Thought some of you might like this, too.
Book Review: The $12 Million Stuffed Shark: The Curious Economics of Contemporary Art
"I saw this (The $12 Million Stuffed Shark: The Curious Economics of Contemporary Art by Don Thompson) reviewed earlier in the year and put it in my queue. Didn't think much more of it until I saw it on the new book shelf at the library recently. Normally, I have no notable interest in contemporary/modern art. But the title definitely piqued my curiosity.
If art fakes can easily fool so many experts, why are the originals worth so much?
-- George Carlin (paraphrased)
This book is somewhat like Stiff: The Curious Lives of Human Cadavers, but focused on art, instead of corpses. Maybe Stiff: The Curious Lives of Human Cadavers crossed with art and a touch of Freakonomics? ;-)
The centerpiece of the book is a detailed look into the two main auction houses for art: Christie's and Sotheby's.
In just the first few chapters the reader quickly realizes that art auctions are perhaps 40% marketing, with the rest being a combination of signaling and high-end theater. The relationships between the major players (consignors, dealers, bankers, buyers/bidders, guarantors, consultants, critics, etc.) are complex. And the industry is mature. Each of the players has a role that includes feeding off the others as well as serving them. Branding is a huge part of this industry, for both auction houses as well as celebrity artists.
On branding ... it is clear that we should attribute art to the person who created it with his/her own hands. But what of an artist who simply directs others to do the work for him/her, then simply signs the painting once complete? Where does that fit in? Should we care? (see Damien Hirst's spot paintings) Hirst, Warhol, and Koons are known for "producing" art in addition to creating it."
http://amateureconblog.blogspot.com/...fed-shark.html
Book Review: The $12 Million Stuffed Shark: The Curious Economics of Contemporary Art
"I saw this (The $12 Million Stuffed Shark: The Curious Economics of Contemporary Art by Don Thompson) reviewed earlier in the year and put it in my queue. Didn't think much more of it until I saw it on the new book shelf at the library recently. Normally, I have no notable interest in contemporary/modern art. But the title definitely piqued my curiosity.
If art fakes can easily fool so many experts, why are the originals worth so much?
-- George Carlin (paraphrased)
This book is somewhat like Stiff: The Curious Lives of Human Cadavers, but focused on art, instead of corpses. Maybe Stiff: The Curious Lives of Human Cadavers crossed with art and a touch of Freakonomics? ;-)
The centerpiece of the book is a detailed look into the two main auction houses for art: Christie's and Sotheby's.
In just the first few chapters the reader quickly realizes that art auctions are perhaps 40% marketing, with the rest being a combination of signaling and high-end theater. The relationships between the major players (consignors, dealers, bankers, buyers/bidders, guarantors, consultants, critics, etc.) are complex. And the industry is mature. Each of the players has a role that includes feeding off the others as well as serving them. Branding is a huge part of this industry, for both auction houses as well as celebrity artists.
On branding ... it is clear that we should attribute art to the person who created it with his/her own hands. But what of an artist who simply directs others to do the work for him/her, then simply signs the painting once complete? Where does that fit in? Should we care? (see Damien Hirst's spot paintings) Hirst, Warhol, and Koons are known for "producing" art in addition to creating it."
http://amateureconblog.blogspot.com/...fed-shark.html
