Abstract

This study aims to gain insight into the reasons why art auction houses actively accept NFT art from a socio-cultural perspective. Drawing on Bourdieu's field theory, the auction house is viewed as an actor, and a qualitative case study on Seoul Auction was conducted. The study reveals that Seoul Auction does not simply introduce NFT to the field of art, but instead refracts it through an expert selection system commonly used in that field. As NFT art gains recognition in this field, Seoul Auction accumulates symbolic capital, which contributes to preserving its dominant position in the field of art. At the same time, Seoul Auction also faces a symbolic struggle against new platforms attempting to enter the field of art by trading NFT art. Furthermore, Seoul Auction is engaged in a symbolic struggle to legitimize NFT art transactions taking place outside the field of art through the media. The analysis of the acceptance of NFT art by auction houses contributes to a better understanding of the stratified order among actors in the field of art and the linkages between this field and the broader society that surrounds it.

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