*The Supermodel and the Brillo Box*

The author is Don Thompson and the subtitle is Back Stories and Peculiar Economics from the World of Contemporary Art.  It is a very enjoyable book on the economics of the contemporary art world, here is one bit:

The size of his art empire allows Gagosian to take full advantage of the economic oddity that when an artist is hot, the relationship of supply and demand reverses.  If an artist creates enough work to show simultaneously in several galleries and at several art fairs, greater buzz produces higher prices.  Each show, each fair, each art magazine mention produces more critical appraisal, more buzz, and more collectors on the waiting list.  The reassurance of the dealer is reinforced by the behavior of the crowd.  Greater supply produces greater demand.

Andy Warhol was one of the artists who understood this best.


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