Monday, July 14, 2008

Curious Economics

To follow up on the previous post about who is buying the high-end art, here's a link from Andrew Sullivan. Money quote, literally,
"The art market sells fame more than it sells objects. Focusing on the shark misses the point: conceptual art emphasized the idea over the object, and the art market responded by commodifying the idea. When the rich buy artwork, they may be buying their way into a select group of the "cool" rich but they are also asserting their understanding of contemporary art. That most people wouldn't buy a $12 million stuffed shark, even if they had the money, is part of the allure."


The shark, of course, is Damien Hirst's.


Plain truth, all one has to do is visit any art museum of any size or consequence and the first thing that one sees, isn't necessarily the art, but who endowed it, on the big walls with the plaques. That's what it's about at this exalted level, who can brag about it, who can buy and gild their fame.

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