The Orange Balloon Dog: Bubbles, Turmoil and Avarice in the Contemporary Art Market

by Don Thompson

Within forty-eight hours in the fall of 2014, buyers in the Sotheby’s and Christie’s New York auction houses spent $1.7 billion on contemporary art. Non-taxed freeport warehouses around the globe are stacked with art held for speculation. One of Jeff Koons’ five chromium-plated stainless steel balloon dogs sold for 50 percent more at auction than the previous record for any living artist. A painting by Christopher Wool, featuring four lines from a Francis Ford Coppola movie stencilled in black on a white background, sold for $28 million. In The Orange Balloon Dog, economist and bestselling author Don Thompson cites these and other fascinating examples to explore the sometimes baffling activities of the high-end contemporary art market. He examines what is at play in the exchange of vast amounts of money and what nudges buyers, even on the subconscious level, to imbue a creation with such high commercial value.

Thompson analyzes the behaviours of buyers and sellers and delves into the competitions that define and alter the value of art in today’s international market, from New York to London, Singapore to Beijing. Take heed if your millions are tied up in stainless steel balloon dogs—Thompson also warns of a looming bust of the contemporary art price balloon.

Genres: Art, Nonfiction, Economics

240 pages, Paperback

First published January 1, 2017

About the author

Don Thompson is an economist and Emeritus Nabisco Brands Professor of Marketing and Strategy at the Schulich School of Business at York University in Toronto. He is the author of The Supermodel and the Brillo Box. He has taught at Harvard Business School and the London School of Economics, and is the author of 11 books. He writes on the economics of the art market for publications as diverse as The Times (London), Harper’s Magazine, and The Art Economist. He lives in Toronto, Canada.

Reviews

[Nofreeusernames Nofreeusernames · Rating 3 out of 5]

Předchozí Thompsonovy knihy byly pro laika určitě lepší, šťavnatější, zajímavějši. Tahle je hodně orientovaná na ekonomiku a trh a méně už na umělce a další aktéry uměleckého dění.

[Stephanie Magnuson · Rating 5 out of 5]

I really loved this book- it gave a lot of great insight into a wide range of art world topics, with wonderful anecdotes and metaphors. I finished the book with a whole page of notes on a myriad of different subjects for further reading and research- enlightening and entertaining read!

[Mary Rose · Rating 4 out of 5]

Bubbles are a very apt metaphor for this book. Each chapter is extremely short and self-contained, but doesn't mesh well with the other chapters or build up to a more cohesive argument. The final chapter, which I was hoping would wrap things up for me, but it is truly the strangest conclusion I have read in a nonfiction book in recent memory. The final paragraphs are about something entirely unrelated, which Thompson then does not connect and leaves dangling like an errant... well, anyway.

That's not to say that I didn't enjoy it! But keep in mind that I am strange and find each of the topics covered in the chapters (from private museums to forgeries) individually interesting. If you are not a person who is already interested in the contemporary art market, I would recommend Thompson's other book The $12 Million Dollar Stuffed Shark as a better introductory primer. Still, I'm glad I read this.

[Barbara Klein · Rating 5 out of 5]

Thought I'd be bored and maybe skim certain chapters since the financial end of art isn't exactly my strong point but I was pleasantly surprised by how readable, enjoyable and entertaining this book was. And how informative. It burst any remaining tiny assumptions I'd held about the current art world. Galleries are larger, all about space, the more space, the more prestige. Art is also getting larger and more vacuous in order to fit into those mammoth white boxes. Its all pretty dispiriting but important to understand and now I do, a little bit more than before reading this book. Starting with NYC auction houses, mega galleries, ending on an international scale, I found the broad scope of this book to be enlightening in how the system works as a whole.

[Lauren · Rating 2 out of 5]

Interesting info about how the contemporary art market is changing and having to adapt to consumers preferences. A bit dense so it was hard to force myself to keep reading it. Not nearly as fun or interesting as his other books on contemporary art.

[V · Rating 4 out of 5]

Decent read, essentially a 101 on the Contemporary Art market. Things I️ found interesting

- The ways in which a good with no intrinsic value (like, say, bullion) with unique characteristics (unlike bullion) is priced. Makes sense that market makers (auctioneers, dealers), outsized players (famous collectors) and a few firms attempting to add transparency (Artsy et al) define prices at the high end of the market.
- Also cool that the industry isn’t regulated and the Courts have made interesting rulings. Such a Caveat Emptor market with such high buy-in’s that I’d never enter without an influencer advising

The author clearly is trying to market this as an Econ book on Art, but it‘s more informational and less conceptual.

[Søren Surlykke · Rating 3 out of 5]

Another interesting look into the art world as with the $12 million stuffed shark. However, it was a bit of a rehash, coupled with an unsuccessful attempt at an economic / psychological, macro-view. It muddied things and didn't land too well.

Still, massively interesting, but if you've read about the shark I might just skip this.

[jaroiva · Rating 4 out of 5]

Po Žralokovi a Supermodelce už tu není moc nového. Míň se rozebírá umění samo, trochu víc cena, ale je to spíš už opakování předešlých myšlenek, na příkladu jiných děl. Ráda jsem si připomněla Dámu ve zlatém, ale čtení mi trvalo déle než u prvních dvou. Asi zásadní je ten žralok, tady spíš už jen nové poznatky, co nastaly na trhu v mezidobí mezi vydáním jednotlivých knih.

[Samuel Pacek · Rating 3 out of 5]

RECENZE:
https://eurozpravy.cz/kultura/literat...

[V · Rating 5 out of 5]

A book about complete new world of high priced art, auctions, exhibitions, fakes, tax avoidance and marketing. Very interesting nosedive into how rich people spend their fortunes.

[Kamal · Rating 3 out of 5]

Not as good as his other books on the topic of the art market. It reads like an update and supplement to the previous books.

[Katya Hochleitner]

Updated view on art market agents. Good.

[Ben · Rating 5 out of 5]

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[Ramojus · Rating 4 out of 5]

Will not make you into an art expert, but will give a glimpse into insider information.

[Adelaide Blair · Rating 3 out of 5]

3.5

[Andrea · Rating 3 out of 5]

Una raccolta di considerazioni e aneddoti sugli aspetti finanziari del mercato internazionale dell'arte contemporanea.

[Katerina · Rating 4 out of 5]

Книга для тих, хто хоче зрозуміти внутрішній ринок великих аукціонів, як працюють приватні музеї, галереї, арт дилери і агенти

[Olivia Jeanne · Rating 3 out of 5]

This book was very insightful but very dense. Sometimes I felt overwhelmed by all the information being thrown at me.

[Chris Hall · Rating 3 out of 5]

This was light and easy.

Nothing wrong here but I didn't get a great deal out of it.

[Roman Shaleyko · Rating 4 out of 5]

Книга для тих хто любить мистецтво та хотів би розбиратись в ньому трішки більше та дотягти хоча б до рівня "чайника", хоч і це нелегко. З назви зрозуміло і вся книга просякнута сучасним мистецтвом, як бізнесом. Автор в деталях розказує геть усе про цей ринок та велику частину того, що відбувається від моменту зацікавлення картиною, до її логістики на склади (так-так,саме на припортові склади) та в зали покупців. Книга наповнена легкою та зрозумілою інформацією, що створює легкість читання. Надзвичайно цікаві розділи "Приватні музеї", "Мистецтво в стилі "Uber"", " Вільні порти і податкові схеми", "Союз мистецтва та моди" дають нові знання та доповнююсь приємний післясмак після читання. Може тому,що в книжці мало інформації про сучасні картини (ну це геть не моє), але надзвичайно багато про скульптури, про процеси реституції (тут дуже рекомендую фільм "Жінка в золотому") та і загалом все цікаво про закулісся світу аукціонів і арт-маркетів, диллерів,художників, скульпторів, гонорари яких сягають семизначних чисел. Томсон навіть велику увагу зачепив такому поняттю, як пре-мортем (ретроспективний аналіз інвестиційного проєкту,що написаний ...неначе з майбутнього).

[Edmond Dantes · Rating 4 out of 5]

Finito questo libro considererete l'inverstimento in Swap sui CDS dei BTP dello zimbabwe ancorati al cambio incrociato del Franco Centrafricano, del rublo tagiko e del dinaro afgano un investimento a basso rischio.....
Molto, Molto interessante....

[Lucy · Rating 4 out of 5]

Though the examples offered may be somewhat dated, especially in the post-pandemic market, the themes and schemes described ring true.