Abstract
The art market operates in a very different way from conventional economic markets, ranging from its behaviors of supply and demand, the trading of goods, and the economic agents intervening in it. In addition, it is a highly unregulated market, with very little standardized information in economic terms. This paper focuses on art galleries, which are the most influential intermediaries in the Spanish primary contemporary fine-art market and perform a role that goes beyond the mere distribution of works of art. This study develops and applies a prospective methodology based on the subjective information compiled by experts, known as the Delphi method, to identify and evaluate the factors that determine the current situation and future outlook for Spanish contemporary art galleries. The results show, on one hand, that the method employed constitutes a valid option to provide reliable information. In addition, they show that the survival of these organizations will depend on their ability to adapt to the changing conditions of the economic environment, reactivating and internationalizing demand, and redirecting their business model towards sustainable management by implementing appropriate business management models and techniques.
Highlights
The art market is an area of study which has considerable peculiarities from an economic perspective
With its own rules based on handshake and trust [1], it operates in a very different way from a conventional economic market, ranging from its behaviors of supply and demand, the trading of goods, and the economic agents intervening in it
We propose the application of a methodology based on qualitative techniques, the Delphi method, which, a priori, represents a very efficient resource to obtain the required information
Summary
The art market is an area of study which has considerable peculiarities from an economic perspective. With its own rules based on handshake and trust [1], it operates in a very different way from a conventional economic market, ranging from its behaviors of supply and demand, the trading of goods, and the economic agents intervening in it. It is one of the markets for which there is a very small amount of economic information available. This sector, which is popularly referred to as the “arts sector”, is made up of organizations whose raison d’être is a unique product, a work of art that has not been designed to be mass produced (such as films, records, and books)
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