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The contemporary art boom is another victim of the global economic crisis. But it’s had a good run. In the past five years, art grew from a $4.5 billion industry to just under $12 billion. Prices for some artist’s works jumped by factors between 20 and 80. Hedge fund managers, newly-minted billionaires and collectors like Charles Saatchi paid record prices for works (often rich in shock value) by emerging artists. But when a warehouse full of Saatchi’s holdings burned four years ago, many joked that nothing of real value was lost. Therein lies the rub. Damien Hirst puts a shark in a tank, but does anyone outside of the exclusive world of collectors, curators, dealers and art critics really care?

Sarah Thornton is a sociologist and writer who spent five years immersing herself in the art statusphere - the sometimes catty, frequently snooty world of true believers whose devotion to art is akin to religious zeal. Her new book is Seven Days in the Art World, and she joins us on Word of Mouth to talk about her adventures.