Changing Landscapes: The Construction of Meaning and Value in a New Market Category—Modern Indian Art

Khaire, Mukti; Wadhwani, R. Daniel

doi:10.5465/amj.2010.57317861

Cited by 341 publications

(356 citation statements)

References 68 publications

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“…Because the contemporary art market is characterized by a high degree of uncertainty (Caves, 2000;Khaire & Wadhwani, 2010), reputation plays an important role by helping stakeholders to cope with this uncertainty (Mishina, Block, & Mannor, 2012). As Fombrun (2012: 98) notes, "the greater the ambiguity experienced by constituents, the greater the importance of reputation as it reduces uncertainty."…”

Section: Methodsmentioning

confidence: 99%

“…Reputations are important in many contexts, and this is especially the case in the market for contemporary art, which has long been characterized by high uncertainty (e.g., Caves, 2000;Khaire & Wadhwani, 2010). Art goods are complex and difficult to compare, and there are no precise methods available for making aesthetic and financial judgments (Yogev, 2010).…”

Section: Audience-specific Reputations In the Contemporary Art Fieldmentioning

confidence: 99%

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The Art of Representation: How Audience-specific Reputations Affect Success in the Contemporary Art Field

Ertug

Yogev

Lee

et al. 2016

AMJ

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AcknowledgmentWe would like to thank Tim Pollock and the three anonymous reviewers for their excellent suggestions and guidance. We would also like to thank Martin Gargiulo, Matteo Prato, Heeyon Kim, Abhijith G. Acharya, Fabrizio Castellucci, Yi Tang, and Francois Collet for their valuable feedback, as well as participants at presentations at the Oxford University Centre for Corporate Reputation and at Singapore Management University. We would also like to express our gratitude for the financial support we have received from the Oxford University Centre for Corporate Reputation. The research leading to these results has received funding from the European Research 2 THE ART OF REPRESENTATION: HOW AUDIENCE-SPECIFIC REPUTATIONS AFFECT SUCCESS IN THE CONTEMPORARY ART FIELD ABSTRACTWe study the effects of actors' audience-specific reputations on their levels of success with different audiences in the same field. Extending recent work that has emphasized the presence of multiple audiences with different concerns, we demonstrate that considering audience specificity leads to an improved understanding of reputation effects. Using data on emerging artists in the field of contemporary art from 2001 to 2010, we investigate the manner in which artists' audience-specific reputations affect their subsequent success with two distinct audiences: museums and galleries. Our findings suggest that audience-specific reputations have systematically different effects with respect to success with museums and galleries. Our findings also illuminate the extent to which audience-specific reputations are relevant for emerging research on the contingent effects of reputation. In particular, our findings support our predictions that audiences differ from one another in terms of the extent to which other signals (specifically, status and interaction with other audiences) enhance or reduce the value of audience-specific reputations. Our study thus advances theory by providing empirical evidence for the value of incorporating audience-specific reputations into the general study of reputation.3

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Section: Methodsmentioning

confidence: 99%

Section: Audience-specific Reputations In the Contemporary Art Fieldmentioning

confidence: 99%

The Art of Representation: How Audience-specific Reputations Affect Success in the Contemporary Art Field

Ertug

Yogev

Lee

et al. 2016

AMJ

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“…Stallabrass 2004). Moreover, in the same period, the art market itself globalized, creating interest from Western dealers, auction houses, and collectors in art produced in new regions (Joy and Sherry 2004;Belting 2009;Khaire and Daniel Wadhwani 2010).…”

Section: Similar Global Trendsmentioning

confidence: 99%

Local contexts as activation mechanisms of market development: contemporary art in emerging markets

Komarova

Velthuis

2017

Consumption Markets & Culture

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Local contexts as activation mechanisms of market development: contemporary art in emerging markets Komarova, N.; Velthuis, O.J.M. General rightsIt is not permitted to download or to forward/distribute the text or part of it without the consent of the author(s) and/or copyright holder(s), other than for strictly personal, individual use, unless the work is under an open content license (like Creative Commons). Disclaimer/Complaints regulationsIf you believe that digital publication of certain material infringes any of your rights or (privacy) interests, please let the Library know, stating your reasons. In case of a legitimate complaint, the Library will make the material inaccessible and/or remove it from the website. Please Ask the Library: http://uba.uva.nl/en/contact, or a letter to: Library of the University of Amsterdam, Secretariat, Singel 425, 1012 WP Amsterdam, The Netherlands. You will be contacted as soon as possible. The paper studies how local contexts contribute to the emergence of markets. In particular, it explains how potential entrepreneurs are motivated to become active in establishing new markets. Empirically, the focus is on contemporary art markets in two emerging countries: India and Russia. The paper draws upon qualitative interviews with 65 contemporary art dealers conducted in New Delhi, Mumbai, Moscow and Saint Petersburg. We show how different socio-cultural contexts function as activation mechanisms: in India, family backgrounds predominantly structure the decision-making processes, among others through the economic, social and cultural capital which these families provide. In Russia, by contrast, such family background is non-existent. Instead, the socio-economic turmoil of 1990s and 2000s as well as the strong involvement of the state function as activation mechanisms. We suggest that these different activation mechanisms contribute to explaining the diverging market performance in both countries.

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“…However, around 1995 onwards a consensus began to emerge among art critics and historians about modern Indian art being recognized as an independent artistic movement. As a result, during the period [1995][1996][1997][1998][1999][2000][2001][2002][2003][2004][2005][2006][2007] the average price of an Indian art painting at auction increased from $6000 to $44,000 (Khaire and Wadhwani, 2010). Currently Indian art prices are considered roughly comparable to prices for art from Latin America, with several paintings fetching prices in excess of $2 million (USD).…”

Section: Introductionmentioning

confidence: 99%

“…Saffronart was the leading auctioneer of Indian artwork during the period 2000-2007 with a market share of at least 41% compared to 25% each for Christie's and Sotheby's (Khaire and Wadhwani, 2010). From November 2000 to June 2013…”

Section: Introductionmentioning

confidence: 99%

Returns on Indian Art during 2000–2013

Hawkins

Saini

2015

Eastern Econ J

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The market for modern Indian art is an emerging art market, having come into a proper existence only in the late 1990s. This market saw tremendous growth in its initial years and then a downturn that started around [2007][2008]. Using data from auctions conducted by a major Indian art auctioneer, we estimate via hedonic regression a price index for paintings and drawings by Indian artists sold during 2000-2013. We are able to thus estimate a rate of return on Indian art as an investment and also shed light on what drives the price of a painting in the Indian market. In doing so, we document quantitatively the extent of the rise and fall in Indian art prices. We also distinguish empirically two segments in the Indian art market, namely modern painters and contemporary painters, who appear to command different prices at auction. We find a positive and statistically significant relationship between the state of the Indian stock market and art auction prices. Finally, we use our econometric results to construct a ranking of Indian painters in terms of the market prices for their work. JEL Classification: C20, Z11.

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Changing Landscapes: The Construction of Meaning and Value in a New Market Category—Modern Indian Art

Cited by 341 publications

References 68 publications

The Art of Representation: How Audience-specific Reputations Affect Success in the Contemporary Art Field

The Art of Representation: How Audience-specific Reputations Affect Success in the Contemporary Art Field

Local contexts as activation mechanisms of market development: contemporary art in emerging markets

Returns on Indian Art during 2000–2013

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