Exploration of Technological Innovation and Market Strategy of Auction Houses

For the last two decades, the international auction houses Sotheby’s and Christie’s have been at the forefront of global art market expansion. Their world-wide footprints have enabled auction house specialists to engage with emerging artists and aspiring collectors, most notably in the developing economies of the Global South. By establishing their sales infrastructure in new locales ahead of the traditional mechanisms of primary market commercial galleries, the international auction houses have played a foundational role in the notional construction of new genres of art. However, branding alone is not sufficient to establish these new markets; the auction houses require a network of willing supporters to facilitate and drive marketplace supply and demand, be that trans-locational art market intermediaries, local governments, and/or regional auction businesses. This paper examines emerging art auction markets in three Global South case studies. It elucidates the strategic mechanisms and networks of international and regional art auction houses in the development of specific genres of contemporary art: Hong Kong and ‘Chinese contemporary art’, Singapore and ‘Southeast Asian art’, and Australia and ‘Aboriginal art’. Through examination and comparison of these three markets, this paper draws on research conducted over the past decade to reveal an integral role played by art auctions in the expansion of broader contemporary art world infrastructure in the Global South.

This dissertation focuses on the impact of technological changes on workers based onthe task-based model. In the first chapter, I first investigate the impacts of two types of technologies on employment and job choices in the directed search model. The relationship between technology and labor with respect to complementarity and substitutability defines technology as labor-augmenting and labor-saving. Progress of labor-augmenting technology mainly works in jobs hiring highly-skilled workers in positive ways while labor-saving technological development affects jobs with middle-skilled workers in destructive ways during the last two decades in KLIPS data. The consequence of technological advances intensifies the advantage of highly skilled workers relative to unskilled workers. Then, the second part examines how employment and the adoption of new technology are affected if workers raise their skill level in response to technological changes. Two possible scenarios predict the results of an increasing supply of high-skilled workers. When firms voluntarily control the skill requirements, it causes the incidence of overqualification that increases the earning inequality, and labor-saving technologies worsen the problem in routine task jobs. However, technology innovation is accelerated. The price adjustment can naturally correct the oversupply of the highly skilled by changing the incentive to move up the job ladder. It is carried out through the reduced dispersion of technical developments and therefore decreased earning gap across tasks. In the second chapter, I examine how differently routine-biased technological changes affect unskilled workers by their innate ability and work experience. This chapter answers why some workers keep their jobs and others do not when labor-saving technologies take the worker’s role over. To focus on routine-biased technological changes, it covers high school graduates who might have either routine or manual tasks in the United States. In a random search model, workers follow the Nash bargaining wage to choose where to apply. Since the wage depends on productivity that varies by their innate ability and work experience, workers’ job search is delimited by their characteristics. The model simulates the impact of routine-biased technological changes with falling labor productivity in routine tasks, leading to wages dropping and routine jobs decreasing. From the lowest ability, those who were in the routine task sector are crowded out. The unemployment rate of unskilled workers increases even though more manual jobs are created due to lower wages. Work experience makes those who are exposed to a risk of separation survive. It distinguishes the high unemployment rate of

The object of this research is the impact of technological changes on the dynamics of economic development of enterprises. The main hypothesis is the assumption of the presence of such an impact for a significant number of companies. The implementation of this research made it possible to make a certain contribution to the process of solving the problem of finding ways to accelerate the economic development of business entities. At the same time, technological changes were divided into three groups, namely: resource-saving; changes that ensure the improvement of the quality of the enterprise's products; changes that ensure the improvement of management, sales and other processes at enterprises. A methodological approach to assessing the impact of technological changes on the dynamics of economic development of companies was also developed. This approach involves the implementation of two main methods of assessment, namely: establishing the presence or absence of such an impact and determining the magnitude of the impact of technological changes on the dynamics of economic development of enterprises. The testing of the developed tool on a sample of industrial enterprises showed that the impact of technological changes on the dynamics of their economic development exists and is statistically significant. At the same time, the average impact of technological changes on the growth of financial results of enterprises is quite high. In particular, the average values of the indicator of the impact of technological changes on the net profit of those enterprises that have undergone at least two types of such changes, by type of economic activity, range from 11.25% to 13.32%. Since a significant number of the enterprises studied have not carried out technological changes in recent years, at least some of these enterprises may have significant potential to accelerate their economic development. The developed toolkit for assessing the impact of technological changes on the dynamics of economic development of enterprises can be used to establish the presence and extent of such an impact both at the level of an individual company and at the industry level. This will allow owners and managers of enterprises to increase the validity of the strategies for technological renewal of these enterprises.

The primary goal of Chinese agricultural development is to guarantee national food security and the supply of major agricultural products. Hence, the improvement of agricultural technology plays a vital role in China for economic development. Technological change in agricultural sector results in higher future economic growth as well as food security, both in food consumption and availability. By constructing China’s agriculture general equilibrium model (CGE), this paper explains the impact of agricultural technology change. This paper constructs a dynamic CGE model based on CHINAGEM model for analyzing the technology increase in China Agricultural sector and then describes the construction of database and policy scenario. Model such as Computable General Equilibrium (CGE) model is used to conduct analysis of the economy-wide impacts of new agricultural technologies in China. In the general equilibrium model, some external variables are established; any part of structural changes caused by its exogenous variables can affect the entire system, resulting in general changes of goods, prices and quantity of factor. Simulation result of this paper indicates the agriculture sector output increases respectively; employment decreases; production cost decreases; and investment increases. Finally this paper describes the effects of the policy of technology changes by comparing policy scenario to baseline scenario and explains the impact of technology changes in China economy using CHINAGEM model.

Technical change greatly contributes to the explanation of economic structural changes. The aim of this paper is to measure the extension and the direction of structural and technological change. The impact of structural and technological changes on sectoral gross output was computed by breaking down the total change into the part due to changes in input-output coefficients (technological change) and the part due to changes and composition of final demand. The decomposition of structural change is based on the following questions. What were the engines of growth? What was the role and impact of technological change and which economies experienced the most and least structural change?

Since the 1930s there has been much focusing in research on the effects of technological change in industry and the wider economy. This paper aims to analyze the impact of radical technological change, that is drawn sheet glass and float glass, on the peripheral Scandinavian flat glass industry over the twentieth century. We focus on technological change from the viewpoint of the emergence of a dominant design and its diffusion, and we will apply in our analysis a modified version of the dominant design model proposed by organizational scientists. This model is useful in this case since it includes also the dimension of time. We will make the analysis more comprehensive by taking into account also the markets outside Scandinavia, i.e. in the rest of Europe and North America. This research therefore aims to increase our understanding ofthe impact on industry ofradical technological change.

This study aims to analyze the impacts of natural disasters (total affected and total damages), technological change and education on poverty rates using 38 selected developing countries over the period of 1984-2013. A panel regression method is used in estimating the model. The results show that more impactful natural calamities will increase the poverty rate (positive relationships), while the impact of technological change has brought the poverty rate down to the lowest level (negative relationships). However, this study finds positive relationships between technological change and poverty, with an increase in technology causing a rise in poverty. The study also reveals a negative relationship between education on poverty. This implies that improvements in education can play an important role in increasing welfare and reducing poverty in developing countries. The results of this study suggest that education might be the best solution for minimizing the impact of natural disaster and poverty avoidance.

Art auctions have long captured the public imagination. They regularly make news headlines and have become synonymous with glamour, money and social distinction. The marketing of auction houses and the works they sell has resulted in firms attaining authoritative positions and the ability both to influence and reflect collecting tastes. Pedigree and Panache is the first comprehensive history of the art auction in Australia. In this fascinating work, Shireen Huda investigates the construction of the glamorous reputation of art auctions and art auction houses. Featuring absorbing case studies of key art auctions and major art auction houses in Australia (including Christie’s, Sotheby’s and Deutscher-Menzies) the work provides an overview of the origin and international development of art auctions. The development of the Australian marketplace is then explored, detailing colonial inception and continuing until Christie’s withdrawal of its saleroom presence in 2006. This book is an engaging read for those involved in the art industry, as well as historians, artists, collectors and anyone interested in the art market, art investment, social history and art history.

A combined input–output and sensitivity analysis of CO2 emissions in the high energy-consuming industries: A case study of China

This book has examined the relationship between inequality, growth and technological change along two lines: first, the impact of wealth/income inequality on an economy’s growth rate (of output, capital, consumption and productivity), and, second, the impact of both technological change and capital accumulation on the income distribution. Concerning the latter line, the book has followed the recent literature in focusing primarily on the impact of technological change on earnings inequality.

Objective: The purpose of this study is to assess the impact of customer experience on customer satisfaction within the banking sector in Botswana. It aims to explore how technological innovations and increased customer education influence customer satisfaction and loyalty, and to identify gaps in the current understanding of customer experience assessments in this context. Theoretical Framework: This study is grounded in the Expectancy Disconfirmation Theory (EDT) which posits that customer satisfaction is determined by the comparison between expected and perceived performance. According to EDT, when service performance exceeds customer expectations, positive disconfirmation occurs, leading to high satisfaction. Conversely, if performance falls short of expectations, negative disconfirmation occurs, resulting in dissatisfaction. This theory focuses on how discrepancies between what customers anticipate and what they actually experience influence their overall satisfaction with a service or product. It helps in understanding how meeting or exceeding customer expectations can enhance satisfaction, while failing to do so can lead to dissatisfaction. Methods: This study adopts a positivist philosophy and employs a quantitative approach. Data was collected using a structured questionnaire designed to measure various aspects of customer experience and satisfaction. Descriptive statistics were first used to summarize the data, followed by regression analysis to evaluate the correlation between customer experiences and customer satisfaction. This approach allows for a comprehensive understanding of how technological and service innovations affect customer perceptions and satisfaction. Results: The analysis reveals a significant positive relationship between customer experience and customer satisfaction among banking customers in Botswana. Technological advancements and innovations in banking services contribute to enhanced customer satisfaction. The findings underscore the importance of managing customer experiences effectively to maintain competitiveness and foster loyalty. Research Implications: This study highlights the crucial role of technological innovations and customer education in enhancing customer satisfaction and loyalty within Botswana's banking sector. Banks should focus on leveraging technological advancements and improving customer education to drive satisfaction and competitiveness. Establishing Customer Advisory Boards and Customer Experience Teams is recommended to manage and improve customer experiences effectively. The findings suggest that integrating these strategies with a focus on Sustainable Development Goals (SDGs) can support both economic growth and innovation. Additionally, future research could further explore how different technological innovations impact various customer segments and the long-term effects of these changes on overall service quality and customer loyalty. Originality/Value: This research contributes original insights into the relationship between customer experience and satisfaction in the context of Botswana’s banking sector. It highlights how technological innovations and increased customer education can drive customer satisfaction and loyalty. The study provides practical recommendations for banks, such as establishing Customer Advisory Boards and Customer Experience Teams, to enhance service quality and maintain a competitive edge. Additionally, it aligns with Sustainable Development Goals (SDGs), particularly SDG 9 (Industry, Innovation, and Infrastructure) and SDG 8 (Decent Work and Economic Growth), by emphasizing the role of innovation and technology in supporting economic growth and improving customer satisfaction.

Many times in this century, serious timber shortages have been forecast for the forest products industry. Although the economic scarcity of some wood materials is apparently increasing (the real price of sawlogs has been rising for a long time) other wood materials seem unaffected (pulpwood prices have remained relatively stable over the last four decades). Thus, although numerous wood-saving technological improvements are reportedly “on the shelf” and others are being adopted rapidly by the industry, slow adoption rates for some major innovations undoubtedly reflect an appropriate response to economic conditions rather than conservatism.

The article examines the problem of overcoming the burdensome historical legacy of Nazism in the Federal Republic of Germany. Particular attention is attached to the mitigation of the impact of National Socialism on the cultural sphere. An important aspect of studying Nazi history is the analysis of the Weinmüller case, previously unknown archival documents that shed light on the dark pages of German history. The article discusses the place and role of the ‘Adolf Weinmüller’ art institution in Nazi art trade. It has been revealed that this famous art auction house laid the foundations for the development of modern art in Munich and paved the way for the “Neumeister” auction house. The author emphasizes that the provision of access to the private archives of the “Neumeister” auction house, which is the successor of ‘Adolf Weinmüller,’ was a breakthrough in solving national socialists’ crimes and an important step in overcoming the consequences of totalitarianism in Germany. By opening access to the archives of the auction house, Katrin Stoll, the owner of “Neumeister”, encouraged scholars tо conduct a detailed study. It is important to note that no other auction house in Germany has ever dared to take such bold steps. In such a way, the scientific basis was laid for a number of projects aimed at finding and declassifying archival documents. The author emphasizes that Germany’s experience in dealing with such an important problem as overcoming the burdensome historical legacy of Nazism through identification and restitution of property and cultural values looted by the Nazis, is invaluable. In recent decades, the process of addressing this range of problems has been put on a solid governmental footing. Keywords: Germany, auction houses “Adolf Weinmüller”, “Neumeister”, cultural values, collections, trafficking, alienation, National Socialism.

Technological changes and trade are closely intertwined in the contemporary era. Technological advancements, particularly in the realms of communications, information technology, and patents, have played a crucial role in stimulating and reshaping international trade by influencing production methods and the quality of goods and services produced. This research aims to analyze and measure the impact of technological changes, represented by patent applications, on commodity exports in China. Employing the Threshold Regression model, the study examines the magnitude of this impact across various stages during the research period. The underlying hypothesis posits a positive correlation between technological changes and commodity exports in China throughout these different stages. To achieve this objective and validate the hypothesis, the research combines two methodological approaches. The deductive approach utilizes descriptive analysis in the theoretical framework, drawing upon economic theory and a comprehensive review of literature pertaining to technological changes and foreign trade. Conversely, the inductive approach employs quantitative analysis, leveraging econometric techniques to interpret the relationship between technological changes and foreign trade. The study relies on time series data spanning the period from 2000 to 2022. Following a series of econometric tests, the data was deemed suitable for analysis using the Threshold Regression model. The results of the Bai-Perron sequential test for threshold values revealed the existence of five thresholds for the dependent variable (patent applications) when testing for multiple structural breaks. The impact of these thresholds on commodity exports was positive and statistically significant across all five thresholds, with the greatest impact observed at the first threshold, followed by a gradual decline until reaching saturation levels in the subsequent thresholds. Based on these findings, the research recom

The paper focuses on the problem of structural transformation of the economy of a mountain agrarian region. Technological changes in the production functions of the agricultural sector cause adaptation of the employment structure and, as a consequence, the production structure of the economy of an open region in the medium term. The regional development of small mountain regions with a traditional structure of the economy largely depends on the trajectory for encouraging structural changes. We have presented a model of the impact of technological changes in the agricultural sector on structural changes in the economy of a mountain agrarian region in the medium term, and the classification of technological changes into three types: land-saving, labor-saving and neutral. The proposed model is a two-factor model of the aggregated production function in a small open regional economy, which describes the impact of technological changes on the transformation of the sectoral structure. In the model, the region is a small open agrarian economy with immobile production factors. The conditions of equilibrium in statics are considered and analyzed. It is evidenced that land and labor force as production factors are strong complements, which contribute to the outflow of labor force from the agricultural sector due to labor-saving technological changes in the agricultural sector. It is shown how the proposed model helps make a strategic choice of the program of agricultural extension in a small region with an open economy.