The Pricing Philosophy of t.Rutt
Two core principles drove the initial pricing of t.Rutt’s art.
The Financial Rationale
t.Rutt’s art project, INFINITY is the ENEMY, claims to resolve a great and costly fallacy in financial theory. t.Rutt asserts that, since 1973, the mistaken use of infinite time and physics in financial markets has inflated prices and wasted between $14 trillion and $75 trillion. t.Rutt’s artwork labels this overpricing as the Infinity Tax. Economic theory asserts that those innovative agents who identify and resolve economic inefficiencies are compensated by earning a sliver of the amount of money that their innovation identifies and saves. If the entirety of t.Rutt’s artwork sells for $150 million this will represent less than .0012% of the $14 trillion+ that the art show claims its insights will have saved the world economy. Wall Street firms regularly earn a 6% commission for their innovative services, and often much more. A 6% commission on $14 trillion would be over $800 billion. t.Rutt espouses the importance of price discovery, especially in financial markets. The discovery of prices for the artwork is actually a part of the art show.
The Artistic Rationale
According to t. Rutt, “It was the misuse and abuse of Science that ruined economics and it will be the misuse and abuse of Art that helps save it.” During the launch of t.Rutt’s INFINITY is the ENEMY art show and book, a Jeff Koons balloon dog sold for over $58 million and a Francis Bacon triptych sold for over $142 million. It is not clear what sort of information these prices are communicating about the social or economic utility of these artworks. However, these sales show that financial prices and art markets are truly fascinating human creations. When t.Rutt’s artwork succeeds in de-complexifying the financial world, it will represent a historic triumph of Art over Science. The very real and useful social impact of t.Rutt’s artwork will enhance both the artistic and economic value of the work.