The Medium is the Market 
Hal Foster
In 1975, Andy Warhol peered into the future and saw . . . Damien Hirst? ‘Business Art is the step that comes after Art,’ Warhol wrote in The Philosophy of Andy Warhol. Not only was it OK for artists to make as much money as possible, but ‘making money is art’ and ‘good business is the best art.’ At the time Warhol was the master of Business Art – he established Andy Warhol Enterprises in 1957, and films, Interview magazine, books and TV programmes were to follow – but his operation was small beer by contemporary standards. Today, artists like Hirst set the bar for ‘good business’. On 15 and 16 September he bypassed his two major dealers (White Cube and Gagosian) and auctioned 223 pieces of new work directly at Sotheby’s. The sale beat its already sky-high estimates by a substantial margin, bringing a total of £111.5 million, ten times the old record for a single-artist auction, set by Picasso with 88 works in 1993.
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Hal Foster, a co-editor of October, chairs the department of art and archaeology at Princeton.
Other articles by this contributor:
Global Style · Renzo Piano
Bigness · Rem Koolhaas
At the Guggenheim · David Smith
At the Hayward · ‘The Painting of Modern Life’
At the Guggenheim · Russian Art
Slumming with Rappers at the Roxy · Nobrow: The Culture of Marketing, the Marketing of Cultre by John Seabrook
Why all the hoopla? · Frank Gehry
In Venice · Hal Foster at the Biennale
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