Summary of The $12 Million Stuffed Shark
The Curious Economics of Contemporary Art
Copyright © Don Thompson, 2008.
Reproduced with permission of Palgrave Macmillan.
Why would anyone pay $12 million for a shark carcass? Welcome to the fascinating world of contemporary art.
When it comes to contemporary art, many observers simply scratch their heads and mumble, “You call that art?” Intriguing, disturbing, exhilarating and obscene, contemporary art is hard to understand. In fact, when you consider pieces like the titular $12 million stuffed shark by Damien Hirst, it is often downright baffling. If you’re looking for artistic explanations and interpretations, though, Don Thompson doesn’t offer much help. That’s not his particular domain. Thompson, an economics and marketing professor, zeroes in on the financial inner-workings of the art world (at least, the pre-2009 recession art world). Curious why certain pieces sell for millions, he delved into the peculiar personalities that inhabit this controversial genre. getAbstract applauds his lively exploration of a fascinating topic that few economists would even ponder.
In this summary, you will learn
- How branding and marketing drive the contemporary art market
- Why price outweighs artistic merit
- Who are the big players in modern art
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