Abstract
The art market developed from artisanal trading to a 68-billion-dollar behemoth of an industry that pioneered many innovative business practices. Its early stakeholders established simple practices to capitalize on highly transactional cash flow. As the art market grew into a complex system, so did the number of stakeholders and their business and marketing practices. The first part of this chapter will provide a brief background on arts marketing discipline and its evolution. The second part will examine contemporary marketing concepts and practices using examples from two case studies, one focused on art sensationalism and the other on art fairs as experiential marketing systems. Both case studies will also present relevant arts marketing concepts supported by numerous real-life examples to demonstrate the creativity of contemporary marketing strategies in the art world and their applicability to other areas.
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