Celebrity Effect in the Contemporary Art Market

Alessia Zorloni () and Antonella Ardizzone ()
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Alessia Zorloni: IULM University
Antonella Ardizzone: IULM University

A chapter in Art Wealth Management, 2016, pp 67-79 from Springer

Abstract: Abstract This chapter shows the results of empirical research conducted on a sample of the 155 most famous contemporary artists in the world in order to analyze the competitive dynamics regulating the system of contemporary arts. Results show that the contemporary art market is a winner-take-all market subject to network effects where collectors influence the artist’s notoriety, making the artist even more attractive to additional buyers and accelerating the process of mainstream adhesion. This celebrity-effect tends to reinforce the same artists in the art market, whereby the works of the most famous artists are the most demanded and achieve the highest prices on the market, while emerging artists face high barriers to entry.

Keywords: Network Effect; Network Externality; Financial Success; Cultural Success; Turnover Increase (search for similar items in EconPapers)
Date: 2016
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Persistent link: https://EconPapers.repec.org/RePEc:spr:mgmchp:978-3-319-24241-5_4

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DOI: 10.1007/978-3-319-24241-5_4

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