The $12 Million Stuffed Shark audiobook cover - The Curious Economics of Contemporary Art

The $12 Million Stuffed Shark

The Curious Economics of Contemporary Art

Don Thompson

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CreativityEconomicsSociety & Culture

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The $12 Million Stuffed Shark
Market Fundamentals+
The Power of Branding+
Scarcity and Supply+
The Role of Dealers+
Museums as Financial Players+
The Reality of Art Investment+
Strategic Collecting Guide+

Quiz — Test Your Understanding

Question 1 of 6
Why is branding considered an essential force in the contemporary art market?
  • A. It guarantees that the artwork will yield a high financial return within five years.
  • B. It legitimizes the artwork and reassures collectors who might otherwise feel insecure about their purchases.
  • C. It allows artists to completely bypass dealers and sell directly to auction houses.
  • D. It proves the technical superiority and craftsmanship of the artwork compared to unbranded pieces.
Question 2 of 6
What primary factor has driven the surge in prices and prestige for contemporary art?
  • A. A sudden increase in global museum funding specifically for living artists.
  • B. The implementation of standardized pricing models by major auction houses.
  • C. The shrinking supply of available noncontemporary artworks by past masters.
  • D. The technical complexity and highly expensive materials used in modern artworks.
Question 3 of 6
According to the text, what is a stark reality for most artists represented by mainstream dealers?
  • A. They will eventually be promoted to top-tier galleries like Gagosian or White Cube.
  • B. They typically retain 100 percent of the profits from their initial gallery shows.
  • C. They rely primarily on subsidiary rights rather than direct sales of their art.
  • D. Only about one in 200 will ever see their work sold at major auction houses.
Question 4 of 6
What did Aleksandr Brener's act of spray-painting a dollar sign on a Kazimir Malevich painting symbolize?
  • A. A protest against the lack of government funding for public museums.
  • B. A critique of how money and the market have compromised artistic meaning and diversity.
  • C. An attempt to brand himself as the next Damien Hirst through shock value.
  • D. A demonstration of how easily historical artworks can be forged or altered.
Question 5 of 6
Why is the Mei Moses Index considered a potentially misleading measure of art's investment performance?
  • A. It only tracks the performance of contemporary artists, ignoring historical masters.
  • B. It relies entirely on private gallery sales, which are notoriously opaque.
  • C. It only includes works sold at auction more than once, ignoring unsold pieces, transaction fees, and taxes.
  • D. It factors in the emotional value of art, skewing the financial data.
Question 6 of 6
When building a contemporary art collection strategically, which approach does the text recommend for minimizing risk?
  • A. Investing all available funds into a single, highly-priced blockbuster piece.
  • B. Diversifying by purchasing multiple works priced between $30,000 and $75,000.
  • C. Focusing exclusively on late-career masters who are refining their well-known styles.
  • D. Buying artwork exclusively from auction houses rather than cultivating relationships with dealers.

The $12 Million Stuffed Shark — Full Chapter Overview

The $12 Million Stuffed Shark Summary & Overview

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.

Who Should Listen to The $12 Million Stuffed Shark?

  • Art enthusiasts wanting to build a collection
  • Aspiring artists who want a snapshot of the contemporary art market
  • Economists interested in learning more about a niche asset class

About the Author: Don Thompson

Don Thompson is an economist and author known for his expertise in the economics of the art market. He’s a professor emeritus at York University and has written extensively on the financial aspects of contemporary art.

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