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

Gripped me like a thriller for the past two days' Richard Morrison The Times Intriguing and readable' Sunday Express Enthralling revelation-rich trip' The Independent Why would a very 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? 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? The Twelve Million Dollar Stuffed Shark is the first book to look at the economics of the modern art world and the marketing strategies which power the market to produce such 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 the highest-earning artist in the world.He unravels the Byzantine sale procedures by which the top auction houses maintain both premium prices for what they sell and their own pre-eminence but also shows us a market whose most spectacular excesses are driven just as often by far simpler human urges like lust and self-aggrandizement. It is a world 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. Don Thompson is an economist and professor of business specialising in art. He has taught at the London School of Economics and the Harvard Business School. This is his first trade book. He lives in London and Toronto.

Why would a very smart New York investment banker pay 12 million dollars for the decaying stuffed carcass of a shark? By what alchemy does Jackson Pollock's drip painting number 5 1948 sell for $140 million? This book looks at the economics of the modern art world and the marketing strategies which power the market to produce such high prices.