Selling National Value at the Auction Market: The London and Dublin Markets for Irish Art

2011 ◽  
Vol 5 (1) ◽  
pp. 139-153 ◽  
Author(s):  
Marta Herrero
Keyword(s):  
Economic Value ◽  
Art Market ◽  
Cultural Value ◽  
Art Markets ◽  
Auction Markets ◽  
Auction Market ◽  
Cultural Forms ◽  
Irish Art

This article explores how nationality is articulated as a form of art value in the art market, where art is defined in two related ways: instrumentally, in terms of its economic value, and culturally, by defining its meaning and significance. Focusing on the auction market of Irish art in London and in Dublin, and drawing upon interviews with auctioneers in both capitals, it investigates how nationality is produced and marketed as a form of cultural value for Irish art, comparing the specific dynamics of this process in both London and Dublin auction markets. Whilst the findings in this article agree with existing literature on the economic and cultural forms of art value prevalent in art markets, they add to the literature by arguing that the cultural, national element of value-making for Irish art is very pronounced.

scholarly journals Freeports and the Hidden Value of Art

Arts ◽  
2020 ◽  
Vol 9 (4) ◽  
pp. 117
Author(s):  
John Zarobell
Keyword(s):  
International Finance ◽  
Economic Value ◽  
Art Market ◽  
Tax Avoidance ◽  
Cultural Value ◽  
Regulatory Authorities ◽  
Economic Production ◽  
Art Works ◽  
Art Trade ◽  
Global Art

At first glance, the global art trade—currently valued around $60 billion—is a miniscule piece of global economic production. But due to the unregulated nature of the art market, it serves a key function within the larger network of the accumulation and distribution of capital worldwide. This deregulated market intersects with the offshore domain in freeports, an archipelago of tax-free storage facilities that stretch from Singapore to Geneva to Delaware. The burgeoning of freeports globally suggests that speculation has become a more prominent pattern of art investment, but it also demonstrates that tax avoidance is a goal of such speculators and the result is that more art works are being taken out of circulation and deposited in vaults beyond the view of regulatory authorities. Despite its size, the art trade can demonstrate broader trends in international finance and, by examining offshore art storage that occurs in freeports, it will be possible to locate some of the hidden mechanisms that allow the global art market to flourish on the margins of the economy as well as to perceive a shift in which the economic value of art works predominates over their cultural value.

scholarly journals External Shocks in the Art Markets: How Did the Portuguese, the Spanish and the Brazilian Art Markets React to COVID-19 Global Pandemic? Data Analysis and Strategies to Overcome the Crisis

Arts ◽  
2021 ◽  
Vol 10 (3) ◽  
pp. 47
Author(s):  
Adelaide Duarte ◽  
Ana Letícia Fialho ◽  
Marta Pérez-Ibáñez
Keyword(s):  
Art Market ◽  
External Shocks ◽  
Art Markets ◽  
Art Galleries ◽  
Academic Literature ◽  
Brazilian Art ◽  
Global Pandemic ◽  
The Social ◽  
The Impact

The spread of the COVID-19 pandemic worldwide, and the restrictions imposed by the social distance and the enforced confinement, are having an impact on the art markets globally. The aim of this article is to evaluate the impact of an external shock in the primary art market, using three countries as a case study: Portugal, Spain, and Brazil. These geographies have in common being at the margins in the art market’s main art hubs. It is intended to analyze how agents are responding to the new context, according to the data gathered within the gallery sector. The methods applied in the research are a combination of surveys carried out by the authors, field-based observation, along with an academic literature review, complemented by international and national reports analysis. The study’s main findings allow us to characterize the art market as a very resilient sector that energetically responded to the crisis, able to adapt and overcome challenges imposed by the new pandemic situation. Contemporary art galleries expanded digital activities, kept participating in art fairs hybrid models, continued to focus on internationalization, and pointed to the strengthening of public policies towards the sector and partnerships as key strategies to overcome the crisis.

Open, User, and Smart Innovation in Cultural Firms

2014 ◽  
pp. 200-224 ◽  
Author(s):  
Valentina Della Corte
Keyword(s):  
Economic Value ◽  
Tourism Industry ◽  
Cultural Value ◽  
Cultural Resources ◽  
Sustainable Competitive Advantage ◽  
Cultural Products ◽  
Public And Private ◽  
New Approach ◽  
Cultural Sites ◽  
Cultural Sector

The cultural sector is made of a variety of firms (both public and private) whose primary economic value derives from their cultural value (Flin, Mearns, O'Connor, & Bryden, 2000). The focus in this chapter is on the organizations that manage cultural sites, with a specific attention to the interactions between cultural sector and tourism industry. Nowadays, the competitive environment is more and more complex, owing to the globalization as well as to the interactions of this sector with others, so the cultural actors have to enrich their cultural offer in order to meet customers' needs effectively and efficiently. For this reason, innovation is acquiring a crucial role in a marketing approach for cultural firms in order to promote and distribute value through their offers. Managers of cultural firms are generally oriented to the preservation rather then to the promotion and valorization of cultural resources. Innovation, in its different perspectives, can be the key component for the creation of a new approach in the offer of cultural products, aiming at catching external opportunities through a continuous, interactive and innovative relationship with all the actors of the destination in order to gain sustainable competitive advantage.

Oil, gold, stones: cultural value in Italian cultural policy

2019 ◽  
Vol 9 (1) ◽  
pp. 2-15
Author(s):  
Alice Borchi
Keyword(s):  
Cultural Policy ◽  
Economic Value ◽  
Rapid Change ◽  
Cultural Value ◽  
Content Type ◽  
Heritage Sites ◽  
Cultural Assets ◽  
Italian Government ◽  
The People

Purpose The purpose of this paper is to understand the concept of cultural value promoted by the Italian government between 2008 and 2018. Furthermore, it aims at setting the scope for further research and debate on the issue of cultural value in Italian cultural policy by questioning market-driven understanding of value. Design/methodology/approach In order to do so, it examines the rhetoric of Italian policymakers, with a particular focus on the people who have covered the role of Ministry for Cultural Assets and Activities over this 10-year span, and the policies they have implemented. The various nuances of the concept of valorizzazione are studied by analysing different pathways employed by the Italian government and the values underpinning them, with a particular focus on the abandonment of heritage sites. Findings What emerges from this research is the centrality of the economic value of culture; however, the economic impact of Italian cultural assets is always presented as a potential that has to be unlocked by implementing policies of valorizzazione, a term that has a double meaning of promotion and exploitation (Belfiore, 2006). Originality/value This paper presents an original approach to understanding the formation and promotion of cultural value at the level of governmental policy in the context of contemporary cultural policy in Italy. In particular, it evidences how the centrality of the economic value of culture has remained unscathed despite the rapid change of governments that has characterised Italian politics in the last 10 years.

Minimal Intelligence Agents in Double Auction Markets with Speculators

2011 ◽  
pp. 79-98
Author(s):  
Senlin Wu ◽  
Siddhartha Bhattacharyya
Keyword(s):  
Market Efficiency ◽  
Double Auction ◽  
Sufficient Condition ◽  
Agent Based Model ◽  
Market Conditions ◽  
Market Prices ◽  
Auction Markets ◽  
Agent Based ◽  
Auction Market

This chapter explores the minimal intelligence conditions for traders in a general double auction market with speculation activities. Using an agent-based model, it is shown that when traders and speculators play together under general market curve settings, zero-intelligent plus (ZIP) is still a sufficient condition for market prices to converge to the equilibrium. At the same time, market efficiency is lowered as the number of speculators increase. The experiments demonstrate that the equilibrium of a double auction market is an interactive result of the intelligence of the traders and other factors such as the type of the players and market conditions. This research fills in an important gap in the literature, and strengthens Cliff and Bruten’s (1997) declaration that zero is not enough for a double auction market.

Ten Lessons that Internet Auction Markets Can Learn from Securities Market Automation

2011 ◽  
pp. 57-87
Author(s):  
J. Christopher Westland
Keyword(s):  
Stock Exchange ◽  
Emerging Market ◽  
Securities Market ◽  
Internet Auction ◽  
Auction Markets ◽  
Auction Market ◽  
Central Stock ◽  
Product Models ◽  
Communications Technologies ◽  
Financial Securities

Internet auction markets offer customers a compelling new model for price discovery. This model places much more power in the hands of the consumer than a retail model that assumes price taking, while giving consumers choice of vendor and product. Models of auction market automation has been evolving for some time. Securities markets in most countries over the past decade have invested significantly in automating various components with database and communications technologies. This paper explores the automation of three emerging market exchanges ( The Commercial Exchange of Santiago, The Moscow Central Stock Exchange, and Shanghai’s Stock Exchange ( with the intention of drawing parallels between new Internet models of retailing and the older proprietary networked markets for financial securities.

Weird Music: Tension and Reconciliation in Cultural-Economic Knowledge

2016 ◽  
Vol 11 (1) ◽  
pp. 44-59 ◽  
Author(s):  
Whitney Johnson
Keyword(s):  
Economic Value ◽  
Cultural Value ◽  
Economic Knowledge ◽  
Exchange Relationships ◽  
Value Judgments ◽  
Cultural Economic ◽  
Economic Relationships ◽  
Music Venues ◽  
Cultural Similarity ◽  
Depth Interviews

How do music venues reconcile competing desires for popularity and uniqueness in their bookings? According to 25 semi-structured, in-depth interviews with the staff of licensed and unlicensed music venues, gatekeepers tended to prefer ‘weird’ music in terms of unconventionality and even obscurity rather than focusing on cultural similarity through genre conventions. Respondents described at least three ways to reconcile this internal tension of cultural-economic value. A few licensed venue administrators took popularity within the ‘underground’ as an index of value. Others constructed a narrative of building bands from obscurity to success in terms of both economic and cultural value. However, most respondents described strategies of differentiation between cultural and economic value in their economic relationships. This final way of understanding the cultural economy extends Zelizer’s theory of relational economics to find that economic actors do not only differentiate transactions according to social ties but also may differentiate their exchange relationships according to opposing value judgments.

scholarly journals Evidence of Auction House Influence Over Buyer Behaviour and Price Formation in the Australian Art Auction Market

2009 ◽  
Vol 3 (1) ◽  
Author(s):  
Meaghan Wilson-Anastasios
Keyword(s):  
Empirical Evidence ◽  
Art Market ◽  
Price Formation ◽  
Market Development ◽  
Auction Market ◽  
Significant Control ◽  
Auction Houses ◽  
Buyer Behaviour ◽  
Scant Attention ◽  
Art Auction

During the last six months, there has been much discussion in the general and arts media about the manifestation of problematic practices within the Australian art auction market. Although the nature of these practices has been scrutinised, scant attention has been paid to how the methods and mechanisms employed by auction houses to build business during the art market boom that commenced in the late 1990s might represent a force that could undermine the sustainability of the market. Fundamental to this is quantifying the extent to which auction houses are able to influence market development. In this paper, I present empirical evidence that suggests that major Australian auction houses can exert significant control over buyer behaviour and price formation.

Book Reviews

2016 ◽  
Vol 54 (4) ◽  
pp. 1405-1406
Keyword(s):  
Art Market ◽  
Art Markets ◽  
The World ◽  
Structural Mechanisms ◽  
Global Art

David Throsby of Macquarie University reviews “Understanding Art Markets: Inside the World of Art and Business,” by Iain Robertson. The Econlit abstract of this book begins: “Updated second edition of textbook analyzes technical and structural mechanisms that create value in the global art market; addresses how each of the four major art markets generate value; and considers private, public, and nonpecuniary value.”

scholarly journals The impact of tourism across the Taiwan Strait on the Taiwanese identity

2017 ◽  
Vol 1 (1) ◽  
pp. 52
Author(s):  
Qianqian Li
Keyword(s):  
Political Parties ◽  
Economic Value ◽  
Taiwan Strait ◽  
Cultural Value ◽  
Taiwanese Identity ◽  
Cultural Alienation ◽  
The Taiwan Strait ◽  
Political Value ◽  
The Impact

Nowadays, the search for identity in Taiwan has been more significant today compared to the past because political parties have been attempting to use Taiwanese identity to impact the political loyalty, the democratization as well as language. Based on current situation of tourism cross-Straits, this paper respectively analyzes its economic value, political value as well as cultural value on Taiwanese identity.  This paper finds that due to a series of strategies adopted by Tsai’ government, tourism does not make a big difference in Taiwan’s economy, hence, the interdependence of tourism does not remarkably diminish Taiwanese identity from the perspective of economic value. Furthermore, according to the current perceptions of Taiwanese to Mainland tourists, tourism across Taiwan Strait makes slight influence on Taiwanese identity. Consequently, the current effect of using tourism as an economic lever to encourage political unification is extremely rough and tenuous. Besides,  to some extent, currently tourism is likely to produce greater social and cultural alienation among Taiwanese, which makes a contribution to boost Taiwanese identity. However, the result can be reverse with the current improvement of education and the quality of Chinese and admiration of China’s remarkable development.

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