연세대학교 경영연구소

Dongyoub Shin, 이강산,이학배.  Neoliberal marketization of art worlds and status multiplexity: Price formation in a Korean art auction, 1998-2007  POETICS  43  : 120~148

발표년도: 2014  |  분야: 매니지먼트

This paper examines the effects of neoliberal marketization of art worlds on the price formation of artworks in the auction market. Based on the distinction between market status and professional status of an artist, we argue that the two types of statuses not only differ in their effects on price formation but also interact with each other in determining the price of artwork. Analysis of an original dataset of all artworks traded at a major Korean fine art auction from 1998 to 2007 indicates that the price of an artwork sold at the auction was positively affected by the market status of its artist and negatively affected by the same artist’s professional status. We also found that the negative effect of professional status on the price of artwork was greater for those artists with high market status than for those with low market status. Our results also show that the adoption of neoliberal art investment practices increased the prices of artworks traded at the auction by reinforcing the institutional logic of marketization. Moreover, the adoption of neoliberal investment practices was found to further enhance the positive effect of market status on price. General implications are discussed.

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  이전글 Dongyoub Shin, 김선혁,정기원.  Is the traditional Asian development model still valid for entrepreneurial ventures?  ASIAN BUSINESS & MANAGEMENT

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