Contemporary Art Market and Positioning of Artist’s Brand on It

Abstract

The purpose of the article is to study the definitions of the art market and the artist's brand in the first third of the 21st century, as well as to analyse the ways of promoting contemporary branded artists on the art market. The research methodology consists in the application of comparative, empirical, and theoretical methods. This methodological approach allows to analyze the tools of popularization of modern Ukrainian and foreign artists. The scientific novelty lies in a new approach to the definition of "art market", in the comparative disclosure of the definition of "artist’s brand" through the study of non-commercial socio-cultural projects against the background of commercial art projects aimed to generate monetary income. Conclusions. The socio-cultural design of the work of managers of the contemporary Ukrainian commercial and non-commercial segments of the art market corresponds to the planning algorithms of the classical market, and includes such market participants as the producer of an artistic product, the seller, the consumer, pricing algorithms, and advertising. The art market has implemented marketing algorithms for popularising artists' work and promoting art brands. In the modern global art market, each artist’s personal brand is a unique socio-cultural project and one of the main criteria for pricing artworks. The contemporary Ukrainian art space meets the requirements of the global art market, is competitive, and includes state and municipal institutions and facilities, as well as the commercial space of auctions, fairs, and galleries. Key words: art market, marketing research, relationship marketing, motivation of art consumers, art projects, consumption of art works, behaviour of art market consumers.