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Article
Publication date: 5 March 2018

Urbi Garay

The purpose of this paper is to present the progress and trends of the literature on art as an investment and to outline potential research lines to be developed.

Abstract

Objective

The purpose of this paper is to present the progress and trends of the literature on art as an investment and to outline potential research lines to be developed.

Design/methodology/approach

This work gathers, analyses and critically discusses the attributes of investments in art in general, and in Latin American art in particular.

Findings

Most studies report that art (art in general, and Latin American in particular) has offered relatively low but positive real returns, which have tended to be below those offered by stocks and similar to those realized by bonds. Art has a low correlation with other investments.

Research limitations and implications

The literature on the attributes of Latin American art as an investment is limited and new research would help to close the knowledge gap with respect to this segment of the art market as it continues to grow.

Practical implications

Similarly to the research carried out into other segments of the art market, studies on Latin American art suggest that the works of art are worth more, ceteris paribus: the more renowned the artist, the larger the work, whether they were executed in oil, and if they were auctioned at Sotheby’s or Christie’s. The paper also details a series of practical implications for those who participate in the art market.

Originality/value

To the best of the authors’ knowledge, this is the first exhaustive review of the literature on the attributes of Latin American art as an investment. The findings of this study are useful for academics, art collectors, auction houses, gallerists and others who take part in the arts market.

Propósito

Presentar los avances y las tendencias de la literatura sobre el arte como inversión, y delinear líneas de investigación a ser desarrolladas.

Diseño/metodología/enfoque

Este trabajo reúne, analiza y discute críticamente los atributos de inversión del arte, en general, y latinoamericano, en particular.

Hallazgos

La mayoría de los estudios reportan que el arte (tanto el arte, en general, como el arte latinoamericano, en particular) ha ofrecido rendimientos reales positivos, aunque relativamente bajos, los cuales tienden a ser inferiores de los de las acciones y a ser similares a los de los bonos. El arte tiene una baja correlación con otras inversiones.

Limitaciones e implicaciones de la investigación

La literatura sobre los atributos del arte latinoamericano como inversión es limitada. Es de esperar que nuevas investigaciones permitan ir cerrando la brecha del conocimiento con respecto a esta parte del mercado del arte a la par que éste continúe creciendo.

Implicaciones prácticas

Los estudios de arte latinoamericano sugieren, similar a las investigaciones sobre otros segmentos del mercado del arte, que las obras de arte valen más, ceteris paribus: cuando el artista es más reputado, a medida que el área de las obras es mayor, si han sido ejecutadas en óleo, y cuando son subastadas en las casas de subastas Sotheby’s o Christie’s. En el trabajo se detallan, además, una serie de implicaciones prácticas para los participantes del mercado de arte.

Originalidad/valor

Hasta donde se ha podido comprobar, esta es la primera revisión exhaustiva acerca de los atributos del arte latinoamericano como inversión. Los resultados de esta investigación son de utilidad para: académicos, coleccionistas de arte, casas de subastas, galeristas, y demás participantes en el mercado del arte.

Content available
Book part
Publication date: 23 June 2022

Abstract

Details

The Emerald Handbook of Entrepreneurship in Latin America
Type: Book
ISBN: 978-1-80071-955-2

Article
Publication date: 7 March 2022

François Vallaeys, M.L.S. Oliveira, Tito Crissien, David Solano and Andres Suarez

This paper aims to provide information about the state of the art of University Social Responsibility (USR) from a regional perspective, based on a theoretical and practical…

Abstract

Purpose

This paper aims to provide information about the state of the art of University Social Responsibility (USR) from a regional perspective, based on a theoretical and practical development proposed by a wide net of Latin-American higher education institutions (HEIs): the USR Union of Latin America (URSULA).

Design/methodology/approach

The state of the art was performed through a two-year measurement process (2018–2019) conducted in 80 HEI from 12 Latin-American countries. The state of the art was constructed through a self-reported diagnosis concerning four HEI scopes of action, twelve goals, and sixty-six indicators to measure the accomplishment of USR goals.

Findings

The study's primary results were twofold: first, the verification of a dynamic model for USR consensual management and second, the understanding of USR's challenging nature for standard practices in HEIs.

Practical implications

This study's results contribute to creating a practical framework for USR measurement based on a regional context (Latin America). Moreover, this research underlines the discrepancy between HEIs' social performance and the need to commit to the 2030 UN sustainable development goals.

Originality/value

This is the first study to examine the state of USR in a region such a Latin America.

Details

International Journal of Educational Management, vol. 36 no. 3
Type: Research Article
ISSN: 0951-354X

Keywords

Article
Publication date: 5 June 2017

Jaime Ruiz, Francois Colbert and Alessandro Hinna

The purpose of this paper is to provide an overall picture of the five articles included in this issue highlighting their contributions and revealing the importance of academic…

1844

Abstract

Purpose

The purpose of this paper is to provide an overall picture of the five articles included in this issue highlighting their contributions and revealing the importance of academic research for arts and culture management as a nascent topic in the Latin American context.

Design/methodology/approach

This paper elaborates a critical description of the main aspects of the papers included. The contributions are grouped together around central topics pertaining to arts and culture management such as: audience creation and environment; museums, competition and efficiency; and management skills and entrepreneurship.

Findings

The contributions of the articles are as diverse as the topics included in them. Some highlight the importance of the context in audience creation processes, others reveal the determinants of the institutional variables in the efficiency of artistic organisations, and a final one, reveals the deconstruction of an artistic genre and its contribution to the comprehension of organisations’ innovation processes. However, the most important contribution, within the Latin American context, consists basically in a process of dissemination and knowledge of the research developed in different international contexts and which may apply to the analysis of arts and culture management in the region.

Originality/value

As noted in the body of this paper, the topic of cultural management is novel and has acquired notable importance in developed economies in which the arts and culture sector has strategic value. Latin America reveals an institutional revolution which situates the cultural sector in a predominant position where its contribution to the creation of social and economic value turns it into a key field in Latin American societies. Arts and culture constitute a factor of value creation which requires carefully planned and pertinent management processes. This publication, through its five contributions, all European, is a valuable tool of dissemination for knowledge and management in Latin America, where academic research into the sector is, as yet, incipient.

Propósito

El propósito del presente texto consiste en proporcionar una visión de conjunto de la Gestión del arte y la cultura, a través de cuatro artículos, señalando sus aportes y mostrando la importancia de la investigación académica, proceso naciente en el contexto Latinoamericano. Sus aportes son diversos, algunos muestran la importancia del contexto en los procesos de creación de públicos, otros la importancia del concepto de competencia en la gestión de los museos, y un último, la deconstrucción de un género artístico y su aporte a la comprensión de los procesos de innovación en las organizaciones.

Diseño/metodología/enfoque

El texto presenta una descripción crítica de los aspectos más importantes de los artículos incluidos. Las contribuciones incluidas se agrupan alrededor de temas centrales relacionados con la gestión del arte y la cultura como son: Creación de audiencias y entorno; Museos, competencia y eficiencia; y habilidades administrativas y emprendimiento.

Contribución

Sin embargo, la contribución más importante, dentro del contexto latinoamericano, consiste básicamente en un proceso de difusión y conocimiento de los procesos de investigación que se desarrollan en diferentes contextos internacionales y que pueden tener vigencia en el análisis de los procesos de gestión artística y cultura, propios de la región. Como se señala en el cuerpo del artículo, el tema de la gestión cultural es novedoso y ha adquirido una notable importancia en los países de economías desarrolladas donde el sector del arte y la cultura cumple un valor estratégico.

Originalidad/valor

En América Latina se observa una evolución institucional que está situando al sector cultural en un lugar preponderante, donde su contribución a la creación de valor social y económico, lo convierte en un dominio clave en las sociedades latinoamericanas. El arte y la cultura es un factor de creación de valor que requiere procesos de gestión cuidadosos y pertinentes. La presente publicación a través de sus cinco contribuciones, todas Europeas, constituye una valiosa herramienta de difusión para el conocimiento y gestión en América Latina, donde el desarrollo de la investigación académica del sector es aún incipiente.

Details

Academia Revista Latinoamericana de Administración, vol. 30 no. 2
Type: Research Article
ISSN: 1012-8255

Keywords

Article
Publication date: 7 August 2017

Urbi Garay, Gwendoline Vielma and Edward Villalobos

The purpose of this paper is to present the formulation of the first exhaustive price index for Argentinian (and other Latin American countries) visual artists using 5,069 works…

Abstract

Purpose

The purpose of this paper is to present the formulation of the first exhaustive price index for Argentinian (and other Latin American countries) visual artists using 5,069 works sold in auctions by 71 Argentinian artists during the years 1980-2014.

Design/methodology/approach

The authors estimated a regression of hedonic prices using the ordinary least squares method. When the regression was run and the results were analysed, the authors then estimated the annual price index of Argentinian artists’ work to then compare them with different financial and economic variables.

Findings

The average annual nominal arithmetic rate of return in dollars for Argentinian art during this period was 6.81 per cent, with a 29.11 per cent standard deviation. Argentinian art shows a low correlation with Argentinian and US companies’ shares and a slightly negative correlation with US bonds. This is the reason for artworks to be included in investors’ portfolios despite the relatively high volatility.

Research limitations/implications

Valuating works of art in Argentina can be explained by a series of their attributes. The benefits of art as an investment should be contrasted with factors including illiquidity and high transaction costs that are inherent when investing in works of art.

Practical implications

Argentinian artists’ works have higher prices when, ceteris paribus, they are dated; they are auctioned in either Christie’s, Sotheby’s, Galería Arroyo, Roldan & Cia, Meeting Art, or Naon & Cia; they are oil or acrylic paintings; they are larger in size – although the price increase is decreasing when the size of the painting increases; and when the artist dies before their work is auctioned.

Originality/value

This work presents the first rigorous price index of Argentinian artists’ works. Additionally, and as far as the authors have been able to observe, the time-period in this article is the longest that has been used in studies on art as an investment in emerging markets.

Propósito

Este trabajo presenta la elaboración del primer índice exhaustivo de precios de artistas plásticos de Argentina (y de cualquier otro país de Latino América) a partir de 5.069 ventas de obras de 71 artistas argentinos realizadas en subastas durante el período 1980-2014.

Diseño/metodología/enfoque

Se estimó una regresión de precios hedónica por el Método de Mínimos Cuadrados Ordinarios. Una vez corrida la regresión y analizados sus resultados, se procedió a estimar el índice anual de precios de obras de artistas argentinos, para posteriormente relacionarlos con diversas variables financieras y económicas.

Hallazgos

El rendimiento promedio aritmético nominal anual en dólares del arte argentino durante ese período fue de 6,81% con una desviación estándar de 29,11%. El arte argentino exhibe una baja correlación con las acciones de empresas argentinas y de EEUU y ligeramente negativa con bonos de EEUU, lo cual le confiere atributos para ser incluido en las carteras de los inversionistas, a pesar de la elevada volatilidad.

Limitaciones e implicaciones de la investigación

Se consigue que la valoración de arte en Argentina puede ser explicada por una serie de atributos de las obras de arte. Los beneficios del arte como inversión deben ser evaluados con la iliquidez y los elevados costos de transacción, entre otros costos, inherentes a la inversión en obras de arte.

Implicaciones prácticas

Las obras de artistas argentinos tienen precios más altos cuando, ceteris paribus: están fechadas, se subastan en Christie's, en Sotheby's o en Galería Arroyo, son ejecutadas en óleo o en acrílico, tienen un mayor área, aunque el aumento de precio es decreciente al aumentar el área, y cuando el artista ya había fallecido al momento de celebrase la subasta.

Originalidad/valor

Este trabajo propone el primer índice riguroso de precios de obras de artistas de Argentina. Además, y hasta donde hemos podido comprobar, el período utilizado en este trabajo es el más largo que se haya empleado en estudios del arte como inversión en mercados emergentes.

Details

Academia Revista Latinoamericana de Administración, vol. 30 no. 3
Type: Research Article
ISSN: 1012-8255

Keywords

Abstract

Subject area

Strategic management of nonprofit organizations.

Study level/applicability

This case is appropriate for graduate level program/executive education courses; advanced topics in nonprofit management or strategic management of nonprofit organizations.

Case overview

This case focuses on the central dilemma faced by arteBA Foundation in 2008. arteBA Foundation's chairman, Facundo Gómez Minujín, received an offer from a foreign company to purchase the art fair launched 17 years before – and by then acknowledged as the most prestigious fair in Latin America. Leading art fairs around the world were managed by for-profit companies that could view arteBA as a strategic asset to tap into new markets. Gómez Minujín called for an urgent board meeting. The young chairman had his qualms about selling the fair. In addition to corroborating arteBA's brand positioning in the region and rewarding the organization's efforts over the years, this purchasing offer afforded the possibility to undertake several projects to further develop and promote Argentine art – the true driver for most arteBA's members. The case describes the foundation's background and the fair's growth until the crossroads in November 2008. They include several accounts of instances in which the foundation took financial risks to enhance the fair's positioning, such as granting subsidized space to emerging galleries at its Young Neighborhood Program, expanding to include aesthetically risky offerings at its Open Space section, and financially supporting Brazilian galleries to attend the fair in order to enhance its Latin American scope and regional consolidation. Similarly, the case depicts how the foundation chose to uphold fair continuity in critical years (2001) amidst a dismal domestic setting. The dilemma presented by this case hinges on an organization's ability to build a market-based venture while preserving and pursuing its mission. To promote Argentine artists and art, arteBA Foundation had to help art galleries – for-profit businesses – to adopt more professional practices. Another challenge described in this case revolves around the need to “manage quality” in detriment of greater, immediate revenues. The last section revisits the central dilemma faced by arteBA Foundation. The mixed reactions of board members on the fair's purchase offer described in the introduction unfolded in a passionate debate at the board meeting. Two prevailing positions emerged in reference to the future of the organization. For some board members selling the fair afforded arteBA a chance to finally undertake new challenges, such as launching a grant program, offering financial support to artists, consolidating a new venture (South Limit), etc. Opposing board members contended that, without the fair, the foundation made no sense and that no other initiative could have such an impact on its field of choice. Finally, the board found it impossible to reach a decision on this matter in just one meeting and decided to resume its discussion after a recess.

Expected learning outcomes

This case has been designed to advance the following teaching objectives: gaining a better understanding of market-based ventures carried out by social organizations; discussing the alignment of market-based ventures to social missions at social organizations; adequately interpreting market trends to try to align them to a nonprofit's mission; identifying the primary capabilities needed by social organizations to manage profitable market-based ventures; developing a positive market orientation as a source of opportunities for a nonprofit; appreciating the significance of an active, committed board for market-based venture development; and highlighting the primary role of entrepreneurship and innovation when it comes to launching market-based ventures that add value to a nonprofit's brand.

Supplementary materials

Teaching notes are available.

Details

Emerald Emerging Markets Case Studies, vol. 2 no. 6
Type: Case Study
ISSN: 2045-0621

Keywords

Article
Publication date: 14 May 2018

Joseph L. Scarpaci, Eloise Coupey and Sara Desvernine Reed

Communicating the national values of artists and the role of product benefits as symbols of national values, infuse iconic national brands. This paper aims to validate a…

1604

Abstract

Purpose

Communicating the national values of artists and the role of product benefits as symbols of national values, infuse iconic national brands. This paper aims to validate a conceptual framework that offers empirical insights for cultural identity that drives brand management.

Design/methodology/approach

Case studies and cross-cultural focus group research establish the present study’s conceptual framework for cultural branding.

Findings

Brand awareness of a perfume named after a Cuban dancer and a spirit named for a Chilean poet, reflect authentic emblems of national identity. Informants’ behavior confirms the study’s model of icon myth transfer effect as a heuristic for cultural branding with clear, detailed and unprompted references to the myths and brands behind these heroines.

Research limitations/implications

The study’s ethnography shows how artists reflect myth and folklore in iconic brands. Future research should assess whether the icon myth transfer effect as a heuristic for cultural branding occurs with cultural icons beyond the arts and transcends national boundaries.

Practical implications

The study challenges conventional branding, where the brand is the myth, and the myth reflects the myth market. The authors show how the myth connects to a national identity yet exists independently of the brand. The branding strategy ties the brand to the existing myth, an alternative route for cultural branding mediated by the icon myth transfer effect.

Social implications

These two Latin American brands provide a much-needed connection among the branding literatures and images surrounding gender and nationalism in lesser-known markets.

Originality/value

Most research explores iconic myths, brands and folklore in one country. This study extends cultural branding through social history and by testing a conceptual model that establishes how myths embody nation-specific values. Iconic myths are a heuristic for understanding and describing brands, revealing an unexamined path for cultural branding.

Article
Publication date: 1 January 1996

Marsha A. Dickson and Mary A. Littrell

The purpose of this study was to examine whether consumers' intentions to purchase apparel products from an alternative trading organisation (ATO; an example of socially…

1732

Abstract

The purpose of this study was to examine whether consumers' intentions to purchase apparel products from an alternative trading organisation (ATO; an example of socially responsible consumer behaviour) could be explained by their societally‐centred values and attitudes, as well as attitudes more specifically related to purchasing. Data were collected with a nationwide mail survey of US consumers (n =344) randomly drawn from the stratified mailing list of one North American ATO. Theory‐based relationships, suggesting a hierarchical system of effects among values and atti‐tudes, were tested and supported with path analysis. Comparison of two different path models revealed that attitude towards the behaviour of purchasing apparel from the ATO was a better predictor of purchase behaviour than was attitude towards the apparel itself; however, the two concepts were determined to each contribute valuable information for understanding purchasing behaviour.

Details

Journal of Fashion Marketing and Management: An International Journal, vol. 1 no. 1
Type: Research Article
ISSN: 1361-2026

Keywords

Article
Publication date: 5 March 2018

Enrique Ogliastri, Carlos Pombo and Elvira Salgado

The purpose of this paper is to introduce the anniversary issue marking 30 years of academic publication.

Abstract

Purpose

The purpose of this paper is to introduce the anniversary issue marking 30 years of academic publication.

Design/methodology/approach

This anniversary issue contains 12 articles from 11 countries and 17 academic institutions which present literature reviews, meta-analyses, and novel studies. It also contains testimonials about the history of the journal from Enrique Ogliastri (Editor and/or Director between 1998 and 2018), Elvira Salgado (Editor between 2002 and 2013), and Carlos Pombo (Chief Editor, 2013 to the present).

Findings

The history of the journal may be divided into five stages: first, the foundation at the Universidad de Chile (1988-1998); second, the move to the Universidad de los Andes (Bogotá) and the preparation of a proposal to the Institute of Scientific Information (ISI) for inclusion among the scientific journals of the world (1999-2004); third, a period of consolidation in Latin America (2004-2007); fourth, the acceptance of the journal in ISI and the development of an electronic platform with free access to the journal (2008-2013); and fifth, the entry of the Emerald group as editorial partner (2013-2018).

Originality/value

The 12 articles present literature reviews, meta-analyzes, and novel studies.

Propósito

El propósito de este editorial es presentar el tema del aniversario.

Diseño/metodología/enfoque

Se publican doce artículos provenientes de once países y 17 instituciones académicas. Se presentan los testimonios de Enrique Ogliastri (editor y/o director entre 1998 y 2018), Elvira Salgado (Editora entre 2002 y 2013), y Carlos Pombo (jefe editorial 2013-2018).

Hallazgos

Se publican doce artículos provenientes de once países y 17 instituciones académicas. Se presentan los testimonios de Enrique Ogliastri (editor y/o director entre 1998 y 2018), Elvira Salgado (Editora entre 2002 y 2013), y Carlos Pombo (jefe editorial 2013-2018). La historia de la revista de CLADEA se podría dividir en cinco etapas: la fundación en la Universidad de Chile (1988-1998); pasó a cargo de la Universidad de los Andes (Bogotá), un período de puesta a punto para presentar al Institute of Scientific Information (ISI) la solicitud de ser analizada e incluida entre las revistas científicas del mundo (1999-2004); el período de consolidación en América Latina (2004-2007); la aceptación en ISI y el desarrollo de una plataforma electrónica de acceso libre a la revista (2008-2013); y el ingreso del grupo Emerald como socio editorial (2013-2018).

Originalidad/valor

Los 12 artículos presentan revisiones de literatura, metanálisis y estudios novedosos

Book part
Publication date: 23 December 2010

Joel Stillerman

Recent discussions of how members of the middle classes define themselves have focused on cultural patterns, following Bourdieu's (1984) influential work on how occupational…

Abstract

Recent discussions of how members of the middle classes define themselves have focused on cultural patterns, following Bourdieu's (1984) influential work on how occupational, educational, and cultural fields combine to configure classes. Researchers have extended this approach to studies of the emerging middle classes in the global South, adapting these concepts to the specific circumstances of postcolonial settings in a globalizing world. This chapter explores these processes among urban middle-class Chileans. I show how members of the middle classes seek meaningful identities while engaging in symbolic combat with other groups in a society historically marked by an aristocratic elite, a recent military dictatorship, and free market policies that have reconfigured the possibilities for upward and downward mobility while integrating Chile more firmly within global commodity and image circuits. The principal foci of conflict are cultural consumption, childrearing and education, as well as electronic media use. Members of Chile's middle classes are locked in an unresolved conflict over who they are, who they should be, and where they fit in the global cultural economy.

Details

Political Power and Social Theory
Type: Book
ISBN: 978-0-85724-326-3

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