Framing the work: The Composition of Brand Value in the Visual Arts

This paper contributes to the development of brand theory within the visual arts market. Using socio-cultural theory, we develop a conceptual framework within which art brands can be examined. Findings illustrate how brand... [ view full abstract ]

This paper contributes to the development of brand theory within the visual arts market. Using socio-cultural theory, we develop a conceptual framework within which art brands can be examined. Findings illustrate how brand equity is co-constructed in the art market through various relationships that form the brand’s ‘provenance’ and thereby act as cues in the buying process by reducing risk. We establish the need to reconceptualise value, as these collaborative relations mean that the locus of control is dispersed. Moreover, there are power dynamics at play, these ‘consumers’ are not homogenous, some are more important than others in the valuation process, problematising the view that value emerges as a result of the operant resources ‘producing effects’ through working on operand resources. Adopting the socio-cultural approach we demonstrate how this more scattered notion of value blurs boundaries between product and service, producer and consumer, offering a more unified perspective on brand co-creation which can be used in strategic decision making. This is of use in our ‘sharing’ economy where value is acknowledged to be created through collaboration with a number of actors but there is little recognition of the patterns underlying this co-creation in terms of hierarchical privileged access or denial.