The Collector Book Report: The $12 Million Stuffed Shark

Book review by René Romero Schuler

The $12 Million Stuffed Shark; The Curious Economics of Contemporary Art by Don Thompson

Branding. Just think about that for a moment. What does the word mean to you? If we are to believe in the research and writing of author Don Thompson, it is the ONLY thing that matters in terms of making it BIG in the contemporary art world.
The number of books available about the subject of economics as related to art is fairly limited. To give you a better idea  of the other titles out there, see the Collector Book Report.

A friend of mine had recommended “The $12 Million Stuffed Shark; The Curious Economics of Contemporary Art” by Don Thompson, and after listening to her praise of the book, I decided I needed to go check it out at my library.

The book is gripping, which really surprised me. The first three chapters enlightened me on the (now painfully clear, if Thompson is the authority) fact that, as an artist, I am pretty much out of luck when it comes to making it big in today’s art world. Huge letdown! Once the depression had passed, I continued reading. I love that the book deals with such contemporary players in today’s art market as Charles Saatchi, Damien Hirst, Larry Gagosian, and Marian Goodman. Charles Saatchi is discussed at length, with regard to his “contribution” to the determination of the “value” of contemporary art. It never really occurred to me that a collector would have that much influence over such a thing. Getting back to “branding”- the brand is all encompassing. There are branded artists, branded dealers, branded galleries, branded collectors, and branded auctions. What that means is that these select individuals/institutions can make (or break) someone in a New York minute. Each branded sector plays a very interesting game in a completely unregulated market, and their game really catches on. These are some the most influential people in the art world; so when they decide something is worthy, the world stands on end.

I’m probably sounding like a bit of a cynic. I am a painter, after all, so I found these revelations to be somewhat heartbreaking. I’ve either been deluding myself all these years or …. But leave it to me to find a positive spin. The book got me to think in a more organized manner about my own career as an artist, and what steps I might take towards
reaching the next level (and perhaps a few levels beyond that). It also motivated me to seek out other books on the economics of art, so that I could develop a better (more well-rounded) education on the matter. In other words, it got me excited about a sector of my career that I hadn’t really put much stock into. Depressing or not, this education is a necessary evil if I am ever to reach my artistic career goals.

So…yes, I would recommend reading “The $12 Million Stuffed Shark”, however I advise caution. Do not let oneself get too caught up in the “hype” and remember that “the art world” consists of so much more than just what is examined in Thompson’s book. And for sanity’s sake, stay open to other opinions…primarily your own! Art is, was, and always will be a very subjective commodity, and it’s beauty and allure will forever be in the eyes of the beholder. And THAT is what matters most.

Filed Under: General Ideas About Collecting

Tags: 12 Million Dollar Stuffed Shark, Chicago art, Chicago Art Collector and book report, Chicago Art Collector and books, Chicago art collector book report, Collector books, Donald Thompson, featured, René Romero Schuler