$12 Million Dollar Stuffed Shark: The Curious Economics of Contemporary Art and Auction Houses by Donald N. Thompson

Introduction

$12 Million Dollar Stuffed Shark: The Curious Economics of Contemporary Art and Auction Houses, written by Donald N. Thompson, offers a wide-ranging and detailed exploration of the contemporary art world and its economics. Throwing light on a market that is often shrouded in mystery, the book delves into the financial side of the art world and art market. It offers an extensive exploration of the economics of auction houses, where works of contemporary art are sold for huge sums of money, and examines the world of powerful art advisors and the actors working behind the scenes to manipulate the art market for financial gain. By providing an insider’s look at the world of art as it is today, the book hopes to offer a comprehensive and valuable insight into this lucrative field.

Overview of the Book

Donald N. Thompson begins his book offering an overview of the economics of the contemporary art world. He looks at the various factors affecting the success of an artwork or artist's career, and explores the auction house model which typically succeeds in selling artwork at the highest (and often seemingly unrealistic) prices. As he delves deeper into the subject, Donald Thompson reveals the forces in the market that drive prices for contemporary art, and shows how art auctions can become money-making tools for those who know how to use them.

A large part of the book examines the world of powerful art advisors, who are key players in the art market, and in influencing the success of an artwork or artist. He looks at how actors like art advisors, gallery owners, and dealers can manipulate the art market and capitalize on the works of others to maximize their own gain. He further examines the role of financial instruments, such as auction house guarantees, in-house sales, and private sales, and how they can also be used to manipulate the market.

The book also examines the effects of the internet on the sale of artworks, and the challenges of pricing art in the modern era. He looks at how the sale of artworks through online platforms, such as Christie's or Sotheby's, has changed the culture of buying and selling art.

Throughout his narrative, Donald N. Thompson offers a range of case studies, profiles of key players in the industry, and numerous anecdotal evidence to support his arguments. He explains in detail the process of buying and selling artworks, often citing his own experiences as an art advisor, and offers valuable insight into the contemporary art market.

Conclusion

Donald N. Thompson's $12 Million Dollar Stuffed Shark: The Curious Economics of Contemporary Art and Auction Houses is an extensive exploration of the forces that shape and manipulate the contemporary art market. It offers a detailed and far-reaching insight into the economic forces that drive the prices of artworks, the power of art advisors, and the effects of the internet on the sale of artworks. It is a valuable source of information for those keen to learn more about the business side of contemporary art and the opportunities that can arise within it.