Abstract

This chapter shows the results of empirical research conducted on a sample of the 155 most famous contemporary artists in the world in order to analyze the competitive dynamics regulating the system of contemporary arts. Results show that the contemporary art market is a winner-take-all market subject to network effects where collectors influence the artist’s notoriety, making the artist even more attractive to additional buyers and accelerating the process of mainstream adhesion. This celebrity-effect tends to reinforce the same artists in the art market, whereby the works of the most famous artists are the most demanded and achieve the highest prices on the market, while emerging artists face high barriers to entry.

Talk to us

Join us for a 30 min session where you can share your feedback and ask us any queries you have

Schedule a call

Disclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.