TYLER COWENS SUMMARIZES THE CONTEMPORARY ART MARKET.

TYLER COWENS SUMMARIZES THE CONTEMPORARY ART MARKET. In this review of THE $12 MILLION STUFFED SHARK: THE CURIOUS ECONOMICS OF CONTEMPORARY ART by Don Thompson, Tyler Cowens gives a wonderful summary of the economic function that the contemporary art market serves: “Don’t laugh, but we do in fact need some means of determining which of the rich people are the cool ones, and the art market surely serves that end.”