Money, marketing, and art
A banana duct-taped to a wall says a lot about today鈥檚 art market, according to Carroll School of Management Associate Professor of Marketing Henrik Hagtvedt, author of the just-released Money and Marketing in the Art World.
Sold at a Sotheby鈥檚 auction for an eye-popping sum of $6.5 million, the conceptual work 鈥淐omedian,鈥� by Italian artist Maurizio Cattelan, encapsulates the central point Hagtvedt explores in his book: how buyers and those who cater to buyers shape the high-profile art world, relegating the actual artists to a secondary role.
'Comedian,' conceptual art by Maurizio Cattelan, featured a banana duct-taped to a wall.
鈥淭here is scant artistry or conceptual creativity involved in duct-taping a banana to the wall, but the price tag demands attention,鈥� Hagtvedt said of the work, which sold in late November. 鈥淢asterfully executed artworks are no longer rare enough to create sensations, so creativity, skill, and quality have become largely irrelevant in parts of the art market, whereas the simplest way to make a splash is merely setting a high price for something of conspicuously questionable merit.鈥�
Prior to entering academe, Hagtvedt studied painting at the Academy of Fine Arts in Florence, Italy, worked full time as an artist, and had more than 25 major exhibitions in Europe and Asia. But given what he knows about the art market, he ascribes most of his own past success to good luck.
The initial art-related experiences sparked his interest in marketing and consumer behavior, and today this background still informs his research and areas of expertise. Hagtvedt鈥檚 primary research interests are in aesthetics and visual marketing, including topics such as visual art and luxury branding.
A combination of marketplace observations, marketing insights, and research findings revealed the art world is primarily shaped by money and marketing, not by art and artists, said Hagtvedt, who serves as chairman of the Carroll School鈥檚 Marketing Department.
鈥淎rt is a central aspect of human societies, yet few people know how the art market functions. The most prominent aspects of the art world, including galleries, museums, media attention, and even critical acclaim, are actually shaped by buyers and those who cater to buyers, whereas artists tend to play a secondary role.
鈥淭his book illustrates how money and marketing, in combination with general trends, play decisive roles in propelling specific artists and artworks to positions of prominence, thereby also deciding what millions of visitors to galleries and museums will view, year after year.鈥�
Looking at industry branding, promotion, and conspicuous consumption, Hagtvedt focuses on artists, dealers, collectors, and other players in the art market to show how their behaviors shape the landscape of contemporary art.
The book examines the role of general trends, as well as some societal implications of the influence of money and marketing in the art world. Hagtvedt found it interesting that factors that influence most markets don鈥檛 hold the same sway in the art market.
鈥淲hen I began work on this topic, many years ago, I was aware that money and marketing played a larger role than people realized or would like to admit. However, it is arguably surprising that specific marketing influences are so pervasive, whereas other influences that are central in most markets are less relevant in this one.
鈥淚n most markets, for instance, product quality is a strong driver of success. In the art market, at least in the contemporary one, it is unclear whether product quality is a relevant concept at all.鈥�
Hagtvedt thinks there鈥檚 something in the book for those with a general interest, as well as for artists and art professionals.
鈥淔or anyone interested in art, this book demystifies some seemingly esoteric parts of the art world,鈥� Hagtvedt said. 鈥淔or artists or art professionals, it draws back the curtains and says much about how this world really operates.鈥�
The book also provides critique and guidance for public policy. For instance, he says, public art museums should presumably exhibit the best and most important works of art, but most of these institutions are strongly influenced by private business.
聽鈥淎s it is now, we use taxpayer money to subsidize the interests of influential market players,鈥� Hagvedt argues in the book, 鈥渨hile maintaining the illusion of museums as independent strongholds of culture.鈥�