100 books like The Worth of Art

Tony Tetro is one of the most successful art forgers in history and a character straight out of a movie, with a devil-may-care attitude towards his fast life among the rich, famous, and fraudulent.

His talents have fooled expert appraisers and wealthy collectors for years, including Prince (now King) Charles, who acquired paintings by Tetro thinking they were authentic works of art by Picasso, Dali, Monet, and Chagall. There are likely hundreds of his forged paintings currently hanging in museums and galleries—or displayed in private collections—authenticated as originals.

Read about his secret stash room hidden behind a mirror, his reckless disregard for consequences, and his jaundiced view of the victims of his many cons, and you’ll swear you’re reading a novel versus nonfiction. 

The key to writing a novel is to make the characters as real as possible, with all the many contradictions we find in ourselves, in order to… show more.

In our increasingly technology-dependent economy, business value and the value of intellectual property (IP) intersect like never before. That’s why understanding how to value patents (both individual patents and patent portfolios), trademarks, and copyrights are essential skills to those serious about discerning business value in the 21st century. Mr. Anson includes a good discussion of the best IP valuation methods and the case studies are especially instructive. 

Aside from valuing businesses for investment purposes, I am a practitioner of the valuation of private (or “closely held”) businesses. In my profession of business valuation, the late Shannon Pratt is widely recognized as one of the leading gurus, not least because of the six editions of Valuing a Business. I recommend this book here because, if one can master even a few of the rigorous business valuation methods detailed in this book, that will elevate one’s value investing skills tremendously. The previous books all set the stage and offer enough practical advice for one to progress from beginner to intermediate but, for those eager to master business valuation and, therefore, the determination of intrinsic value, Valuing a Business would be the next logical step. 

It is the best reference guide on Valuations.

Includes a chapter on forecasting performance which is closely related to my book. It’s mainly focused on Discounted Cash Flow valuation adapted for many including banks, high-growth, cyclical companies, Emerging Markets, etc).

There exists also a version that gives access to the Excel spreadsheet that one can use to model future financial performance of companies and value them.

Another great resource for businessmen and students alike for Valuations.

Professor Damodaran (which gave praise on the back cover of my book) is considered as one of the world's foremost experts on the topic. He has built and provided, for free, a database at Stern NY University with data used in financial models for valuation purposes.

The book gathers a vast number of valuation techniques and gives great background and context for applying them and when they will tend to provide good information and when they can be misleading.

The process of business valuation lies at the core of value investing. That’s what Damodaran, longtime Professor of Finance at NYU, addresses in this book. An excellent distillation of the key business valuation approaches that are most relevant for investment, The Little Book of Valuation will make the valuation work less daunting and less arduous for the lay investor of the 21st century. 

As well, like the two previous books, this book also underscores the fact that, without a systematic approach to valuing publicly-traded stocks as if they were private companies, proper value investing is not even possible, let alone profitable. Perhaps to underscore this truth, one of the recommendation blurbs is provided by Shannon Pratt, one of the leading gurus of private business valuation and the author of my 4th book pick.

Stout’s book was an early salvo in the current debate about shareholder primacy that opened the way for many who have followed in her footsteps. In this carefully argued book, she disputes the argument that corporate boards are required by law to put the shareholder first, pointing out flaws in legal interpretations that have supported a damaging consensus view. In debunking the shareholder value myth, she shows that the obsessive focus on financial returns has led to dangerous short-termism in which corporate leaders pursue quarterly earnings to the disadvantage of investments that would not only improve social outcomes but also lead to better long term performance. She also demonstrates that shareholders hold many values, only one of which might be financial returns. In this regard, she was a vanguard of the accelerating focus of institutional investors on “stewardship” of the environmental and social impacts of their investments.  

In the late 1990s, a new type of economy was being born, one dominated by massive corporations, whose logos were increasingly ubiquitous, and who were driving a culture of consumerism among young people.

Klein traced this corporate dominance to a new form of capitalism in which corporations were becoming ever less interested in the stuff they actually made, be it trainers, takeaway coffee, or jeans. Rather, they were selling a brand, and replacing our very notion of ourselves as citizens living in a democracy with one of consumers shopping in a marketplace.

Klein’s book looks at how companies like Nike and Starbucks transformed society – and what people were doing to challenge their dominance.    

Rembrandt is a fascinating journey through Rembrandt’s paintings and also his lesser-known (to the general public) prints. It’s also a chronological roadmap of his works from his early years until his final period.  Watching his progression and the mastery in his latest period was a true learning process of how ‘less’ can be ‘far more.’ In the works displayed in the book, Rembrandt shows his skill at wringing every last bit of functionality out of each color in a very limited palette and also the cornucopia of atmospheric density he played with so masterfully to push and pull the viewers’ eye.  

No book has influenced my study of intellectual history more than Hauser’s work. His Social History is an enormous undertaking and is divided into four volumes. It covers the period from cave art to early movies.

Dip into it to read about Shakespeare, Rembrandt, or Tolstoy. What I find so impressive is the nuanced and convincing way Hauser relates changes in society to artistic creation.