Who decides how much an artwork is worth? And is that price tag rational? On this episode, we’re joined by economist Don Thompson, whose latest book The Orange Balloon Dog explores the inner workings of the contemporary art market.

From Jeff Koons’s monumental sculpture that set auction records in 2013 to the upcoming sale of Leonardo da Vinci’s Salvator Mundi, we discuss how the massive sums paid for artworks are determined across auction houses, art fairs, and private deals.

No. 53: Is the Art Market Irrational?

Artsy's team of editors takes you behind the scenes of the art world, talking everything from art history to the latest market news.

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On this episode, we take stock of the state of the art market. May was a frenzied month for the industry, with the Rockefeller and New York auctions providing key litmus tests about the health of the market. There were some objectively massive sales, including works by Picasso and Modigliani. But with big ticket works selling, why didn’t the action on the salesroom floor feel exciting? And what does that tell us about the role that expectations play when it comes to the art market? 

We also get a firsthand account of the sale that did electrify the art world: the $21.1 million auction of Kerry James Marshall’s Past Times at Sotheby’s. Finally, we look ahead to Art Basel in Basel, which opens to VIPs on June 12th.

No. 79: From Auction Week to Art Basel, What’s Happening in the Art Market

This week, our editors sit down to chat about one of the art world’s most divisive topics: “selfie museums.” We discuss what the rise of the Museum of Ice Cream, and other similar Instagram-friendly institutions, means for the art world and the meaning of the word “museum.” As experiential art continues to explode in popularity, we also discuss whether selfie-driven art is different or similar to selfie museums—even drawing on our own recent experiences visiting one of these Instagram-friendly spaces.

No. 78: Are Selfie Museums an Affront to the Art World?

The United States House of Representatives is considering expanding the Bank Secrecy Act in order to make galleries and auction houses subject to federal regulation. And the entire art market is buzzing. But the rules of the art market aren’t always written by the government. Last month, the Art Business Conference hosted a panel discussion on Art Basel’s “Art Market Principles and Best Practices,” a set of internal regulations governing the conduct of galleries participating in the fair

This week, we bring you audio of that panel, along with a brief introduction. The discussion was moderated by Artsy Executive Editor Alexander Forbes and featured art advisor Elizabeth Szancer, gallerist Stefania Bortolami, and art lawyer Jo Backer Laird.

No. 77: Exploring the Art Market’s Best (and Worst) Practices

For most of us, the following scenarios probably sound familiar: you’re supposed to be focusing on an important task, but instead you’re distracted by Twitter, Instagram, or Facebook; or, you’re in a museum full of art but still find yourself glued to your iPhone. This week on the Artsy Podcast, we tackle the question of how creativity and the arts are being impacted by the digital age. On one hand, we’re constantly fending off distraction; on the other, the internet has created amazing new tools for viewing art and helping artists get their work funded.

No. 76: How Is the Internet Impacting Creativity and the Arts?

On this week’s episode, we walk you through an alternative Art History 101 class—one where no question is too embarrassing or obvious to ask. Join us as we demystify some of the art world’s most hard-to-decipher movements (such as Conceptual Art) and dive into the nuances behind seemingly straightforward topics (like the proper way to hang an artwork).

No. 53: Is the Art Market Irrational?

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