No abstract

Objectives: This paper aims to argue how the structure of brand communication by artists creates value in the art market. Artists have already made brands of themselves through self-promotion, networking with stakeholders in the art world, and other activities, and the effects of the artist's brand communication vary depending on the process used. Methods: We select Damien Hirst as a single case, and secondary data from various sources are collected. We analyze the gathered data in order to understand the brand of Hirst in terms of general branding theory and art institution theory. Results: The semantic approach starts with the assumption that Hirst's brand consists of what Saussure calls a 'significant' and a 'signifié. ' The significant involves the ostensible brand revealed in the bizarre and shocking, self-promotion, anti-institutional norms, blasphemy of art, etc., but the hidden symbol, signifié, was created by the existence of Charles Saatchi, a renowned collector, and it involves the symbolic power of YBA and the logic of the art market. Conclusions: The analysis of Hirst's brand, however, shows a paradoxical result. Although his powerful brand was constructed by subverting and challenging the institutional system of art, the system embraces his works, which is shown in the high economic value it brings in the art market. Thus, a differentiation strategy is possible in internal contradictions.