Don Thompson is a famous economist who taught at London School of Economics and Harvard Business School. He is not a critic and frankly does not concern himself with the meaning of art. Thompson judges everything from the standpoint of economic value, which has been the ground for critique among other people. Nonetheless, in his books, he manages to answer the questions that swirl in many people’s heads, “why does a soap pad cost $3 million and who in the right state of mind buys it?” He has conducted a great study of inner mechanics of the world of modern art highlighting its key features, which is one of the strongest achievements of the author. The book under review is a continuation of The $12 Million Stuffed Shark where the author explains what modern art is by introducing the reader to the process of creating an artwork meticulously describing it from the concept stage to exhibition and sale. In The Supermodel and the Brillo Box, Thompson focuses on the crisis of 2008 that made the art market and its key players such as dealers, auction houses, and collectors change their operational strategies and the emergence of new markets around the world. He also narrates about the increase of competition among auction houses such as Christie’s’ and Sotheby’s due to the emergence of new players.
Valuable Insights
According to Thompson, the key attribute of creating an artwork that would yield a sizable profit is creating a solid story behind it. He also pinpoints one of the main aspects that always dominated the art market trends – the authority of key players. Basically, Thompson argues that if Gagosian or Saatchi buy a particular artist’s work, he or she is most likely to become successful. The wooden box that took a few dollars to create can be sold for $3 million because those people believe and reassure others that it costs that much. The people who buy it show the world that they are successful on the whole new level.
Standard market principles that determine the price such as prime cost or added value do not work with paintings or installations, which makes the world of art dealings one of the least transparent and opaque. I generally agree with Thompson that when art becomes an item of trade, it seems to fall under the regulation of the market. The principles that rule the market are aimed at getting value out of every object, which negates the meaning of art as something that creates, rethinks, directs and contributes to culture. The recession of the art market in 2008, which the author describes, is a vivid illustration of that approach. Economic crisis stripped many rich people of their possessions, and since it became risky to operate with large sums of money, art dealers and auction houses slowed down their financial activity because fewer people are willing to show off their wealth during the time of great perturbations.
The Supermodel and the Brillo Box is the book not about the art itself. It only barely touches the artworks that make up the name of the book from the standpoint of their artistic value. The purpose of this book is to tell the reader how they are made famous, who are they made by, and who buys them. Essentially, the book narrates a business story rather than an art critique, as many people believe.
Strong Points and Weaknesses
The strong point of the book is that Thompson demonstrates the courage to admit that he was wrong in his previous book about the art market stating that financial crises cannot affect it. Not every writer is capable of that. The book provides the contemporary and weighted look at the situation with many figures and data analysis. It provides a sense of reliability of the information and contributes to the appreciation of the material. The fact that the author is a professional and recognized economist seems only to reinforce that. Thompson writes his books about art as a column in the Economist. The analysis he provides and the rationale he supports his words with give the book the style of a credible source of information. However, he is often criticized for not being an art critic.
The probable weakness of this book is a lack of system and single narrative. The chapters do not seem to be connected to each other and exist more as separate pieces or articles. Another downside is that not all sources that the author uses are reliable. Thompson uses a lot of websites that undermine a feeling of credibility that is formed during the reading. Both of his books, as it was noted earlier, were criticized for the lack of artistic view. This could have been amended if the author chose to include opinions on the art itself. However, it is his book, and it does not claim to be an art review, as the author himself notices.
The World of Contemporary Art in the Book
The main players do not seem to change with time, as Christie’s’ and Sotheby’s continue to dominate the auction markets with 80% combined share. Nonetheless, they are joined by new rivals such as Philips auction house that sometimes offers a better guarantee. This is what I liked about the new, post-2008 art market. The diversification has finally come to the West even though it is barely seen. The fact that China has become a large market for art with 1200 auction houses and a $1,2 billion profit was a revelation. Given that fact, the desire of Christie’s’ and Sotheby’s to gain access to China is understandable. Despite the prices for artworks is still not as big as in the West, to my mind, Asian art market has all the chances to compete with US or UK in the nearest future as soon as it receives experience.
In terms of artists who seek a career similar to that of Damien Hirst, the path has stayed the same. Artists still have to present something that catches the eye on small exhibitions that are attended by representatives of various dealers. One has to be innovative or provocative enough to gain fame, which, in turn, contributes to making a reputation. To me, this seems like a logical path. If a person creates something that fascinates the masses, then eventually top players notice him or her.
Conclusion
All things considered, The Supermodel and the Brillo Box became a great update on the previous book by Thompson devoted to the world of art. If the first one concentrated mostly on UK and US, the second added some insights about the situation in other parts of the world, which seems to be a positive change. The book still resembles a well-developed business review, which is what I expected it to be and what I admire about it in the first place. Thompson has produced a fresh look at the art market and has done it professionally.