The Orange Balloon Dog: Bubbles, Turmoil and Avarice in the Contemporary Art Market
"Really good. Highly recommended." Andrew Marr, Radio 4: Start the Week
From the author of the internationally bestselling The $12 Million Stuffed Shark comes a fresh and provocative look at the high-end art market and whether it is a bubble about to burst. Within forty-eight hours in the autumn of 2014, buyers in the Sotheby's and Christie's New York auction houses spent $1.7 billion on contemporary art. Economist and bestselling author Don Thompson cites this and other fascinating examples to explore the sometimes baffling activities of the high-end contemporary art market, examining what is at play in the exchange of vast amounts of money and what nudges buyers, even on the subconscious level, to imbue a creation with such high commercial value. Thompson analyses the behaviours 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. Take heed if your fortunes are tied up in stainless steel balloon dogs - Thompson also warns of a looming bust of the contemporary art price balloon. A fascinating explanation, through the field of behavioural economics, for the phenomena that is behind the incredible value of contemporary art.