The formula for selling a million-dollar work of art

Some dead sharks are worth $12 million.

The biggest factor in the price of art often isn't quality or effort–it's branding. But when a new artist steps into the art market, he or she has no reputation–no branding. That's where art dealers come in. They promote, educate, and help artists to gain fame and success.

To learn more about the economics of the art market, check out Don Thompson's "The $12 Million Stuff Shark."