The $12 Million Stuffed Shark

The $12 Million Stuffed Shark examines the contemporary art market through the lens of Damien Hirst's famous tiger shark preserved in formaldehyde. Thompson, an economist and professor, investigates how art acquires its value and what drives the economics of this unique marketplace. Through interviews with artists, dealers, auction houses, and collectors, the book documents the mechanics of art valuation and sales. The investigation spans from high-end galleries in London and New York to the studios of prominent artists and the boardrooms of major auction houses. The research traces technical aspects of the market including price formation, speculation, branding of artists, and the role of critics and curators. Thompson presents specific examples and case studies to illustrate the complex dynamics between various players in the art world. The book reveals fundamental questions about the nature of value itself and the intersection of culture with commerce. It explores how social networks, reputation, and marketing combine to create worth in an market driven by intangible factors.

Readers find the book provides clear explanations of how art valuation and markets function, particularly for those new to the contemporary art world. The investigative journalism style and real-world examples help explain complex market dynamics. Liked: - Demystifies art pricing and auction processes - Interviews with key industry figures add credibility - Clear writing style makes economic concepts accessible - Specific examples of artworks and their price histories Disliked: - Some readers note the content becomes repetitive - Several mention it could be more concise - A few find the focus too narrow on high-end art - Some wanted more analysis of mid-market art dealings Ratings: Goodreads: 3.9/5 (2,800+ ratings) Amazon: 4.4/5 (180+ ratings) "Explains the inexplicable about art prices" - common reader sentiment "Good introduction but lacks depth for industry professionals" - noted in multiple reviews "More about market psychology than art itself" - frequent reader observation

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The Value of Art by Michael Findlay A gallery owner chronicles the factors that determine art prices, from market manipulation to historical significance.

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Dark Side of the Boom by Georgina Adam An investigation into the hidden practices of art trading, including price manipulation, tax evasion, and market speculation.

Playing to the Gallery by Grayson Perry A practicing artist explains the inner workings of the art world from creation to sale through the lens of market economics.

🦈 The book's title refers to Damien Hirst's iconic work "The Physical Impossibility of Death in the Mind of Someone Living" - a tiger shark preserved in formaldehyde that sold for $12 million. 🎨 Author Don Thompson spent over a year following art dealers, interviewing collectors, and attending auctions to gather firsthand insights into the contemporary art market's inner workings. 💰 The book reveals that only about 0.1% of artists represented by commercial galleries can make a living from their work alone. 🏛️ Thompson documents how just three auction houses - Christie's, Sotheby's, and Phillips - control approximately 75% of the global auction market for contemporary art. 🤝 The value of contemporary art often depends more on the dealer's reputation and collector relationships than on the artwork itself - a phenomenon Thompson calls "the branding of artists."