Freakonomics Radio 485. “I’ve Been Working My Ass Off for You to Make that Profit?”
Dec 9, 2021
Tom Sachs, a renowned sculptor known for his exploration of transparency in art-making, dives into the complexities of the art market. He discusses how artists often see none of the profits when their works are resold at auction. Sachs questions why contemporary art fails to impact society as profoundly as music and film. He also highlights the emotional tension artists face in a market that prioritizes collectors over creators and calls for fair compensation, reflecting on the essence of artistic intention in a speculative environment.
AI Snips
Chapters
Transcript
Episode notes
Rauschenberg and Scull
- Robert Scull bought Rauschenberg's Thaw for $900, later selling it for $85,000.
- Rauschenberg, upset, confronted Scull about profiting off his labor, highlighting the tension between artists and the market.
Auction Prices and Value
- High auction prices signal value, letting galleries raise primary market prices.
- However, this only benefits a few artists; most never see value increases.
Art Market Stratification
- The art market is highly stratified, with few artists achieving high prices.
- Most artists struggle; it's either feast or famine.