Category: non-fiction
First Published: 2017
Author: Don Thompson
Rating: ★★★★☆
A brief summary
The market for high-end art is a booming business. In 2014, $1.7 billion dollars was spent in the Sotheby and Christie’s auctions in New York. Freeports all over the world are stuffed with artwork, which is being held for speculative purposes. A work by Jeff Koons, called „The orange dog“, sold for more than 50% more than the previous record for an artist. Don Thompson, an economist, and the author of this book explores the mysterious world of the art market and explains what drives people to spend such large sums on paintings.
Ever heard of stainless steel balloon dogs? Those inflated, shapeless pooches that only the rich and famous can afford to buy? It’s a joke, a hard-to-look-at joke that’s been floating around museums and auction houses for years and may never die. But Thompson doesn’t find it especially funny, even though it makes an easy target. Unlike contemporary art, which often changes hands for millions of dollars, the balloon dog is just that: a dog that will deflate and eventually lose its shape. Thompson gets to the heart of the matter faster than a helium leak. He analyzes the behaviors of buyers and sellers and delves into the competitions that define and alter the value of art in today’s international market, from New York to London, Singapore to Beijing.