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The purpose of this paper is to examine the impact of digital platforms on the contemporary visual art market. Drawing on the theoretical insights of the technology acceptance model, the meaning transfer model and arts marketing literature, the authors conceptualise the role of user participation in creating the meaning and value of contemporary artworks in the online art market.

The authors conduct a qualitative study of Saatchi Art as an instrumental case for theorising. It is an online platform for trading visual artworks created by young and emerging artists. The data for this study were collected through direct observation and documentary reviews, as well as user comments and buyer reviews from Saatchi Art. The authors reviewed 319 buyer comments Art and 30 user comments. The collected data are supplemented with various secondary sources such as newspapers, magazines, social media texts and videos.

The growth of digital art platforms such as Saatchi Art provides efficiency and accessibility of information to users while helping them overcome the impediments of physical galleries such as geographical constraints and intimidating psychological environments, thereby attracting novice collectors. However, users’ involvement in the process of valuing artworks is limited and still guided by curatorial direction.

The first limitation of this research is that the data in this research cannot capture interactions between users, though users’ intention to use Saatchi Art is affected by the social influence of other users. Second, this research has not examined artists as users of digital art platforms and their interactions with other types of users. Artists’ intention to use the online platform might be underlined by enhancing their status in the peer group or seeking legitimacy in the field by following other artists and getting recommendations from important referents.

The outcomes of this research suggest that newcomers in the online art market should acknowledge that users’ intention to use the online art platform is determined by not only technological usefulness of the website but also the symbolic capital of the information provider.

User participation in the online art market is guided by curatorial direction rather than social influence. This confirms re-intermediation of marketing relationships, highlighting the role of new intermediaries such as digital platforms in arts marketing.

Spiegel Online (www.spiegel.de) is the leading news Web site in Germany. The site was first designed to accompany Der Spiegel, one of Europe's largest and Germany's most influential weekly magazine, which has a weekly circulation of around one million. The site's content is produced by a team of more than fifty journalists writing in several categories: politics, business, networld, panorama, arts and entertainment, science, university, school, sports, travel, weather, and automobiles. The original content is complemented by articles purchased from news agencies and selected articles from the print edition. Spiegel-Verlag is a major contributor to the Hamburg Media School, which offers professional master's degree programs in Media Management (MBA), film, and journalism. In their second year, MBA students typically engage in consulting projects with major media companies. In a recent assignment, Spiegel Online posed two questions to the MBA team: are there any chances for an economically successful entry into the market for interactive classifieds? And if so, what should the business model look like in detail? A student team analyzed markets for classified ads and found one market segment that appeared to be particularly promising: the market for art objects. During the development of a business plan for a new venture in this market it became apparent that there is much uncertainty about the key input parameters to the business plan. As a result, it is very difficult to assess the viability of the business idea. How can the team properly account for the uncertain input parameters? What is the impact of this uncertainty on the bottom line? Will a Web site for art objects earn or lose money? How can the team communicate this uncertainty to a group of high-level decision makers who want a simple “go or no-go” recommendation?

The objective is to make students aware of the applicability of Monte Carlo simulation to the analysis of complex business plans. Students should learn how to explicitly account for uncertain inputs in a business plan, how to assess the impact of uncertainty on the bottom line via Monte Carlo simulation, and how to communicate the results of their analysis to high-level decision makers.

One of the biggest challenges in markets where products have ambiguous values (like fine art, specialty coffee, and wine) is to determine the structure of the market. As products in these markets are unique and values are private, it is difficult to determine its market structure using traditional methods. In this chapter, we present a method to determine the market structure of ambiguously valued products using bidding data from auctions. We create a sociomatrix of artists based on bidders revealed bidding preferences and uncover the market structure with artists as the unit of analysis. We demonstrate our approach using bidding data from an online auction of Modern Indian Art. This approach resulted in the extraction of a two-dimensional art market structure with color and price being the two dimensions. This chapter concludes with a discussion on the implications and limitations of our approach, and directions for future research.

In bringing this session into the Online Conference we are approaching a new era perhaps for some of us who are professional online database users. Some of the people on the platform have very clear ideas what they want to do with online technology and may have even relatively little experience of the things that you and I have modestly been doing for a number of years. The idea is to see where the subject matter, the content and the delivery mechanisms are converging, and I hope that by the end of the session you will have a clear idea of what these new consumer services are likely to offer to the wider public, and whether they have an application for us professional online information users. The best way to get started is to have a series of presentations by the panel members in as much detail as they think necessary to describe their products. Not exactly product reviews — I hope that they will share with us some of their fears as well as some of their boasts of what their services can do, what their technical problems have been, and what advantages they see in moving into this market. The first speaker that I have to introduce is Pascal Cusset, who joined Apple Computer France in 1987 and Apple Computer Europe in 1992. In his current position he is managing and developing eWorld in Europe. Before coming to Apple France he worked with Oric International in Paris as a product manager for a line of workstations aimed at creating and running videotex services, using the famous French service based on the Minitel.

Upon completion of the case, students will be able to reflect the forces, which may disrupt the art industry through Artientifique initiatives and the ability to apply Phoenix encounter method with proactive scanning to remain competitive; create various multi-functional roles as a youth entrepreneur in the micro, small and medium enterprises (MSMEs) capacity and be able to understand the level and review the competition and business trends from an art industry perspective; analyze how innovation clubbed with sustainability will create a competitive advantage in a circular economy; determine the leadership style most appropriate for MSMEs to indulge in innovation and sustainability in the fine arts business; and design and discover opportunities to promote women’s entrepreneurship in the art industry, especially in emerging markets.

On a cold Friday morning in November 2020, Aisha Mir was in utter confusion written all over her face. She had to decide on a prosperous pathway. Should it be customization or standardization of artwork? Also, whether she should continue investing in the existing in-house supply chain or outsource this to a third party. Being practicing sustainability in her personal and professional life, she had designed her art studio herself by using upcycled materials. While enjoying the pigeons and sparrows chirping and eating grains on her wide windowpane, she looked at the world map with keen interest and imagined herself flying to each country along with her gray and white pigeons. While sitting in Madina city, Saudi Arabia, she was concerned about the expired makeup collection hub being set up in Abu Dhabi, UAE. The collection and the painting processes had to be monitored; the artworks needed auditing, framing and packing before they were shipped to a customer. Centralizing would add unnecessary hassle, and outsourcing needed distribution of authority. Keeping the challenges in mind, she was struggling to find a solution for efficient community engagement.

This case has been particularly focused on undergraduate and postgraduate early-stage level students pursuing business or commerce programs, particularly those studying entrepreneurial and management courses in innovation and sustainability.

Teaching notes are available for educators only.

CSS 3: Entrepreneurship.

The purpose of this study is to compare and contrast Internet marketing communication tools used to accomplish key marketing goals between European Union higher education institutions (HEIs) and non-EU HEIs, such as in the case of Poland and Ukraine.

In the article, the authors used the literature review method to justify the importance of implementing HEI marketing strategy based on marketing communications with Internet users, and thus to justify the relevance of the chosen research topic. Based on the literature review, the authors identified the goals of HEI advertising campaigns on the Internet (branding, recruitment of students, site traffic increase and subscription of Internet users to the university newsletter) and substantiated the analytical study of the two countries. The survey conducted by the authors allowed them to form their conclusions, the validity of which is based on the interpretation of the indicators calculated in the analytical section.

The hypothesis that the focus of HEI Internet marketing communications, recruitment of students, is universal regardless of the country of origin is proven. There is also no significant differences in Internet marketing communication tool use that is “simpler” and cheaper. University marketing managers widely use Internet advertising tools, but they have difficulty implementing public relations and sales promotion tools. Internet marketing communication is an important component of HEIs' marketing strategies, thus, comparing EU and non-EU HEIs informs future strategies.

The results of this research are of interest to HEIs that seek to improve the adaptation of their marketing communication strategy to meet the conditions of digitalisation and to strengthen their competitive foothold within the market. Also, the findings can help HEI marketing staff members to improve marketing communication tools used to build and maintain relationships with their online customers.

This study highlights the similarities and differences in approach to Internet marketing communications among EU (Poland) and non-EU HEIs (Ukraine). In conducting a thorough review of research, as well as a survey of 185 HEI marketing staff members, the paper offers insight into the approach HEIs of varying cultural backgrounds take to Internet marketing communications and online recruitment.

In this study, art is considered as a product subjected to marketing activities. In this context, this study aims to present a conceptual framework covering the research areas related to art marketing, the relation of art product with brand and consumer and how internet technologies can transform the art market. Finally, the situation of art marketing and its progressing process in a developing country and its potential horizons was discussed.

This study uses a literature review to present a conceptual framework about art marketing activities and their potential horizons in an emerging country.

Globalization, digitalization, democratization of access to art products, art becoming a subject for marketing, open up new horizons for western markets as well as for developing countries. Developing countries constitute a new market segment for the art market. Addressing the changes and the transformations in art market in terms of these markets will provide important opportunities for marketing researchers and practitioners.

This study elaborates the art marketing concept in a developing country. The marketing of art is a subject studied and elaborated mostly in western countries. It is thought that this study is differentiated in terms of addressing these dynamics from a developing country point of view.

Since Zuckerberg's announcement to change Facebook's name to Meta Platforms Inc. on October 28, 2021, the concept of the metaverse has gained unprecedented popularity in the business world. Tech giants, SMEs and start-ups across various sectors are making substantial investments in metaverse-related technologies. Despite this, scholarly research in entrepreneurship and strategic management regarding the metaverse remains limited. This paper, grounded in value creation theory, aims to analyze how value is generated in the metaverse era.

This paper conducts a thematic analysis of 895 press releases published by LexisNexis between October 28, 2021, and October 28, 2022. The analysis identifies the primary emerging themes related to value creation in the metaverse age.

The thematic analysis reveals four significant emerging themes concerning value creation in the metaverse age: (1) factors enabling value creation, (2) digital resources contributing to value creation, (3) motives driving value creation and (4) practices of value creation.

This paper represents the inaugural attempt to analyze the metaverse through a value creation lens. Given the substantial investments and growing academic interest in the metaverse, understanding value creation in this context is a pressing concern. Additionally, this study provides valuable insights and suggests critical questions for future research on the metaverse.