Talking Prices: Symbolic Meanings of Prices on the Market for Contemporary Art

The book isn't easy reading, but it has some very useful information for artists regarding pricing of their work.

Getting a handle on the economics of the art market is much like grabbing smoke. Dealers are loath to discuss the financial side of their business and the private nature of their transactions frustrates researchers. Even the ostensibly open world of auctions is full of slippery practices. None of that deterred Olav Velthuis, whose exhaustive research into the art market yields a fascinating economic analysis. He explores the anticommercial bias of dealers and even finds some tangible factors that influence art prices. While impressive, Velthuis' work would have benefited from a more conversational, less academic tone. His fascinating price study, for instance, focuses on "coefficients" and "t-values" rather than on actual prices. Still, we recommend this study for its ambitious and intriguing attempt to shed light on a little-known corner of the economy.