contemporary art and corporate capitalism

In March 2012, CBS aired a showing of 60 Minutes with Morley Safer reporting on one of the world’s most gaudy and infamous art fairs: the Art Basel in Miami. The story began: “Even if some contemporary art seems alien or odd to you, consider this: the market for this art has outperformed the Standard & Poor’s list of 500 common stocks since 2003. It’s a matter of taste whether the paintings, sculpture, and what-nots are good art, but as a good investment, art is indisputably hotter than ever. In fact, elite art buyers – many from Russia and China — are so ravenous that the contemporary art market raked in over $5 billion in auction sales last year.”

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