No. 53: Is the Art Market Irrational?

Artsy

English - October 26, 2017 21:51 - 29 minutes - 27.2 MB - ★★★★★ - 176 ratings
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Previous Episode: No. 25: Making It in the Art World If You’re Not a Rich Kid

Next Episode: No. 54: Petra Collins and Marilyn Minter Talk Feminism and Horror Flicks

Who decides how much an artwork is worth? And is that price tag rational? On this episode, we’re joined by economist Don Thompson, whose latest book The Orange Balloon Dog explores the inner workings of the contemporary art market.

From Jeff Koons’s monumental sculpture that set auction records in 2013 to the upcoming sale of Leonardo da Vinci’s Salvator Mundi, we discuss how the massive sums paid for artworks are determined across auction houses, art fairs, and private deals.