The Meanings of Discounts in Contemporary Art Markets: The Case of India

Komarova, Nataliya

doi:10.1177/1749975515584081

Cited by 8 publications

(6 citation statements)

References 38 publications

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“…While both art markets observed rapid development and international interest in the early 1990s, in Russia it has slowly evaporated, while the Indian art market continued with a steady rise, resulting in an impressive investment boom in the mid-2000s. Hit by the financial crisis, the Indian contemporary art market bubble has in the meantime burst and has not yet returned to the pre-crisis volumes of sales and levels of prices (see Komarova 2015). Nevertheless, the Indian market still seems to be more stable and sizeable than the Russian one.…”

Section: Activation Mechanisms and Market Performancementioning

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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Section: Activation Mechanisms and Market Performancementioning

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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“…Our study of the Chinese market, of which there is currently scant sociological research, shows, however, that its valuation practices and judgment devices differ from established markets in Europe and the USA (Moulin, 1987;Velthuis, 2005;Horowitz, 2011) as well as from other emerging art markets (see e.g. Favell, 2011;Brandellero, 2015;Komarova, 2015). In particular, our in-depth fieldwork has revealed that auction houses are ubiquitous in the Chinese contemporary art world, and appear in contexts where their presence would be considered illegitimate in other countries (Horowitz, 2011).…”

Section: Introductionmentioning

confidence: 77%

How to become a judgment device: valuation practices and the role of auctions in the emerging Chinese art market

Kharchenkova

Velthuis

2017

Socio-Economic Review

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This article studies the role of judgment devices in the emergence of markets for singularities. In particular, it seeks to understand how specific judgment devices become dominant in resolving uncertainty within these markets. Building on Karpik's seminal theory, we argue that institutional environments (e.g. government regulations, political economic factors, the level of informality within business environments) as well as the level of expertise of consumers, co-determine which devices come to be used in new markets. Empirically, we focus on the emerging market for contemporary art in China. While auctions and auction prices are widely used in valuing contemporary art in China, this is highly illegitimate in international art markets. We argue that auctions act as a judgment device in China because of strong government backing, because other validating organizations, such as museums and art critics, are seen as untrustworthy, and because auctions send strong, easily interpretable signals to novice collectors.

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“…In the literature, there are several researchers studying the assessment of artwork value from a sociological perspective. For example, Leahy (2009), Preece (2014), Komarova (2015), Khaire and Wadhwani (2010), Herrero (2011), Bonus and Ronte (1997), Velthuis (2003), Hutter and Throsby (2007), Sullivan and Butler (2017), Ağlargöz and Öztürk (2015), and Beteş (2016) consider the valuation and pricing of an artwork as a socio‐cultural process, occuring among sellers and buyers, and thus, focus on the analysis of the relationships and discourses among artists, gallery/auction house owners and collectors/investors.…”

Section: Literature Review and Hypothesis Developmentmentioning

confidence: 99%

Sustainable development of art industry and a statistical analysis of the factors that influence the gallery prices of contemporary artworks

Turan

Tosun

2022

Sustainable Development

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Although art industry has developed significantly, the factors influencing artwork prices and their specific effects are not fully known. With this research, to guide curators, gallery owners, collectors and art investors, as well as artists, first the factors that may influence artwork prices are determined. Then, using a data set from a contemporary art gallery in Istanbul, which of these factors are significant and in which ways they alter the prices are investigated. While previous studies are typically based on auction prices, promoting the economic sustainability of artists, this study employs gallery prices, and different from the existing efforts, it examines the joint impact of the artwork specific factors such as production technique and the number of editions, together with the artist specific factors including gender, education level and the field of study. Statistical findings suggest that there is no significant difference between the prices of artworks created by the artists who have a formal education in fine arts and those who do not. However, it is found that artists, particularly the female ones, can increase the prices of their artworks by having a graduate level education. Also, it is observed that increasing the number of editions negatively affects artwork prices, and the artworks created in print techniques have significantly lower prices than the artworks produced in other techniques. Though, it is detected that print artworks are less affected from the price reductions induced by the increase in the number of editions, compared to the artworks produced in other techniques.

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The Meanings of Discounts in Contemporary Art Markets: The Case of India

Cited by 8 publications

References 38 publications

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

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

How to become a judgment device: valuation practices and the role of auctions in the emerging Chinese art market

Sustainable development of art industry and a statistical analysis of the factors that influence the gallery prices of contemporary artworks

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