ROGUES AND SCHOLARS

Pulling back the curtain on the art market.

The art world sometimes seems to exist in a rarified atmosphere, steeped in esoteric language, secrets, and vast amounts of money. Aiming to bring it back to the real world, Stourton, as former chairman of Sotheby’s British office, has the experience to do so. His book combines an account of the auction house’s rise with the story of how London became a center of the art market. Stourton describes a 1958 “event sale” of seven Impressionist paintings from a private collection as a pivotal moment. The event was set up by an enterprising individual named Peter Wilson, then head of Sotheby’s, who realized the business was changing. He invited a gaggle of celebrities to the auction and drew a lot of media attention. The paintings sold for a record-breaking £781,000. The auction also pushed the demand away from the Old Masters who had dominated the art market. Wilson led the company into global expansion and gathered up a supply of material from old-family British collectors who needed cash. Sotheby’s was able to stay with the trends as the market shifted to modern and contemporary art, although the company’s focus would eventually move to New York. Stourton bases much of the book on interviews and personal recollections, some of which go on too long. Nevertheless, this study will be of interest not just to art aficionados but also business-oriented readers who will want to know how a company creates a market, adapts to change, and thrives.

A rare view into the art world, told wryly and authoritatively.