Boom

Boom: Mad Money, Mega Dealers, and the Rise of Contemporary Art is a book that delves into the world of contemporary art, focusing on the rise of the art market and the individuals who drive it. Written by Michael Shnayerson, a contributing editor at Vanity Fair, the book offers an in-depth look at the top contemporary art dealers and their influence on the market. Through interviews and unprecedented access, the book provides a behind-the-scenes look at the egomaniacs, geniuses, and canny promoters who shaped the world of modern art, and created the largest unregulated financial market in the world. The book covers the history of the art market, from the early days on 57th Street to the rise of SoHo and Chelsea, and the emergence of the mega-dealers who preside over today's art market. It's a story of backstabbing, betrayals, fruitful partnerships, genius, and ever-larger sums of money. The book also explores the relationship between the art world and the financial opportunities that surrounds it.

Sure, here are some of the key takeaways from the book Boom by Michael Shnayerson:

1. The contemporary art market exploded due to a perfect storm of economic, cultural, and social factors, including globalization, newfound wealth, and changing attitudes toward art.
2. The rise of auction houses like Christie's and Sotheby's were instrumental in establishing a new marketplace for contemporary art.
3. Art fairs like Art Basel and Frieze became important venues for art dealers to showcase their artists and sell their art.
4. The role of the art advisor has grown in importance as collectors seek guidance in navigating the art market.
5. The concept of art as an investment has become increasingly prevalent, with some collectors treating it like a tangible asset class.
6. The hype surrounding certain artists and their works has had a significant impact on the market, driving prices up and creating a sense of urgency to acquire their work before it's too late.
7. The art world is not immune to scandal, with allegations of fraud, market manipulation, and unethical behavior becoming more common.
8. The current state of the art market is unsustainable, with some predicting a bubble that will eventually burst.
9. While the art market can be unpredictable and volatile, there is a sense that it will continue to evolve and change as collectors and businesses adapt to new technologies and changing cultural attitudes towards art.

The meteoric rise of the largest unregulated financial market in the world-for contemporary art-is driven by a few passionate, guileful, and very hard-nosed dealers. They can make and break careers and fortunes. The contemporary art market is an international juggernaut, throwing off multimillion-dollar deals as wealthy buyers move from fair to fair, auction to auction, party to glittering party. But none of it would happen without the dealers-the tastemakers who back emerging artists and steer them to success, often to see them picked off by a rival. Dealers operate within a private world of handshake agreements, negotiating for the highest commissions. Michael Shnayerson, a longtime contributing editor to Vanity Fair, writes the first ever definitive history of their activities. He has spoken to all of today's so-called mega dealers-Larry Gagosian, David Zwirner, Arne and Marc Glimcher, and Iwan Wirth-along with dozens of other dealers-from Irving Blum to Gavin Brown-who worked with the greatest artists of their times: Jackson Pollock, Andy Warhol, Cy Twombly, and more. This kaleidoscopic history begins in the mid-1940s in genteel poverty with a scattering of galleries in midtown Manhattan, takes us through the ramshackle 1950s studios of Coenties Slip, the hipster locations in SoHo and Chelsea, London's Bond Street, and across the terraces of Art Basel until today. Now, dealers and auctioneers are seeking the first billion-dollar painting. It hasn't happened yet, but they are confident they can push the price there soon.