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The purpose of this paper is to visually map the arts marketing journal literature.
Abstract
Purpose
The purpose of this paper is to visually map the arts marketing journal literature.
Design/methodology/approach
An extensive title and abstract search was carried out to identify literature on the relationship between art and the market. Papers were then classified by topic. Visual maps were drawn showing topic coverage in relevant areas.
Findings
The literature dealing with the relationship between art and the market is found to be extensive and multi‐disciplinary. The search found just over 1,500 papers.
Research limitations/implications
This was a mapping exercise rather than an analysis of the issues. Many different disciplines have a stake in understanding the art‐market relationship. Arts marketing scholars can benefit from engaging with research in this area, which is outside the marketing academy.
Practical implications
The maps provide a visual guide to the work, which has already been done across a wide range of disciplines and journals. They enable academic and professional readers to see where knowledge and insights may already exist and where work remains to be done.
Originality/value
Given the recent growth in arts marketing research, the paper provides a timely map of the territory.
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Noel Dennis, Gretchen Larsen and Michael Macaulay
The purpose of this paper is to introduce the inaugural edition of Arts Marketing: An International Journal and highlight its vision for arts marketing and establish its research…
Abstract
Purpose
The purpose of this paper is to introduce the inaugural edition of Arts Marketing: An International Journal and highlight its vision for arts marketing and establish its research agenda.
Design/methodology/approach
Relevant articles are discussed through the prism of current academic thinking and the latest policy developments affecting the arts.
Findings
It is found that arts marketing promotes significant academic debate, and practical insights are offered into the ways in which the arts (broadly understood) can grow in a commercial world.
Research limitations/implications
Creative solutions are needed not only to offset, but to enable arts marketing itself to grow as a discipline: marketers need to embrace the arts equally as much as artists need to embrace the market.
Practical implications
The “creative insights” section will bring practitioner expertise into the field of the arts from a variety of different perspectives.
Social implications
The arts, in their varying forms impact on all of society in some shape or form. This journal aims to help raise the profile of the arts, which will in turn, benefit society as a whole.
Originality/value
This introduction establishes a broad arts marketing research agenda for the future.
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Yu-Chien Chang and Chloe Preece
The purpose of this paper is threefold. First, it reviews the background to, and development of the special issue call for papers on the topic of “Visual arts marketing in East…
Abstract
Purpose
The purpose of this paper is threefold. First, it reviews the background to, and development of the special issue call for papers on the topic of “Visual arts marketing in East Asia”; second, it introduces the four papers and commentary in the issue; and third, it considers some of the key areas with a rich potential for future directions of research.
Design/methodology/approach
The papers in this special issue comprise of both qualitative (e.g. interviews, observation, case studies) and quantitative (surveys) as well as conceptual issues for policy and artists. Moreover, the articles are interdisciplinary, drawing from art history, cultural studies, philosophy and international relations as well as marketing.
Findings
Findings and insights relate to topics such as the structure of the visual arts markets of East Asia, political influences on these arts markets, alternative spaces such as art festivals, ambiance and audience experience in museums and new media initiatives.
Research limitations/implications
The authors believe that all of the papers have implications for future thinking, research, scholarship and practice in the area of arts marketing, particularly for scholars, cultural institutions and artists working in Asia.
Originality/value
As far as the editors are aware, this is the first ever journal special issue on arts marketing in East Asia. In particular, the authors offer some new ideas in thinking about visual arts marketing in Asia as part of this editorial essay, particularly in considering the difficulties for both artists, arts organisations and academics in creating from the “periphery”.
Gretchen Larsen and Daragh O'Reilly
The purpose of this Editorial is to introduce the reader to the changing environment of arts marketing, which poses challenges to researchers and necessitates creative methods of…
Abstract
Purpose
The purpose of this Editorial is to introduce the reader to the changing environment of arts marketing, which poses challenges to researchers and necessitates creative methods of inquiry.
Design/methodology/approach
The Editorial introduces the papers in this special issue.
Findings
It was found that creative inquiry in arts marketing includes the use of both established and innovative interpretive methods.
Originality/value
The Editorial explains how the application of creative methods of inquiry can aid our understanding of the relationship between art and the market.
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This paper aims to demonstrate to lawmakers that the addition of art dealers to the designated non-financial businesses and professions (DNFBPs) definition would provide Australia…
Abstract
Purpose
This paper aims to demonstrate to lawmakers that the addition of art dealers to the designated non-financial businesses and professions (DNFBPs) definition would provide Australia with more comprehensive protection against money laundering within the art market.
Design/methodology/approach
The paper opted for an exploratory study using doctrinal and jurisdictional comparative analysis that focused on arguments for and against the inclusion of art dealers in respective DNFBPs definitions. Evaluation of these arguments concludes that art dealers should be included in Australia’s DNFBPs definition and subject to anti-money laundering (AML) regulation.
Findings
The current omission of art dealers from Australia’s DNFBPs definition perpetuates AML vulnerabilities within the Australian art market.
Originality/value
This paper fulfils an identified need to study high-value dealers not included in Australia’s DNFBPs definition and provide arguments for and against the inclusion of Australian art dealers in the listed DNFBP.
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Teresa Heath and Caroline Tynan
The purpose of this study is to examine the potential of integrating material from the arts into postgraduate curricula to deepen students’ engagement with marketing phenomena…
Abstract
Purpose
The purpose of this study is to examine the potential of integrating material from the arts into postgraduate curricula to deepen students’ engagement with marketing phenomena. The authors assess the use of arts-based activities, within a broader critical pedagogy, for encouraging imaginative and analytical thinking.
Design/methodology/approach
The authors devised two learning activities and an interpretive method for studying their value. The activities were an individual essay connecting themes in song lyrics to marketing, and a group photography project. These were applied, within a broader, critical approach, in postgraduate modules on sustainability, ethics and critical marketing. Data collection comprised diaries kept by the teachers, open-ended feedback from students and students’ assignments.
Findings
Students showed high levels of engagement, reflexivity and depth of thought, in felt experiences of learning. Their ability to make connections not explicitly in the materials, and requiring imaginative jumps, was notable. Several reported lasting changes to their behaviour. Some found the tasks initially intimidating or, once they were more engaged, stressful or saddening.
Research limitations/implications
This adds to scholarship on management education by showing the usefulness of an arts-based approach towards a transformative agenda.
Practical implications
It offers a template of how to draw from the arts to strengthen critical engagement upon which marketing teachers can build. It also contains practical advice on the challenges and benefits of doing so.
Social implications
The authors provide evidence that this approach can enhance sensitivity and reflexivity in students, potentially producing more ethical and sustainable decisions in future.
Originality/value
The pedagogical interventions are novel and of value to lecturers seeking to enhance critical engagement with theory. An empirical study of an attempt to integrate arts into teaching marketing represents a promising direction, given the discipline’s creative nature.
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Shailendra Gurjar and Usha Ananthakumar
The valuation of artworks is challenging since their value encompasses economic, social and cultural values. This study examines two specific questions about the economics of…
Abstract
Purpose
The valuation of artworks is challenging since their value encompasses economic, social and cultural values. This study examines two specific questions about the economics of Indian art market: first, the determinants of the price of paintings by Indian artists and second, the risk and return characteristics of investment in Indian paintings. The authors also analyze the role of local context for both questions.
Design/methodology/approach
This study uses 8,865 paintings that are auctioned between January, 2000 and June, 2018. A generalized additive model (GAM) is employed to identify the determinants of auction prices and estimate art market price index.
Findings
The results indicate that the price of paintings in the Indian market is impacted by both global and local factors. Consistent with the previous research, this study finds that provenance, literature, living status of an artist, artist reputation, auction house, location and gender determine prices. However, the unique behavior of artwork medium and art movement affiliation in the Indian art market signifies the importance of local context in the valuation of artworks. An analysis of the second aspect of the study, i.e. risk and return characteristics of art investment, suggests that though overall art market returns are not lucrative, there are sub-sections in the market that outperform stocks and other assets. Further, the Indian art market shows a weak or negative correlation with other assets, thus making it a good candidate for a diversified portfolio. One of the important findings of this study is that artworks created by artists associated with the Bombay Progressive Artists' Group (PAG) command a significant price premium over all other artworks. Moreover, the average return on investment in paintings by artists affiliated to the Bombay PAG is not only significantly better than other art movements but also higher than all other art assets.
Originality/value
This study contributes to the growing literature on the economics of art market by providing a comprehensive analysis of the economics of Indian paintings. This research highlights the importance of local factors in price determination and on the risk and return characteristics of art investment. To the best of the authors’ knowledge, it is the most comprehensive study of the economics of Indian painting market and the first study to identify the relationship between Indian art movements and prices of paintings and returns on investment in paintings.
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Ian Fillis, Kim Lehman and Mark Wickham
The purpose of this paper is to assess the notion of art as a product. This paper develops a detailed understanding of how established visual artists engage with the notion in…
Abstract
Purpose
The purpose of this paper is to assess the notion of art as a product. This paper develops a detailed understanding of how established visual artists engage with the notion in their art making and market interactions, drawing insight from the longitudinal debate on the essence of art, including its connection with entrepreneurial marketing.
Design/methodology/approach
The authors uses a conceptual framework involving artists’ and other stakeholders’ philosophical positions, artists’ career stages, reputation (including branding), market associations and the forms of value generated by artists and consumers to help shape their qualitative research design involving in-depth interviews with 16 established Australian artists. NVivo software aided data analysis to improve theory building.
Findings
Market orientation, entrepreneurial market creation, co-creation, co-production activities and sharing value among interested stakeholders are important factors in viewing art as a commercial product. Sustainable value creation is also crucial. Key emergent themes were motivation to create, engagement with the market and artists’ attitudes towards art as a product. This paper identifies a fluidity in the relationship between an artist and their art.
Research limitations/implications
Co-creation, co-production and sharing value among interested stakeholders are important factors as are market orientation versus entrepreneurial market creation activities. Sustainable value creation is also crucial. Key emergent themes were motivation to create, engagement with the market and artists’ attitudes towards art as a product.
Practical implications
Established artists have made a conscious decision to engage, or otherwise with the marketplace. This research uncovers the merits of adopting a product approach in engaging with the market and artist centred creation which avoids marketplace interaction.
Originality/value
This research has the potential to contribute to policy decision-making in the sector and in stimulating future comparative research. There are wider implications for the cultural and creative industries where entrepreneurial market creation can stimulate creativity and innovation.
Two measures of informational efficiency are applied to the market for paintings. The first is a measure of market efficiency as captured by serial dependency in returns. The…
Abstract
Two measures of informational efficiency are applied to the market for paintings. The first is a measure of market efficiency as captured by serial dependency in returns. The serial correlation in an index of art returns suggests the possibility of persistent trends in the art market, however there is no empirical evidence that these trends can be easily exploited. The second is a measure of “price risk,” or instantaneous uncertainty about the immediate resale value of a work of art. The magnitude of the price risk suggests that there is a major role for dealers in the art market. Using historical data, I find that the price risk has been declining since the beginning of the painting market, indicating increasing informational efficiency. Paintings are like stocks and a dealer is like a broker. Someone makes money, then there is someone else who's really good at investing in stocks, and he tells the investor what to buy. If someone tells you to go to a good gallery rather than one that's not so good, you'll get a painting that might turn out to be worth something, a painting you like that's also a good investment. Its like having a broker tell you what stocks to buy. Andy Warhol
The purpose of this paper is to examine the branding of the Cynical Realist and Political Pop contemporary art movements in China. The trajectory this brand has taken over the…
Abstract
Purpose
The purpose of this paper is to examine the branding of the Cynical Realist and Political Pop contemporary art movements in China. The trajectory this brand has taken over the past 25 years reveals some of the power discourses that operate within the international visual arts market and how these are constructed, distributed and consumed.
Design/methodology/approach
A review of avant-garde art in China and its dissemination is undertaken through analysis of historical data and ethnographic data collected in Beijing, Shanghai and Hong Kong.
Findings
The analysis exposes the ideological framework within which the art market operates and how this affects the art that is produced within it. In the case of Cynical Realism and Political Pop, the art was framed and packaged by the art world to reflect Western liberal political thinking in terms of personal expression thereby implicitly justifying Western democratic, capitalist values.
Research limitations/implications
As an exploratory study, findings contribute to macro-marketing research by demonstrating how certain sociopolitical ideas develop and become naturalised through branding discourses in a market system.
Practical implications
A socio-cultural branding approach to the art market provides a macro-perspective in terms of the limitations and barriers for artists in taking their work to market.
Originality/value
While there have been various studies of branding in the art market, this study reveals the power discourses at work in the contemporary visual arts market in terms of the work that is promoted as “hot” by the art world. Branding here is shown to reflect politics by circulating and promoting certain sociocultural and political ideas.
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