Abstract
In this article, we present our analysis of how one of Belgium’s largest auction houses has creatively dealt with the forced transition to online auctions during the COVID-19 pandemic. Based on in-depth qualitative interviews and participant observation conducted at Bernaerts Auctioneers in Antwerp over a period of three months between February and April 2021, we show how the auction house has succeeded at maintaining relations with its clients and the public while exclusively moving its sales online. Our specific focus was on the mediation of expertise. Drawing on recent publications from the fields of economic sociology and anthropology, we analyzed how expert narratives of origin, authenticity, and uniqueness are communicated online to affect an object’s auction value. Based on our empirical research, which also includes narrative analyses of Bernaerts Auctioneers’ internet publication Prelude, as well as content shared online via social media, we argue that expert knowledge and practices of expertise are resilient and—contrary to what neoclassical economic theory might suggest—that they continue to be central to negotiations of value, as well as in online auctions.
Highlights
On 29 June 2020, when the COVID-19 pandemic was at its preliminary worst, Francis Bacon’s 1981 Triptych Inspired by the Oresteia of Aeschylus sold for a record-breaking value of USD 84,550,000 in an online auction
Based on our empirical research, which included narrative analyses of Bernaerts Auctioneers’ internet publication Prelude, as well as content shared online via social media, we argue that expert knowledge and practices of expertise are resilient and—contrary to what neoclassical economic theory might suggest—that they continue to be central to negotiations of value, as well as in online auctions
Based on recent economic sociological and social anthropological scholarship, and in contrast to neoclassical economics, we argue that the authority and legitimacy of, as well as the trust in experts and their expertise influences negotiations of value in markets of singularities, including art auctions online
Summary
On 29 June 2020, when the COVID-19 pandemic was at its preliminary worst, Francis Bacon’s 1981 Triptych Inspired by the Oresteia of Aeschylus sold for a record-breaking value of USD 84,550,000 in an online auction. Many auction houses were already working with variable hybrid formats when the pandemic hit, the complete switch to online auctions overnight brought with it some difficulties, and it continues to test the creativity and resilience of the auction market. Considering that Bernaerts Auctioneers’ marketing slogan is “Better in Belgium”, we show how the auction house has succeeded at maintaining relations with its clients and the public while exclusively moving its sales online. Based on our empirical research, which included narrative analyses of Bernaerts Auctioneers’ internet publication Prelude, as well as content shared online via social media, we argue that expert knowledge and practices of expertise are resilient and—contrary to what neoclassical economic theory might suggest—that they continue to be central to negotiations of value, as well as in online auctions
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