The $12 million stuffed shark
by Donald N. Thompson, Don Thompson · first published 2008
92% recommend8% neutral
Why HN recommends it
Accessible look at the economics of contemporary art: what drives the eye-watering auction prices, how brand, dealers and auction houses shape value; suits readers curious about art markets or pricing.
Summarised by Claude from recommending comments
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…well-written in the sense that it reads as if you're sitting on the couch with him as he's telling you stories about his life, all with a child-like sense of wonder and enthusiasm about the world. THE $12 MILLION STUFFED SHARK BY DON THOMPSON -I'm interested in the high-finance and fine-art worlds and this book discussed how they both go together - money and art - in an informative, quick-paced way. THE BUY SIDE BY TURNEY…
on “Ask HN: What are your favorite books of all time, and why?” ↗…world obeys supply and demand - where demand has no relation to the real world: If you are more curious about the contemporary art world market and why $29M is not that expensive[1], I recommend "The $12 Million Stuffed Shark: The Curious Economics of Contemporary Art". In general, brand (in this case Christie's and Sotheby's) ranks supreme above all else. Once you are branded, you can pretty much sell anything as expensive…
on “They Paid What? Absurd Paintings that Sold for Millions” ↗…of catering to billioniares and manicuring real estate, when their real job is supposed to be exposing the society to art. If you're interested in the art world, I highly recommend Don Thompson's The $12 Million Stuffed Shark
on “Museums Confront Their Crowded Basements” ↗Don Thompson gets after this from another angle in "The $12 Million Stuffed Shark: The Curious Economics of Contemporary Art". The particular thread I'm thinking of is the purchases of Charles Saatchi. It looks externally like there's a positive feedback loop where he collects you,…
on “Is it the “New York Review of Each Other’s Books”?” ↗I recently enjoyed "The $12 Million Stuffed Shark: The Curious Economics of Contemporary Art". As the title promises, it's a great look into the economics of contemporary art - what forces determine the ridiculous prices you hear about. http://www.amazon.com/Million-Stuffed-Shark-Economics-Contem...
on “Ask HN: Interesting (Non software) books?” ↗…a real life situation. But when you add a subjective or new misunderstood product, pricing can play an even more prominent and critical role in how a company is perceived. Check out this book: The $12 Million Stuffed Shark: The Curious Economics of Contemporary Art by Don Thompson
on “The Price of Bad Pricing” ↗If you are more curious about the contemporary art world market and why $29M is not that expensive[1], I recommend "The $12 Million Stuffed Shark: The Curious Economics of Contemporary Art". In general, brand (in this case Christie's and Sotheby's) ranks supreme above all else. Once you are branded, you can pretty much sell anything as expensive…
on “Art’s Sale Value? Zero. The Tax Bill? $29 Million.” ↗…how many people are involved in art/paintings, at last in the "contemporary art" era. Damien Hurst and others collaborate with (or employ) teams of artists to complete their work. Related reading: "The $12 million Stuffed Shark" by Don Thompson. Sidenote aside, I tend to be bearish on Assembly too, but I'd also love for them to prove us wrong. edit: grammatical things.
on “Assembly - Quirky for Software” ↗If you find this guy interesting, you should read the $12 Million Stuffed Shark: http://www.amazon.com/The-Million-Stuffed-Shark-Contemporary...
on “The Art World’s Patron Satan” ↗…is a marketing genius. He needs a factory to build his art, much like Porsche. If you are more curious about the contemporary art world market and why $29M is not that expensive[1], I recommend "The $12 Million Stuffed Shark: The Curious Economics of Contemporary Art". In general, brand (in this case Christie's and Sotheby's) ranks supreme above all else. Once you are branded, you can pretty much sell anything as expensive…
on “Art technicians: The industry’s dirty secret, or all part of the process?” ↗If you're interested in this, I highly recommend the book The $12 Million Stuffed Shark: The Curious Economics Of Contemporary Art. As the promo blurb says, it's a Freakonomics-style look the art world, covering artists, deals, collectors, and auction houses. A ton of insight into how all…
on “Why people collect art” ↗…to go down the rabbit hole. You can do this by reading articles, watching documentaries, visiting exhibitions, and finding spaces inhabited by enthusiasts. Some things to check out: - The book The $12 Million Stuffed Shark - The film Exit Through The Gift Shop
on “Jean-Michel Basquiat on How to Be an Artist” ↗…I've read and enjoyed the book you recommend, it doesn't actually explain the economics of the art world, more likely the relationships that develop. For a much more informed look you should try "The 12 Million Stuffed Shark" which is written by an economist. https://www.amazon.com/Million-Stuffed-Shark-Economics-Conte... As for the rest, the market isn't exactly manipulated, as the article implies, but if you bother to…
on “High-end art is one of the most manipulated markets (2013)” ↗…meaning, they care about how collectible it is, plain and simple. Anyone who thinks high-worth art, 20k plus, is purchased for beauty or meaning is not active in the art world. There’s a book, "The $12 Million Stuffed Shark," that lays out the art world in fine detail. I highly recommend it. Art dealers, collectors, and auctioneers couldn’t care less about meaning or beauty. It’s all about provenance, scarcity, and an artist’s…
on “$34k Picasso plate to be sold for $500 in stunt that exposes collector hypocrisy” ↗I read Don Thompson’s “The $12 Million Stuffed Shark: The Curious Economics of Contemporary Art” last year. It was published in 2008 (interestingly the day before Lehman went bankrupt) so it felt like I was missing out on some interesting context from the…
on “A history of the art market in 35 record-breaking sales (2016)” ↗