The $12 Million Stuffed Shark

The Curious Economics of Contemporary Art

By: Don Thompson

Narrated by: Adam Verner

Why would a smart New York investment banker pay $12 million for the decaying, stuffed carcass of a shark? By what alchemy does Jackson Pollock's drip painting "No. 5, 1948" sell for $140 million?

Intriguing and entertaining, The $12 Million Stuffed Shark is a Freakonomics approach to the economics and psychology of the contemporary art world. Why were record prices achieved at auction for works by 131 contemporary artists in 2006 alone, with astonishing new heights reached in 2007? Don Thompson explores the money, lust, and self-aggrandizement of the art world in an attempt to determine what makes a particular work valuable while others are ignored.

This book is the first to look at the economics and the marketing strategies that enable the modern art market to generate such astronomical prices. Drawing on interviews with both past and present executives of auction houses and art dealerships, artists, and the buyers who move the market, Thompson launches the listener on a journey of discovery through the peculiar world of modern art. Surprising, passionate, gossipy, and revelatory, The $12 Million Stuffed Shark reveals a great deal that even experienced auction purchasers do not know.

©2008 Don Thompson (P)2017 Tantor

Critic reviews

"[An] informative an occasionally hilarious look at the surreal contemporary art market...A clear-headed approach to a frequently high-pitched issue." ( Kirkus)

A fun educational listen

This book is great, a little dated but the facts are still true and the insights offered are invaluable. If you've ever been interested in contemporary art, art auctions, or the ridiculous prices paid for art this is the book for you!
and whats great is that there is no prior knowledge required, the author lays it all out in a very accessible way! I highly recommend this book

Peeking In Art Business

A reveal of what goes on in the art business. My ignorance is astounding, is the take home message after finishing this audiobook. I wish I had read this before paying for art reported as a wise investment. Oh, some art is worthy. But the vast majority has value only as something to enjoy. Did your talented great uncle paint it? Add in sentimental meaning. Do go to galleries and artfairs. Tour art museums. Buy what you like but beware claims of appreciating wealth.

Loved every minute of this book

This book was more insightful about the industry, than what I already new. An exceptional industry tool.

Freakonomics for the Art World

Interesting stories that explain the mechanics of the art world and how & why they came into existence. And also how they can be explained by economic principles, especially those of pricing theory.

Insightful

I was told to read / listen to this book to understand NFTs. It was indeed fascinating and helped me understand what appears to be irrational NFT markets.

Main downsides are that the book is detailed with lots of names and numbers, which can be tedious at time. The audiobook was perfect to fall asleep. Narrator is good (not amazing) and has terrible French prononciation; as a native French speaker I couldn’t even guess what he was saying it was so bad.