Freakonomics has launched a three part series exploring the topsy turvy economics of the art market in a new three part series titled “The Hidden Side of the Art Market.” The series features interviews with David Zwirner, Glenn Lowry, University of Chicago economist Canice Prendergast and others in the first part. The second features interviews with artists Tom Sachs and Tschabalala Self, and the third part looks at the future of the market including NFTs. Alice Neel’s career is used as a vehicle throughout the series to tie the story together. What does the economics of the art world look like to people who analyze financial markets? Are NFTs really all that different from valuing paintings for millions of dollars? Is the whole thing a manipulation by wealthy players taking advantage of an unregulated market? Are the artists that feed this machine complicit? The series can be found at https://freakonomics.com/ or your favorite podcast provider. The final episode will be released Dec 15.
“A Fascinating, Sexy, Intellectually Compelling, Unregulated Global Market.” (Ep. 484)
The art market is so opaque and illiquid that it barely functions like a market at all. A handful of big names get all the headlines (and most of the dollars). Beneath the surface is a tangled web of dealers, curators, auction houses, speculators — and, of course, artists. In the first episode of a three-part series, we meet the key players and learn how an obscure, long-dead American painter suddenly became a superstar. (Part 1 of “The Hidden Side of the Art Market.”)
“I’ve Been Working My Ass Off for You to Make that Profit?” (Ep. 485)
The more successful an artist is, the more likely their work will later be resold at auction for a huge markup — and they receive nothing. Should that change? Also: why doesn’t contemporary art impact society the way music and film do? (Part 2 of “The Hidden Side of the Art Market.”)
