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Liepman Literary Agency
Marc Koralnik |
| Original language | |
| English | |
THE ORANGE BALLOON DOG
Bubbles, Turmoil and Avarice in the Contemporary Art Market
What happens and why in the parallel universe that is the high end of the contemporary art market.
An insider description of the contemporary art market, where prices are driven by the intrinsic virtues of the art but also by demand by the ultra-rich, by national wealth funds, by agents, by non-taxed transactions, and by high-status art fairs. The idea that the most interesting thing about contemporary art is its financial values is now accepted by many in the art world.
In 48 hours in the fall of 2014, bidders at Sotheby's and Christie's New York auction houses spent $1.7 billion on contemporary art. Non-taxed freeport warehouses around the globe are stacked with art held for speculation. One of Jeff Koons' five chromium-plated stainless steel balloon dogs sold for 50% more at auction than the previous record for any living artist. A painting by Christopher Wool, featuring four lines from a Francis Ford Coppola movie stenciled in black on a white background, sold for $28 million. In The Orange Balloon Dog, economist and bestselling author Don Thompson cites these and other examples to explore the sometimes baffling activities of the high-end contemporary art market. He explores what is at play in the exchange of vast amounts of money and what nudges buyers to imbue such high commercial value on a creation. Thompson analyzes the behaviors of buyers and sellers and offers examples from New York and London, Singapore and Beijing. He also warns of a looming bust of the contemporary art price balloon.
DON THOMPSON is an economist, and emeritus Nabisco Brands Professor of marketing and strategy at the Schulich School of Business at York University in Toronto. He has an MBA and PhD from the University of California, Berkeley, and has taught at Harvard Business School and the London School of Economics. He is the author of 12 books, including the internationally bestselling The $12 Million Stuffed Shark: The Curious Economics of Contemporary Art (Griffin / St. Martin's Press, 2010) and The Supermodel and the Brillo Box: Back Stories and Peculiar Economics from the World of Contemporary Art (Griffin / St. Martin's Press, 2014). He has written on the economics of the art market for publications as diverse as The Times, Harper's Art, Fortune and Apollo. He lives in Toronto.
In 48 hours in the fall of 2014, bidders at Sotheby's and Christie's New York auction houses spent $1.7 billion on contemporary art. Non-taxed freeport warehouses around the globe are stacked with art held for speculation. One of Jeff Koons' five chromium-plated stainless steel balloon dogs sold for 50% more at auction than the previous record for any living artist. A painting by Christopher Wool, featuring four lines from a Francis Ford Coppola movie stenciled in black on a white background, sold for $28 million. In The Orange Balloon Dog, economist and bestselling author Don Thompson cites these and other examples to explore the sometimes baffling activities of the high-end contemporary art market. He explores what is at play in the exchange of vast amounts of money and what nudges buyers to imbue such high commercial value on a creation. Thompson analyzes the behaviors of buyers and sellers and offers examples from New York and London, Singapore and Beijing. He also warns of a looming bust of the contemporary art price balloon.
DON THOMPSON is an economist, and emeritus Nabisco Brands Professor of marketing and strategy at the Schulich School of Business at York University in Toronto. He has an MBA and PhD from the University of California, Berkeley, and has taught at Harvard Business School and the London School of Economics. He is the author of 12 books, including the internationally bestselling The $12 Million Stuffed Shark: The Curious Economics of Contemporary Art (Griffin / St. Martin's Press, 2010) and The Supermodel and the Brillo Box: Back Stories and Peculiar Economics from the World of Contemporary Art (Griffin / St. Martin's Press, 2014). He has written on the economics of the art market for publications as diverse as The Times, Harper's Art, Fortune and Apollo. He lives in Toronto.
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Published 2017-04-01 by Douglas & McIntyre |