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Freakonomics Radio

485. “I’ve Been Working My Ass Off for You to Make that Profit?”

Freakonomics Radio

Freakonomics Radio + Stitcher

Documentary, Society & Culture

4.632K Ratings

🗓️ 9 December 2021

⏱️ 46 minutes

🧾️ Download transcript

Summary

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.”)

Transcript

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0:00.0

When we think about the art market, we tend to think of the sellers, the galleries and

0:08.4

auction houses, and the buyers, the art collectors, museums, maybe even some speculators.

0:15.1

That's what we looked at last week in the first episode of a three-part series we're calling

0:19.6

the hidden side of the art market.

0:22.4

Those buyers, and really even the sellers, they represent the demand side of the equation.

0:29.2

Today, let's talk about the supply side.

0:31.4

In other words, the artists.

0:33.4

What does the art market look like from their perspective?

0:37.0

Well, I would say it's the world's largest unregulated commodities market, except I was

0:43.1

corrected by a friend that art is not a commodity.

0:45.8

A commodity is like orange juice or copper, so you can't really compare apples and oranges,

0:51.5

but it is extremely unregulated and subject to all kinds of monkey business.

0:58.0

That's Tom Sachs.

0:59.6

I'm an artist, 55 years old, living in New York City.

1:03.9

I'm a sculptor, and my priority is making sculptures that really expose the transparency

1:11.2

in which they're made.

1:13.0

Sachs may sound low-key, but he's a pretty big deal.

1:15.9

His work is in the collections of top museums in New York, Los Angeles and San Francisco,

1:20.9

Paris, Milan, you get the idea.

1:23.7

When we spoke with him, he was in Hamburg, Germany, setting up the fourth installment of a virtual

1:28.7

space mission he's been working on for 13 years.

1:32.3

We're going to the asteroid known as Vesta on a mining mission because we've run out of

...

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