I’ve been trying to read three different books at the same time. It’s not easy when every day is so busy. At any rate, I’ve read each book’s section on art auctions, and they had some very interesting things about buyers and their motivations or reasons for buying the work they do.
“What we pay for art, what it means, and where that value comes from.
Recently a number of books have been published by economists who aim to reveal the mechanism that leads to the formation of staggering prices for art, especially modern art. As part of their analyses, these economists have attempted to define exactly what the quality or qualities are that collectors pay for. Among these books are Don Thompson’s The $12 Million Stuffed Shark, David W. Galenson’s Artistic Capital, and Olav Velthuis’s Talking Prices. Of course, theories of art can be more sophisticated than those proposed in the above books, but as a rule they don’t directly address the question “What are we paying for?” By applying the principle of Follow The Money, maybe we can arrive at an insight into art itself.”
(Via artnet Magazine.)