The $12 Million Stuffed Shark

This book is not about crypto at all, but it does ask and answer complex questions about the very nature of value, which are central to understanding why crypto is now worth as much as it is. The economist Don Thompson takes on this question through the lens of the art world, examining why some pieces of canvas garner so much more attention and fame than others.

Through his reporting, Thompson reveals a self-serving, crime-adjacent industry that has convinced itself of its value to the world, but it is too often a glinting hall of mirrors. Sound familiar? 

The staggering thing about contemporary art is the money involved. Why would anyone pay $12 million for a dead shark preserved in formaldehyde?

This question drives Don Thompson’s book, as he explores the contemporary art market from the point of view of a professional economist. It’s a relatively unbiased work, free of ridicule or outrage, and is perhaps the better for that. Thompson shows us how the market works, and the role of each player – the buyers and collectors and investors, the rock star artists, the museums and galleries and auction houses – but also explores the psychology at… show more.