A follow-up from Don Thompson, author of $12 Million Stuffed Shark, on the contemporary art market and human nature. Don is a lively commentator on the contemporary art market and is a world expert on what motivates collectors, dealers, galleries and museums to make the deals they make and to pay the prices they pay. Prices at the high end of the contemporary art market are driven by the intrinsic virtues of the art, but also by demand from the ultra rich, by national wealth funds, by agents, by non-taxed transactions, and by high status art fairs. The idea that the most interesting thing about contemporary art is its financial value is now accepted by many in the art world. The high end is the aspect that gets all the media attention and is where psychological factors - competition, power, betting, status, greed etc - come most obviously into play. The field of behavioural economics offers some insights and a way of explanation for the phenomena that is behind the value of art . The nuanced and exclusive world of dealers, agents and auction houses, is explored and included throughout the book, examples of which reflect the irrationalities in human behaviour and decision making. Including efforts to nudge the way individuals behave when purchasing art, the book offers insights and art-world tales from those who are making these deals, from New York and London, Luxembourg and Beijing.
"A lucid and brilliant analysis of the international contemporary art world that makes it accessible to non-insiders."
- Patrizia Sandretto Re Rebaudengo, art patron and founder of Fondazione Sandretto Re Rebaudengo
"How does Don Thompson do it? How does he manage to get all the back stories and art gossip we ordinary mortals never have access to? This book is full of insights and knowledge of the contemporary art world we will never get elsewhere." - Aaron Milrad, art market lawyer
Praise for The $12 Million Stuffed Shark
: "If you read no other book about art in your life, read the one that's gripped me like a thriller for the past two days." - Richard Morrison, The Times
"Really good. Highly recommended." -- Andrew Marr * BBC Radio 4: Start the Week *
'Thought provoking. Offers fascinating insights into the huge art collections being amassed by the rival emirates in the Middle East, in fierce competition with each other, and into the Chinese invasion of the art market.' -- Richard Morrison * The Times *
'In this head-spinning book, packed with insider information...Don Thompson shines a light on the wheeler-dealing that drives today's global art market.' -- Kathryn Hughes * Mail on Sunday *
'Thought-provoking.' -- Melanie Gerlis * Financial Times *
'Excellent account. Don Thompson's book is about greed, acquisitiveness and infantile selfishness; it is about a section of society that is so rich, some of them must be half-mad.' -- Roger Lewis * Daily Mail *
'Fascinating, eye-opening survey.' -- Violet Hudson * Spectator *
'For a fascinating peek behind the curtain of this lunatic world, i'd recommend Thompson's latest book.' -- Ros Drinkwater * Sunday Business Post *