ALEX CAMPBELL'S TUMBLELOG

Works of art are among those peculiar commodities whose appeal grow as their prices rise. They are Veblen goods, named after Thorstein Veblen, the economist who posited that conspicuous consumption has an inherent purpose as a signal of status. They work a little like that short-lived “I Am Rich” iPhone application, which for $999 flashed the picture of a red gem. Evolutionary biologists argue these conspicuous purchases do the same job as peacock tails — signaling to peahens that they are fit enough to expend an inordinate amount of energy on producing colorful feathers. The French sociologist Pierre Bourdieu argued that aesthetic choices are social markers with which the powerful signal their power and set themselves apart from other, inferior groups. Anybody can buy stocks. Hedge fund managers can buy pickled sharks by Damien Hirst. The Power of Art NYTimes.com (via somethingchanged)