The Warhol Economy

Which is more important to New York City's economy, the gleaming corporate office--or the grungy rock club that launches the best new bands? If you said "office," think again. In The Warhol Economy, Elizabeth Currid argues that creative industries like fashion, art, and music drive the economy of New York as much as--if not more than--finance, real estate, and law. And these creative industries are fueled by the social life that whirls around the clubs, galleries, music venues, and fashion shows where creative people meet, network, exchange ideas, pass judgments, and set the trends that shape popular culture. The implications of Currid's argument are far-reaching, and not just for New York. Urban policymakers, she suggests, have not only seriously underestimated the importance of the cultural economy, but they have failed to recognize that it depends on a vibrant creative social scene. They haven't understood, in other words, the social, cultural, and economic mix that Currid calls the Warhol economy. With vivid first-person reporting about New York's creative scene, Currid takes the reader into the city spaces where the social and economic lives of creativity merge. The book has fascinating original interviews with many of New York's important creative figures, including fashion designers Zac Posen and Diane von Furstenberg, artists Ryan McGinness and Futura, and members of the band Clap Your Hands Say Yeah. The economics of art and culture in New York and other cities has been greatly misunderstood and underrated. The Warhol Economy explains how the cultural economy works-and why it is vital to all great cities.

How was Nike able to take a gamble on an unknown Michael Jordan and transform itself from a $900 million company to a $9.19 billion company in less than fifteen years? Why did the artist Jeff Koons's Balloon Flower (Magenta) sell for a record $25.7 million in 2008? What does the high school football star have in common with the Hollywood headliner? And why should an actor never, ever go to Las Vegas? Celebrity—our collective fascination with particular people—is everywhere and takes many forms, from the sports star, notorious Wall Street tycoon, or film icon, to the hometown quarterback, YouTube sensation, or friend who compulsively documents his life on the Internet. We follow with rapt attention all the minute details of stars' lives: their romances, their spending habits, even how they drink their coffee. For those anointed, celebrity can translate into big business and top social status, but why do some attain stardom while millions of others do not? Why are we simply more interested in certain people? In Starstruck, Elizabeth Currid-Halkett presents the first rigorous exploration of celebrity, arguing that our desire to "celebrate" some people and not others has profound implications, elevating social statuses, making or breaking careers and companies, and generating astronomical dividends. Tracing the phenomenon from the art world to tabletop gaming conventions to the film industry, Currid-Halkett looks at celebrity as an expression of economics, geography (both real and virtual), and networking strategies. Starstruck brings together extensive statistical research and analysis, along with interviews with top agents and publicists, YouTube executives, major art dealers and gallery directors, Bollywood players, and sports experts. Laying out the enormous impact of the celebrity industry and identifying the patterns by which individuals become stars, Currid-Halkett successfully makes the argument that celebrity is an important social phenomenon and a driving force in the worldwide economy.

How the leisure class has been replaced by a new elite, and how their consumer habits affect us all In today’s world, the leisure class has been replaced by a new elite. Highly educated and defined by cultural capital rather than income bracket, these individuals earnestly buy organic, carry NPR tote bags, and breast-feed their babies. They care about discreet, inconspicuous consumption—like eating free-range chicken and heirloom tomatoes, wearing organic cotton shirts and TOMS shoes, and listening to the Serial podcast. They use their purchasing power to hire nannies and housekeepers, to cultivate their children’s growth, and to practice yoga and Pilates. In The Sum of Small Things, Elizabeth Currid-Halkett dubs this segment of society “the aspirational class” and discusses how, through deft decisions about education, health, parenting, and retirement, the aspirational class reproduces wealth and upward mobility, deepening the ever-wider class divide. Exploring the rise of the aspirational class, Currid-Halkett considers how much has changed since the 1899 publication of Thorstein Veblen’s Theory of the Leisure Class. In that inflammatory classic, which coined the phrase “conspicuous consumption,” Veblen described upper-class frivolities: men who used walking sticks for show, and women who bought silver flatware despite the effectiveness of cheaper aluminum utensils. Now, Currid-Halkett argues, the power of material goods as symbols of social position has diminished due to their accessibility. As a result, the aspirational class has altered its consumer habits away from overt materialism to more subtle expenditures that reveal status and knowledge. And these transformations influence how we all make choices. With a rich narrative and extensive interviews and research, The Sum of Small Things illustrates how cultural capital leads to lifestyle shifts and what this forecasts, not just for the aspirational class but for everyone.

Culture manifests itself in everything human, including the ordinary business of everyday life. Culture and art have their own value, but economic values are also constrained. Art sponsorships and subsidies suggest a value that exceeds market price. So what is the real value of culture? Unlike the usual focus on formal problems, which has 'de-cultured' and 'de-moralized' the practice of economics, this book brings together economists, philosophers, historians, political scientists and artists to try to sort out the value of culture. This is a book not only for economists and social scientists, but also for anybody actively involved in the world of the arts and culture.

A unique 360‐degree view of an incomparable 20th-century American artist One of the most emulated and significant figures in modern art, Andy Warhol (1928-1987) rose to fame in the 1960s with his iconic Pop pieces. Warhol expanded the boundaries by which art is defined and created groundbreaking work in a diverse array of media that includes paintings, sculptures, prints, photographs, films, and installations. This ambitious book is the first to examine Warhol's work in its entirety. It builds on a wealth of new research and materials that have come to light in recent decades and offers a rare and much-needed comprehensive look at the full scope of Warhol's production--from his commercial illustrations of the 1950s through his monumental paintings of the 1980s. Donna De Salvo explores how Warhol's work engages with notions of public and private, the redefinition of media, and the role of abstraction, while a series of incisive and eye-opening essays by eminent scholars and contemporary artists touch on a broad range of topics, such as Warhol's response to the AIDS epidemic, his international influence, and how his work relates to constructs of self-image seen in social media today.

Joseph Beuys, Andy Warhol, Yves Klein, and Marcel Duchamp form an unlikely quartet, but they each played a singular role in shaping a new avant-garde for the 1960s and beyond. Each of them staged brash, even shocking, events and produced works that challenged the way the mainstream art world operated and thought about itself. Distinguished philosopher Thierry de Duve binds these artists through another connection: the mapping of the aesthetic field onto political economy. Karl Marx provides the red thread tying together these four beautifully written essays in which de Duve treats each artist as a distinct, characteristic figure in that mapping. He sees in Beuys, who imagined a new economic system where creativity, not money, was the true capital, the incarnation of the last of the proletarians; he carries forward Warhol’s desire to be a machine of mass production and draws the consequences for aesthetic theory; he calls Klein, who staked a claim on pictorial space as if it were a commodity, “The dead dealer”; and he reads Duchamp as the witty financier who holds the secret of artistic exchange value. Throughout, de Duve expresses his view that the mapping of the aesthetic field onto political economy is a phenomenon that should be seen as central to modernity in art. Even more, de Duve shows that Marx—though perhaps no longer the “Marxist” Marx of yore—can still help us resist the current disenchantment with modernity’s many unmet promises. An intriguing look at these four influential artists, Sewn in the Sweatshops of Marx is an absorbing investigation into the many intertwined relationships between the economic and artistic realms.

This book argues for the increasing importance of the arts as a major resource in fuelling growth through the experiential dimension of today’s economy. As we move from the knowledge economy to a new stage called the joyful economy, consumers shift their spending from physical objects and technical know-how to experiences of joy and disappointment. This book investigates how artistic ideas are translated into successful commercial production, and how economic growth impacts artistic invention. It examines cases of successful innovation in the creative industries ranging from the Italian Renaissance to the present. The book suggests a framework where social players move in diverse worlds of value, which leads to a stream of controversies and manias that result in the establishment of new joy products. Studies include the effect of linear perspective, as pioneered by Filippo Brunelleschi, the discovery of taste as an argument for consumption, the serial production of Pop Art and the self-commercialization of contemporary works by artists like Takashi Murakami . This theoretical and empirical study brings together the fields of cultural economics, economic sociology, management studies and cultural history. In doing so, it offers a fascinating study of how creativity has shaped and fuelled commerce.