Reading: The 12 million stuffed shark

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Universidad Anáhuac México Norte

Mercado del arte nacional e internacional

Prof. Samuel Reyes

Moda, Innovación y Tendencia

9th semester

Activity 3c. Reading: The 12 million stuffed shark

Roxana Fernanda Ariza Pineda

ID. 00352617

September 13, 2023

The art world has always been a realm of intrigue, captivating the imaginations of art enthusiasts and casual observers alike. It's a world where a single piece, such as Damien Hirst's "The Physical Impossibility of Death in the Mind of Someone Living," can create waves of conversation and sell for a staggering $12 million. This artwork, weighing over 2 tons and encased in a colossal glass container, marked a pivotal moment in contemporary art history. But the story of contemporary art is not just about remarkable pieces and their jaw-dropping prices; it's a multifaceted ecosystem where artists, galleries, collectors, and dealers converge to shape the landscape. In this report, we embark on a journey through this intricate world, exploring the influence of branded art dealerships, the rise of contemporary art as an investment, the enigmatic role of art critics, and the hidden power wielded by museums and curators. Join as we unravel the mysteries of the contemporary art realm and seek answers to questions about its value, its future, and the complex interplay of creativity and commerce.

Green and wrinkled and twelve million Branding and insecurity.

Many people in the art world weren't sure if this shark in a glass case could be considered art. The $12 million price tag was a record for a living artist's work, more than what famous artists like Jasper Johns, Gerhard Richter, Robert Rauschenberg, or Lucian Freud ever got for their art. Some folks wondered if this high price was because of the artist's fame and the attention the artwork got.

There were important people involved in this sale. Charles Saatchi, who's a well-known advertising guy and art collector, asked Damien Hirst to create this artwork. Larry Gagosian, a famous art dealer, oversaw selling it. Sir Nicholas Serota, who runs London's Tate Modern Museum, wanted to buy it, but he had a limited budget. And then there was Steve Cohen, a rich hedge-fund guy from the United States, who ended up buying it.

The shark had changed a lot since it was first shown in 1992. The way it was preserved wasn't very good, so the shark's skin got wrinkled and turned green. They even tried to fix it with bleach, but it didn't work. In 1993, they gave up and had the shark's skin stretched over a model. But it still looked kind of green and wrinkled.

Some people argued about whether replacing the old shark with a new one would change the artwork. If it's a concept, does it matter if the shark is different? Others thought it would lose its meaning if they changed it.

Steve Cohen offered to pay $12 million for the shark and eventually bought it. People wondered why he'd spend so much on this decaying shark and what it meant for the art world.

Steve Cohen is a very wealthy guy who runs a big investment fund. He owns a lot of expensive art, and he has several fancy houses. To give you an idea of how rich he is, even if he made a lot less money than he does, he'd still earn about $90,000 an hour.

The $12 million price was a lot of money, even for someone like Steve Cohen. Some people said the real price might have been different, but $12 million was the number everyone talked about. This big sale made other artworks by Damien Hirst more valuable.

Charles Saatchi, who owned and displayed the shark, played a big part in making this artwork famous. He's not a professional art curator but a guy who collects art and gets a lot of attention for it.

Branded dealers

The branded art gallery is an intriguing entity in the art world. These galleries are often designed to be somewhat intimidating, discouraging casual visitors. They feature "white cube" architecture, characterized by windowless rooms with flat-white walls. This design aims to reinforce the perception that the art on display is exclusive and elitist. One notable example is Larry Gagosian's London gallery, known for its ultra-modern design.

Prospective art viewers often hesitate before entering these galleries. This hesitation stems from both physical and psychological barriers. Visitors fear being treated as unwelcome intruders or, worse, as ignorant individuals who need condescension. The fear of being followed around by gallery staff, who speak in a coded language that can seem cryptic, adds to the anxiety.

The psychological barrier is more pronounced in branded, superstar galleries, as described in this chapter. Mainstream galleries and those lower on the dealer hierarchy tend to be less intimidating and more accessible to the public.

The report highlights encounter with top-tier art dealers such as Tim Marlow of White Cube, Harry Blain of Haunch of Venison, and Larry Gagosian. These dealers possess diverse qualities, from marketing prowess to customer awareness, and play a pivotal role in the art world.

Some art dealers exhibit qualities akin to museum curators or university professors, with deep expertise in the artists they represent. Examples include Julian Agnew and Anthony d’Offay for the Camden Town Group, and Thomas Ammann and Ron Feldman for Andy Warhol's work.

Dealers employ marketing strategies that parallel those of high-end fashion brands like Hermès or Chanel. They stimulate customer demand and then satisfy it. While some resemble mass-market brands, others may remind us of used-car dealers.

The use of the term 'dealer' is a subject of contention among art professionals. Some prefer 'gallerist' to distance themselves from commercial implications, while others embrace 'dealer' as a straightforward description of their profession.

The art trade is one of the least transparent and regulated commercial activities globally. Anyone can become a dealer without formal qualifications. Success in this field relies on factors like operating capital, contacts, artist selection, and charm.

Dealerships employ various operating models, such as those with substantial art inventories, those that assemble work for artist shows, or those representing branded artists.

Collectors seeking contemporary art often find it more advantageous to purchase directly from the primary dealer representing the artist. Primary market art is typically priced lower than secondary market pieces sold at auctions.

Branded art dealers oversee the long-term careers of established artists. They place artwork with collectors, present it at art fairs, and collaborate with museums. These dealers serve as gatekeepers, providing access to serious collectors.

Art dealers engage in marketing activities, including public relations, advertising, exhibitions, and loans. These efforts primarily aim to build the dealer's brand and gain exposure for artists in art publications.

Trust is a cornerstone of the art dealer's brand. Established dealers like Joseph Henry Duveen, Leo Castelli, and Larry Gagosian built their reputations on implicit trust, allowing them to command high prices and attract influential collectors.

Larry Gagosian, often known as "Larry Gaga" or "Go-Go," is a contemporary art dealer who has achieved unparalleled success. He manages multiple gallery spaces worldwide and represents a roster of branded artists.

Larry Gagosian's global expansion strategy contrasts with Jay Jopling's approach at White Cube. While Gagosian opens galleries in multiple cities, Jopling's gallery remains focused on London and maintains a unique exhibition approach.

Expansion in the Art World: Expanding internationally is a common trend among art galleries. It allows access to new artists, collectors, and markets. However, it also presents challenges, such as maintaining relationships and managing galleries remotely.

The art of the dealer

Branded Galleries

At the pinnacle of the art dealer hierarchy are branded galleries such as Gagosian and White Cube. These galleries represent a select group of highly successful artists, but they account for less than 1% of all contemporary artists.

Mainstream Galleries 

Mainstream galleries are the next tier in the dealer hierarchy. They act as gatekeepers to the contemporary art world, representing artists who aspire to broader recognition. Typically, each mainstream dealer represents 15 to 25 artists and organizes exhibitions for them.

High Street Galleries

These galleries represent artists who may not be ready for mainstream representation or have been rejected by mainstream galleries. Their sales are generally lower, and they receive little media attention.

Artist’s Cooperatives

Artist’s cooperatives are collaborative spaces where artists share display space and costs. While they offer a platform for artists, they often attract minimal sales and attention.

Vanity Galleries

Vanity galleries are places where artists pay a fee to exhibit their work. They rarely generate sales or critical acclaim.

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