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Blink 3 of 8 - The 5 AM Club
by Robin Sharma
The Curious Economics of Contemporary Art
The $12 Million Stuffed Shark delves into the economics of contemporary art, examining how marketing, branding, and media hype can elevate an artwork's value, often disconnected from its intrinsic artistic merit.
To an outsider, contemporary art can seem baffling. Stories of gallery cleaners accidentally throwing away artworks because they look like rubbish, or the infamous “my five-year-old could do that” reaction, are common. But here’s the first secret: for most art insiders, contemporary art is equally confusing. Even seasoned buyers can feel insecure about their purchases. This is where branding becomes an essential force in the contemporary art market.
Consider the difference between saying, “I spent $7 million on a statue made from old tennis balls” versus “I spent $7 million at Sotheby’s on a statue made from old tennis balls.” The latter is far more compelling because branding legitimizes and confers value. Just as in fashion or household appliances, branded galleries like Gagosian or White Cube and auction houses like Sotheby’s or Christie’s reassure collectors. The association with these prestigious names instantly elevates the perceived value of the artwork.
This branding isn’t limited to institutions. A handful of artists, like Andy Warhol and Damien Hirst, and even collectors like Charles Saatchi, have reached “branded” status. Once an artist is branded, the market accepts almost anything they create as legitimate and valuable. Take On Kawara’s date paintings series. These minimalist works display a specific date, reflecting his meditation on time and existence. These works, simple in design and repetitive in nature, fetch high prices not because they’re technically demanding or rare, but because Kawara’s name is a brand in itself.
Branded players command higher prices. A piece that might sell for $4,000 in a small, unknown gallery could fetch $12,000 at Gagosian. Even sellers benefit: branded artworks often allow consignors to negotiate favorable deals, such as zero seller’s commission, because the privilege of selling a well-known piece, like a Picasso, is valuable enough for auction houses.
But it’s not always about the money. For the ultra-wealthy, large sums no longer impress. Instead, they are after “positional goods” – items whose value comes from their exclusivity and status. Owning something like Jasper Johns’s White Flag isn’t just about the artwork; it’s about the cultural and social capital that comes with it. In the art world, branding isn’t just a financial tool, but a way to signal your place in a highly competitive cultural hierarchy.
The $12 Million Stuffed Shark (2008) examines the economics and marketing strategies behind the contemporary art world, exploring how pieces like Damien Hirst’s shark sculpture and Jackson Pollock’s drip paintings command such astronomical prices. Covering auction houses, dealers, and collectors, it reveals the forces that drive art market valuations and the role of branding in an artist’s financial success.
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Try Blinkist to get the key ideas from 7,500+ bestselling nonfiction titles and podcasts. Listen or read in just 15 minutes.
Get startedBlink 3 of 8 - The 5 AM Club
by Robin Sharma