Art of the Deal

"In recent decades, the world of contemporary art has developed into a global business. To fully grasp how this has changed the art world and our relationship to art, we need a thorough analysis of the financial forces involved. The best place to start is this groundbreaking study by Noah Horowitz, which, leaving the common chitchat about art and money to others, takes the discussion to a more fundamental level."--Daniel Birnbaum, director, Moderna Museet, Stockholm, and curator of the 2009 Venice Biennale"Calmly, trenchantly, Horowitz examines the intricate relationship between the contemporary art market and the value of its objects. This book will prove indispensable to anyone who wants to know how the art market works and what tomorrow's art economy might look like."--Alexander Alberro, Barnard College, Columbia University"Art of the Deal is cogently argued, thoroughly researched, and richly documented. It is also, to my knowledge, highly original, and not only in its subject matter--giving a textured financial analysis of contemporary art, in all its market manifestations--but in the rigor of its financial analysis. I don't know of another book like it in the field."--James Cuno, president and director, Art Institute of Chicago"This book is extremely stimulating and thoroughly enjoyable. Horowitz brings deep insight to his analysis, and he weaves in beautiful historical examples. His discussion of front- and backroom business by dealers, loss leaders, and profit makers is telling. Think about the art world using his concepts. Your views will change."--Richard J. Zeckhauser, Frank P. Ramsey Professor of Political Economy, John F. Kennedy School of Government, Harvard University