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Article: ECONOMIC INSIGHT FOR CONTEMPORARY ART BUYERS

Article from:
Roanoke Times & World News
Article date:
October 5, 2008
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Considering the relationship between art and value in contemporary art, what determines the high prices of contemporary art? Very curious economics and more curious art (two-dimensional works and sculpture only) are described here by Don Thompson, a professor of marketing and economics.

Thompson explains why many contemporary art works are worth so much. "Economics and psychology of art, dealers, and auctions ... money, lust, and the self-aggrandizement of possession, all [are] important elements of the world of contemporary art." Branding now substitutes for critical judgment. Branding takes place with artists, collectors, auction houses, museums, dealers, and even artists becoming ...

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