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December 8, 2011

Why Is Worthless Art Ridiculously Expensive?

Blake Gopnik, Newsweek


AP Photo

Walking around Miami Beach last weekend, taking in the 10th edition of its extravagant Art Basel art fair, you sensed something strange in the air. Patou’s “Joy” drifting off the pashmina? Polished walnut wafting out of the Bentleys? More basic than either: the ineffable aroma of money itself, rising from the art out for sale. By the end of the first day, a customer at Mary Boone’s booth had spent $575,000 for a pile of battered stools turned into a nest—by Read Full Article ››


TAGGED: psychology, Economics, art

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