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Contemporary Art Market: Decision-making amidst economic uncertainty in the contemporary art market

Authors: Lovotti, Ivo Joaquin; Musco, Andrea; Kadir, Seda Elena;

Contemporary Art Market: Decision-making amidst economic uncertainty in the contemporary art market

Abstract

This report illustrates the factors that influence the decision-making processes of individuals whentaking part in the contemporary art market, notwithstanding the risk often attributed to such asset and the economic uncertainty of periods such as the aftermath of Covid-19. By examining the motivations from different perspectives, this report aims to shed light on the dynamics of the contemporary art market and its resilience in the face of economic instability. To answer the research question what factors drive individuals in Denmark to take part in the contemporary art market amidst the current economic uncertainty? We carry out semi-structured interviews with two amateur art buyers, one curator, and two owners of renowned contemporary art galleries. The results show that investing in contemporary art 1) yields socio-economic advantages 2) is influenced by trust towards the artist, and 3) is a matter of familial background. The research emphasizes how these factors influences the perception of risk in the individuals when investing in a piece of contemporary art. The purpose of this study is to identify the key factors that affect participants' engagement with the art market by investigating their personal motivations, risk perceptions, and investment strategies. The research is also particularly useful and relevant given the current economic uncertainty and its potential effects on the investment landscape. The results of this study will add to the body of knowledge that exists aboutthe contemporary art investment market by giving a more in-depth and precise understanding of the factors that influence people to invest in art despite the current state of the economy.

Country
Denmark
Related Organizations
Keywords

Risk, Contemporary art, Uncertainty, Decision-making

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  • citations
    This is an alternative to the "Influence" indicator, which also reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically).
    0
    popularity
    This indicator reflects the "current" impact/attention (the "hype") of an article in the research community at large, based on the underlying citation network.
    Average
    influence
    This indicator reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically).
    Average
    impulse
    This indicator reflects the initial momentum of an article directly after its publication, based on the underlying citation network.
    Average
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citations
This is an alternative to the "Influence" indicator, which also reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically).
BIP!Citations provided by BIP!
popularity
This indicator reflects the "current" impact/attention (the "hype") of an article in the research community at large, based on the underlying citation network.
BIP!Popularity provided by BIP!
influence
This indicator reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically).
BIP!Influence provided by BIP!
impulse
This indicator reflects the initial momentum of an article directly after its publication, based on the underlying citation network.
BIP!Impulse provided by BIP!
0
Average
Average
Average
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