This is a terrific book and I'm not sure the other reviews really highlight just how distinctive it is. It's real fly-on-the-wall stuff, based on dozens of interviews with the movers and shakers of the contemporary art world and constructed as seven individual days spent in the key venues of that world: an auction house, an art school, an art magazine, an artfair and so on. You have to admire the author for the access she's gained to important people and her ability to get them to talk frankly.
As an anthropologist by training, she's also adept at analysing the structures of societies and so the structure of the art world. This is what lifts the book from being an interesting collection of raw material into a clear explanation of how the contemporary art world works and how all its component parts fit together. At root it's all about money - vast sums of money - and you come away with a really vivid picture of where the money comes from, how it gets channeled round the art world to everyone's benefit, and how these vast sums affect the behaviour and decisions of the various characters in the drama. Highly recommended.