My stuffed shark is cooler than your stuffed shark

              

There's a new book coming out by Don Thompson that takes a look at the bizarre economics of conceptual art called The $12 Million Stuffed Shark.  Thompson talks about why Damien Hirst's 1991 stuffed shark art piece was more successful than Eddie Saunders' 1989 stuffed shark art piece (shown above). 

If you think that one inanimate shark is as good as another, your understanding of the art market is, as they say, dead in the water. Mr. Saunders's piece just didn't have the same quality or cache. (Although Mr. Saunders did claim his shark was more handsome.) Most important, it's not just about the work of art; rather, the value placed on a particular work derives from how it feels to own that art. Most art dealers know that art buying is all about what tier of buyers you aspire to join.

Hirst's artwork still sold for $8 million despite the fact that the shark had to be replaced because it was rotting from the inside out.

Link via bioephemera.