This has been the most interesting text to me thus far.
I feel that the book does an excellent job of immersing the reader into the different spectrums with a no-nonsense attitude. The author, Sarah Thornton gives facts of how the art world functions, and it is ultimately up to the reader to decide how fickle or not that world is.
The book was ultimately frustrating and fascinating all at once.
I particularly found the first chapter, The Auction, about Christie's Auction House, of interest. I knew auctions were a part of the art world, but did not completely understand how much they effect the art market; it seems as if they ARE the art market almost wholly, in fact Thornton writes, "without auctions, the art world would not have the financial value it has. They give the illusion of liquidity...A liquid market is the New York Stock Exchange. Someone will buy your IBM stock at a price. There is no law to say that someone will buy your Maurizio, but the auctions give a sense that most of the time, most things will sell. If people thought they couldn't resell...many wouldn't buy a thing." And yet, the author also advises, "Art needs motives that are more profound than profit if it is to maintain its difference from- and position above- other cultural forms."
This led me to ask: Is there anyway that art and/or the art world can function outside of the market? How does this market effect the work and vice versa. How does this effect young artists not yet part of the market on a large scale? Is the art market just a really expensive joke that has no reflection of quality artwork?
Other parts of the book that stuck out to me was in the chapter, The Crit. In The Crit, Thornton examines Cal Arts MFA critique seminar. This stuck out to me because it somewhat reiterated the notion of the Master of Fine Arts Degree as an artistic necessity; that until you have accomplished this sector of academia you are not fully accepted into artistic legitimacy. She writes, "...MFA degrees from name art schools have become passports of sorts. Look over the resumes of the artists under fifty in any major international museum exhibition and you will find that most of them boast an MFA from one of a couple dozen highly selective schools."
I wondered; as we come into a new era in which people have a grand access to information and schools of thought; will the MFA have such a high prestige and importance in the future? And are artists with non-MFAs regarded in a lower context? What about those people who become artists not through academia via art school, but other formats? Is there work disregarded simply because the lack of a degree?