"ART prices are determined by the meeting of real or induced scarcity with pure, irrational desire, and nothing is more manipulable than desire."So wrote the brilliant art critic Robert Hughes. But Hughes, sadly, died in summer 2012, and such is the speed of change in the art market that he would probably already be bemused and, perhaps, appalled by the realities described in Don Thompson’s new book, The Supermodel and the Brillo Box.Thompson, an economist and professor of marketing and brand strategy, is well placed to anatomise the workings of this strangest of businesses. The unspoken, but widely acknowledged, truth about the art market is that almost no one understands its twists and turns, and the story of the past five years, from spectacular crash in 2008 to stratospheric rebound in 2013, once again seems to defy all the laws of economic logic.DetailsTITLE: The Supermodel and the Brillo BoxAUTHOR: Don ThompsonPUBLISHER: Palgrave MacmillanIn 2008, Thompson’s book The $12 Milli...

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