The $12 Million Stuffed Shark

Outline

The $12 Million Stuffed Shark (2008) examines the modern art market and the forces that can turn unusual works into objects worth millions of dollars. Don Thompson explores auctions, galleries, collectors, branding, status, and the influence of prominent dealers and artists on perceived value. Through memorable stories and economic analysis, the book reveals how reputation, scarcity, marketing, and competition shape prices in a market where value is often difficult to measure objectively.

• Prices in the contemporary art market are shaped by reputation, scarcity, marketing and competition rather than by any objective measure of value.
• Auctions, galleries, collectors and prominent dealers each play a part in setting what an artwork is perceived to be worth.
• Branding and status can turn an unusual work into an asset worth millions of dollars.
• Memorable stories about artworks and artists add to their perceived value and help drive demand.

Don Thompson is a Canadian economist, author, and professor emeritus who has written extensively about marketing, branding, auctions, and the economics of the art world. His research examines how buyers make decisions and how reputation and presentation can influence perceived value. He is known for explaining complex markets through detailed examples, interviews, and accessible economic analysis.