectors rarely discuss publicly.
Genres: art, business, economics, non-fiction
Vibes: intimate, suspenseful, thought-provoking
Tropes: investigative-journalism
Period: Contemporary
268 pages · Paperback · St. Martin's Griffin