The Supermodel and the Brillo Box: Back Stories and Peculiar Economics from the World of Contemporary Art

The works described in the title of this book are a lifelike hunting-trophy-style sculpture of a supermodel's torso and a box that can't be distinguished from the package that would show up in your neighborhood supermarket. Yet these pieces and similar others command thousands and even millions of dollars because the artists, dealers, and auction houses carefully market their "backstory," i.e. their history, celebrity, and artist-supplied meaning, says economist and contemporary-art enthusiast Thompson (Nabisco Brands Professor of Marketing Emeritus, Schulich Sch. of Business, York Univ., Toronto). Thompson began his examination of the art market in The $12 Million Stuffed Shark, and here returns to this intricate and exclusive world to tell the postrecession market's story. The main focus of his garrulous, detail-packed chapters, some with surprisingly few references, is high-status artists' success through brand management; head-to-head competition among auction houses and dealers; and the growing importance of non-Western markets. Lesser themes include determining authenticity, popular versus critical appeal, and the slippery nature of backstory. After spending most of the book in the art world's stratosphere, Thompson takes time at the end to touch on options for artists aspiring to achieve greatness but who haven't yet succeeded.