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Art return indices are usually estimated based only on a few means of artistic expression (mainly paintings and drawings). Other forms of expression (e.g. sculptures and installations) are generally ignored, in part because they are three-dimensional and, hence, more difficult to measure. We analyze the price determinants as well as the return and risk of three artistic expressions (paintings, drawings and sculptures) executed by Fernando Botero, the most expensive living Latin American artist, to analyze the degree to which their risk and return attributes differ throughout a 20-year period.

We analyzed all paintings, drawings and sculptures executed by Botero and sold at Sotheby’s and Christie’s between 2000 and 2020 (a total of 707 artworks). The data and the images of each artwork were obtained from the web pages of these two auction houses. A hedonic regression was run to explain the price of each artwork and use explanatory variables that are standard in the literature. Art price indices for paintings, drawings and sculptures were constructed using the year-dummy variables estimated in the regressions. We performed a similar analysis for another artist, Carlos Cruz-Diez, as a robustness to our results.

The performance of Botero’s sculptures through time differs markedly from that of his paintings and drawings. Our results suggest that it is possible that returns estimated in the literature could suffer from a bias, as they have usually ignored the performance of sculptures and other artistic expressions. Botero’s paintings provided a return that was comparable to those of his sculptures (3.36% and 3.20%, respectively), they were two times as high as those of his drawings (1.68%). On the other hand, whereas paintings and drawings had similar annual standard deviations (26% and 25.22%, respectively), sculptures had a much smaller standard deviation (16.96%).

A limitation of the hedonic regression method lies in the need to have a significant and diverse sample to identify the true effect of each variable on the price of a good. Another limitation is that we were only able to use art prices from auctions, as this is the only comprehensive source of art price data that is publicly available. These two limitations are shared by all the studies that use the hedonic pricing model.

Our results have practical applications for art collectors and investors, as well as for artists, galleries and, in general, for the whole art market ecosystem. The risk and return attributes of the various artistic expressions of an artist can be different, and thus it makes sense to analyze each one of them individually, as well as their correlations with the other artistic expressions and with traditional and other alternative investments.

The art market is part of what is known as the “orange economy” (also known as the Creative Economy). According to the World Bank, the economic value of the creative sector is not well known or appreciated, even though cultural, creative and artistic activities are vital for our sense of well-being.

To the best of our knowledge, this is the first paper that compares the financial performance of paintings, drawings and sculptures for the case of a specific artist. We chose Botero for three reasons. First, he is a Latin American living artist who has achieved the highest levels of international sales. Second, Botero has worked extensively on various artistic expressions (oil paintings, drawings on different materials and sculptures) throughout his life, a characteristic that is essential to be able to carry out our study. Third, there is a long record of auction sales for each of Botero’s artistic expressions.

Los índices de rentabilidad del arte generalmente se estiman basándose únicamente en unos pocos medios de expresión artística (principalmente pinturas y dibujos). Otras formas de expresión artística (por ejemplo, esculturas e instalaciones) generalmente se ignoran, en parte porque son tridimensionales y, por tanto, más difíciles de medir. Analizamos los determinantes del precio, así como el retorno y el riesgo de tres expresiones artísticas (pinturas, dibujos y esculturas) ejecutadas por Fernando Botero, el artista latinoamericano vivo más caro, para analizar en qué medida sus atributos de riesgo y retorno difieren a lo largo del tiempo, en un período de 20 años.

Analizamos todas las pinturas, dibujos y esculturas ejecutadas por Botero y vendidas en Sotheby’s y Christie’s entre 2000 y 2020 (un total de 707 obras de arte). Los datos y las imágenes de cada obra se obtuvieron de las páginas web de estas dos casas de subastas. Se realizó una regresión hedonante para explicar el precio de cada obra de arte y se utilizaron variables explicativas estándar en la literatura. Los índices de precios de arte para pinturas, dibujos y esculturas se construyeron utilizando variables ficticias anuales estimadas en las regresiones. Realizamos un análisis similar para otro artista, Carlos Cruz-Diez, como análisis de robustez de nuestros resultados.

El desempeño de las esculturas de Botero a través del tiempo difiere marcadamente del de sus pinturas y dibujos. Nuestros resultados sugieren que es posible que los retornos estimados en la literatura sufran un sesgo, ya que generalmente han ignorado el desempeño de esculturas y otras expresiones artísticas. Las pinturas de Botero proporcionaron un retorno comparable al de sus esculturas (3.36% y 3.20%, respectivamente), pero fueron dos veces superiores a los de sus dibujos (1.68%). Por otro lado, mientras que las pinturas y los dibujos tuvieron desviaciones estándar anuales similares (26% y 25.22%, respectivamente), las esculturas tuvieron una desviación estándar mucho menor (16.96%).

Una limitación del método de regresión hedónica radica en la necesidad de contar con una muestra significativa y diversa para identificar el verdadero efecto de cada variable sobre el precio de un bien. Otra limitación consiste en que solo pudimos utilizar precios de arte de subastas, ya que esta es la única fuente completa de datos sobre precios de arte que está disponible públicamente. Estas dos limitaciones son compartidas por todos los estudios que utilizan el modelo de precios hedónico.

Nuestros resultados tienen aplicaciones prácticas para coleccionistas e inversores de arte, así como también para artistas, galerías y, en general, para todo el ecosistema del mercado del arte. Los atributos de riesgo y retorno de las diversas expresiones de un artista pueden ser diferentes, por lo que tiene sentido analizar cada una de ellas individualmente, así como sus correlaciones con las otras expresiones artísticas y con las inversiones tradicionales y otras alternativas.

El mercado del arte forma parte de lo que se conoce como “economía naranja” (también conocida como Economía Creativa). Según el Banco Mundial, el valor económico del sector creativo no es bien conocido ni apreciado, a pesar de que las actividades culturales, creativas y artísticas son vitales para nuestra sensación de bienestar.

Hasta donde hemos podido comprobar, este es el primer artículo que compara el desempeño financiero de pinturas, dibujos y esculturas para el caso de un artista específico. Elegimos a Botero por tres razones. En primer lugar, es el artista vivo latinoamericano que ha alcanzado los mayores niveles de ventas internacionales. En segundo lugar, Botero ha trabajado extensamente en diversas expresiones artísticas (óleos, dibujos sobre distintos materiales y esculturas) a lo largo de su vida, característica que resulta fundamental para poder realizar nuestro estudio. En tercer lugar, existe un largo historial de ventas en subasta de cada una de las expresiones artísticas de Botero.

It is inherent in human nature to pursue a fulfilling life. The art-of-living approach provides strategies to help individuals attain higher well-being. Based on current research approaches on the art-of-living, we aimed to develop, implement and evaluate an online training that enhances art-of-living and well-being scores of flight attendants.

The training focused on six art-of-living components – self-knowledge, savoring, bodily care, coping with events, positive attitude toward life and serenity. In total, 94 participants were randomly assigned to 3-day (n = 34) or 9-day (n = 30) training groups or to 2 corresponding control groups (CGs) (n = 30). Art-of-living and well-being were measured using self-reported questionnaires at pre-intervention, post-intervention and two-week follow-up.

Results showed significant pre-post differences in art-of-living and well-being scores in both experimental groups, while scores for the CGs remained stable across assessments. Intervention effects were sustained over the two-week follow-up period. We found no significant differences in efficacy between the shorter and longer training, suggesting that brief training can be effective.

These results demonstrate that well-being can be enhanced through online art-of-living training, which is promising in terms of the practical implementation of such training in resource-constrained work environments.

The presented, conducted and evaluated work intervention represents the first study to apply the multi-component approach of “art-of-living” in an online setting, comparing two trainings of varying durations. This approach offers a framework perfectly suited for future implementation in flight attendants’ work settings to increase well-being and a possible subsequent implementation in other professional groups that would benefit from online training (e.g. in a hybrid work context).

This study aims to discuss the contribution of street art projects to the place-making of villages and the effects it generates for local stakeholders.

A conceptual framework is developed based on the main characteristics of the place-making process, street art, creative place-making, as well as place identity, revitalisation and regeneration. This framework defines a set of thematic categories for the qualitative content analysis of online information, e.g. websites, media and blog posts, as well as in-depth interviews with local stakeholders.

This research presents the contribution of street art in place-making involving citizens, local businesses and international artists in a collective act to preserve local identity and revitalise and regenerate villages.

The research is focused only on villages. Cities are not considered in the research.

Street art projects provide villages with several opportunities, such as stimulating place regeneration and revitalisation, giving new shape and decoration to neighbourhoods and streets and attracting visitors and business. Moreover, street art is commonly used to communicate local history, culture, traditions and social and political facts, helping places to vehiculate their identity and their messages to the next generations. Street art is also used as a part of a place branding strategy.

The village gets the opportunity to exploit the street art value proposition to stimulate the restocking of the place, if the primary stakeholders of the place are ready to invest in the new place identity giving trust to the street art project.

Street art projects contribute to the place-making of villages. They are used to communicate place identity, fostering cooperation between local stakeholders and economic and social development.

This retrospective phenomenological case study examines the experiences of 18 politicians who participated in a political campaign using performing arts and artists in a regional heads and legislators in Indonesia. Also, the role of Gandrung art as a performing art is becoming a political communication tool for political actors in Indonesia.

This study employs a retrospective phenomenological case. The informants recruited were 18 politicians who have local, regional and national political levels. The participants were interviewed about their experiences of campaigning using traditional performing arts as a form of political communication. Data collection techniques used in this study include interviews and photo documentation during the campaign process to triangulate findings.

Based on a case study analysis and through thematic analysis, this research reveals three emerging themes which indicate that performing arts function as political communication tools in three significant ways: (1) as a form of artistic expression for conveying political messages through movement and the use of dancer costumes; (2) as a medium for showcasing cultural identity and representation as a form of concern for the local culture of voters; and (3) as a means to garner mass appeal and propagate political propaganda.

The study has two limitations. First, the study only interviewed a small number of participants. Thus, generalization for wider contexts of politicians is not possible. Second, the study focuses on examining the voice of politicians and analyzing it using thematic analysis.

There is a scarcity of research that specifically focuses on uncovering the perspectives of politicians who employ performing arts as a political communication tool. This study contributes to the understanding that art performance is inherently non-neutral, highlighting how performing arts can actively engage in political communication by conveying messages, shaping cultural identity and influencing public opinion in the context of Indonesia.

The paper aims to present the importance of social relationships in cooperation among theaters in the creation of three types of values that characterize arts entrepreneurship (i.e. artistic, economic and social).

The findings are based on qualitative research with the use of 50 semi-structured interviews conducted with 57 representatives of public and private theaters in the performing arts sector in Poland.

The research shows how social relationships among cooperating representatives of theaters are used to create three types of values that characterize performing arts entrepreneurship (i.e. artistic, economic and social). The findings reveal that theater representatives take advantage of social relationships and engage in inter-organizational cooperation in introducing various changes in their institutions. Thus, by fostering innovation, risk-taking and searching for new opportunities they adapt to the dynamic environment. The paper shows how the three groups of values of performing arts entrepreneurship are interrelated but also sometimes conflicted with one another.

The research is not representative as it presents the context of the analyzed theaters in Poland.

Entrepreneurship, although a popular subject of research, has been much less frequently analyzed with regard to the creative industries, such as the performing arts. In the field of management, researchers have focused primarily on business organization entrepreneurship, excluding cultural and arts institutions such as theaters. In this context, so-called arts entrepreneurship has not yet been widely recognized. In particular, there is a lack of research showing how social relationships between cooperating partners are used in the creation of three types of values in performing arts entrepreneurship, i.e. artistic, economic and social. The article fills this gap and presents both a scientific as well as an applicative contribution.

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.

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.

The current omission of art dealers from Australia’s DNFBPs definition perpetuates AML vulnerabilities within the Australian art market.

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.

The purpose of this study is to examine the perceptions and attitudes of arts and design faculty on teaching sustainability in higher education institutions in the USA.

Arts and design faculty from nine universities in the USA were approached for the study, using both closed and open-ended questions in a survey instrument. Descriptive statistics and content analysis were used to analyze the collected data.

Results related to arts and design faculty’s perception of sustainability showed high confidence in teaching sustainability but lower confidence in inspiring students to take action on sustainability issues. Faculty also perceived time, resources, knowledge and support as barriers to the integration of the topic into the curriculum. This study revealed that the faculty’s attitude toward sustainability demonstrated their recognition that sustainability should be at the core of their discipline and that they support its integration into courses.

This study is limited to arts and design faculty in higher education institutions in the USA. The results may not be generalizable to other fields or locations. In addition, the use of self-reported data may be subject to bias.

The findings of this study can inform the development of curriculum and pedagogy in arts and design sustainability education. It can also guide institutions in addressing the challenges and barriers related to incorporating sustainability into their curriculum.

Prioritizing sustainability education is crucial in addressing global climate change and related issues. Art and design educators’ perspectives on teaching sustainability can contribute to constructing a sustainable future for everyone.

This study provides insight into the perception and attitude of sustainability among arts and design faculty in higher education in the USA and highlights areas for improvement such as training and resources to better integrate sustainability into the curriculum.

The purpose of this study is to investigate the value of Ghanaian weaving art tradition to humanity from socio-cultural and economic points of view. This study sought to answer questions such as “What is the interest of researchers regarding Ghanaian textile weaving art tradition?”, “To what extent has weaving art tradition projected the Ghanaian culture?” and “What is the socio-economic value of Ghanaian weaving art tradition?”

The systematic literature review approach was used to analyse data obtained from the Scopus online database. The PRISMA framework was adopted to select 22 relevant studies for analysis and conclusions. Also, the VOSviewer software was used to analyse and understand the co-occurrence of keywords.

It was revealed that Ghanaian weaving art tradition stands as a major craft that projects Ghana globally. Researchers around the world keep adding knowledge on Ghanaian traditional weaving and its value to humanity, resulting in a significant rise recently in the publication trend. Also, the rich cloth from the art is celebrated annually to invite people around the globe to learn the Ghanaian culture for social development. This study again found that traditional weaving serves as a major source of income for weavers and marketers of indigenous Ghanaian woven fabrics.

The findings of this study serve as a wake-up call to the Government of Ghana, institutional actors and national leaders to practically engage in the projection of the local art by playing individual roles such as financially supporting the craftsmen, initiating and implementing appropriate policies and displaying the local cloth on international occasions. This will make the local art more attractive for effective marketing and cultural preservation.

With reliable information extracted from the Scopus online database, this study presents original results and makes appropriate suggestions worth adopting for the improvement of the Ghanaian weaving art tradition.

This paper aims to explore the opinions of business owners in an industrial area of Abu Dhabi that could be potentially turned into an art tourism destination.

By mobilizing the concept of “gentrification aesthetics,” the authors use a recall technique to explore support toward art from business owners, regression analyses to understand how the type and content of art predicts gentrification support and chi-square to research the differences between respondents who support the area to become a creative place and those who do not.

A model that explains the connection between gentrification aesthetics and art tourism is presented.

The authors’ proposed model results from testing the possibilities for expanding art tourism specifically and may not apply to other types of tourism. Future research is needed to understand whether and how the model can be applied to other forms of tourist consumption.

The current research presents a case study on how tourism can be strategically expanded into more rural places in a city.

The authors found significant differences between respondents who would like to see Mussafah becoming a creative place in five years and those who believe Mussafah needs to be(come) something else.

While work on tourism gentrification has been conducted, the nexus between gentrification aesthetics and art tourism cannot be found. Their relation can help to expend (art) tourism from busy cultural attractions to industrial areas. The present research fills this gap.

The purpose of this study is to investigate the effect of brand experiences through cafés or art spaces in luxury fashion flagships on consumers’ buying behavior toward authorized shopping channels.

Online questionnaires are used by adapting measurements from prior research. We test whether positive relationships exist between multi-faceted (i.e. sensory, emotional, intellectual, and relational) experiences, consumer’s revisiting intention toward the experiential spaces, and the purchase intention of luxury fashion goods from authorized channels, especially focusing on the mediation effect of the intention to revisit. We also include the experiential space type (cafés vs. art exhibitions) as moderator.

The results confirm that sensory, emotional, intellectual, and relational experiences in cafés or art exhibitions of luxury fashion flagships have a positive impact on the intention to revisit. This revisit intention to experience space has a significant effect on purchase intention from authorized shopping channels. Specifically, sensory experiences in an art space could lead to a positive revisit intention for consumers. Furthermore, relational experiences in cafés could create positive revisit intention in consumers.

This is the first study to compare consumers' perceptions by categorizing extended brand spaces and assessing experiential marketing for authorized shopping channels.