A side benefit of the boom has been a stream of new books on the business of art. Given the lack of independently verifiable data, especially about the gallery trade, these books usually promise more than they can deliver. Don Thompson’s The $12 Million Stuffed Shark: The Curious Economics of Art and Auction Houses (until recently available only in the U.K.) is no exception. But it qualifies as recommended reading for anyone looking for a quick overview of how the art world works.
Thompson, an economist and branding expert, undertook a yearlong “journey of discovery” for this entertaining study of the “economics and psychology of art, dealers, and auctions.” By his description, the book “explores money, lust and self aggrandizement of possession, all important elements on the world of contemporary art.” He admits “much of the anecdotal material and some of the numbers in the book are single-source stories and facts,” which are often “embellished in the retelling” and “accepted as fact because they are repeated as fact.” The candor is refreshing. And to be sure, Thompson has a keen eye for the telling statistic.
With these provisos out of the way, and no endorsement of the accuracy of what follows, here is a glossary of facts and figures from the book (all offered by the author without the benefit of direct references or footnotes):
â€¢ “Eight of ten works purchased directly from an artist and half the works purchased at auction will never again resell at their purchase price.” Continue reading “Summer reading: The $12 Million Stuffed Shark”