Why Some Artworks Fetch Ridiculously High Prices

Kirstin Fawcett

Is a dead shark in a tank really worth millions of dollars? Art, like beauty, is often in the eye of the beholder—but Damien Hirst’s infamous 1991 workThe Physical Impossibility of Death in the Mind of Someone Living, fetched a reported $12 million for reasons aside from its creative merit. In the video above, Vox breaks down the economics behind high-profile art market sales, and explains why an art dealer's reputation is sometimes just as important (if not more so) than a work's creator.

[h/t Vox]

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