From introduction

This book, aimed at investigating the realm of conspicuous consumption created by key actors (gallery owners, curators, artists) and consumers in the art market, is structured around two main questions: How does the consumption of artistic products differ from the consumption of other products (such as an apple)? How does the conspicuous consumption universe emerge in the art market, and what role do the actors play? In addressing these questions, the book explores the social dynamics of conspicuous consumption in art creation and consumption, the significance of high prices in paintings for market actors, and the role these actors play in shaping those prices. Additionally, it evaluates the influence of pleasure and taste on the consumption process of consumers.

The work is divided into three main chapters. The first chapter focuses on social and economic components of art market. It covers the emergence of market, its connection to market economy, key market actors, and the evolution of its functioning. This section also discusses global art market. The second chapter includes theoretical perspectives of like Elizabeth C. Hirschman, and Paul J. DiMaggio. It also presents conceptual framework of conspicuous consumption and examines how conspicuous consumption emerges in art market. Consumption of artworks as conspicuous goods is analyzed through Thorstein Veblen’s (1912) theory of conspicuous consumption. Chapter 3 presents the methodology and findings of a field study exploring conspicuous consumption in art market. Based on in-depth interviews, it features insights from artists, gallery owners, curators, and art consumers.

Contents

Preface

Introduction

1. Market Practices: Production & Consumption in Art

1.1. Society & Art

1.2. Art, Artist and Culture

1.3. Art as a Commodity

1.4. Art Market

1.5. Art Market Actors

1.6. Art Collectors and Market Dynamics

2. Theories on Art Market & Conspicuous Consumption

2.1. Bourdieu: Art Field

2.2. Hirschman and Artworld

2.3. DiMaggio and Cultural Capitalists

2.4. Veblen: Conspicuous Consumption

2.5. Veblen, Art and Status

2.6. Art as a Veblen Good

2.7. Evolving Consumer Status in Art

3. Method and Insights from the Art Market

3.1. Exploring Art Field: Method

3.2. Perspectives from art market actors

Conclusion

References

List of Figures

List of Tables