Book by the economist Don Thompson, The $12 million Stuffed Shark.“Money itself has little meaning in the upper echelons of the art world-everyone has it. What impresses is ownership of a rare and treasured work such as Jasper Johns’ 1958 White Flag. The person who owns it ( currently Michael Ovitz in Los Angeles) is above the art crowd, untouchable. What the rich seem to want to acquire is what economists call positional goods; things that prove to the rest of the world that they really are rich."
But art distinguishes you. A large and recognizable Damien Hirst dot painting on the living room wall produces: ‘Wow isn’t that a Hirst?’
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