Innovations and Strategies In the Contemporary Art Market: Or How the Pandemic Encouraged Digitalization

Clara Zampedri

Student thesis: Master thesis

Abstract

This project examines the implementation of digital innovations in the Contemporary Art Market as a reaction to the outbreak of Covid-19. Often considered latecomers in relation to digitalisation, almost all the actors in the industry engaged in online activities to face such a pervasive crisis. Among those, two cases of companies developing their own digital project have been chosen – Bonhams, an international and renowned auction house, and Artland, a start-up that offers galleries online tools and services. One representant for each company has been interviewed and the data gathered have been analysed in a pragmatist perspective. As to guide the analysis, studies on strategy, innovation and entrepreneurship have been used to create a model that illustrates the two possible scenarios in which the innovations have been ideated and implemented. Specifically, studies on strategy and innovation in the Art sector have been of key importance. The results of the analysis underline that the case companies successfully implemented their projects thanks to a strong entrepreneurial mindset and an orientation toward innovation. This also suggests that the Artworld may undergo a cultural shift towards digitalization if the actors of the market adopt a more entrepreneurial and strategic mindset.

EducationsMSocSc in Management of Creative Business Processes , (Graduate Programme) Final Thesis
LanguageEnglish
Publication date2021
Number of pages101
SupervisorsHenrik Johannsen Duus