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ART VALUE AS A RESULT OF INTERACTION PROCESS
Abstract
The concept of value co-creation (VCC), which has been widely discussed in recent years in economic literature, is used in the paper to consider the co-creation of the value of works of art. Three entities involved in co-creating the value of a piece of art are indicated: 1. the artist – the creator of a piece of art; 2. the recipient/intermediary in the conclusion of a transaction; and 3. the customer/buyer. Special attention is paid to the interactive nature of creating the market value of a piece of art. In the presented approach, the market value of a piece of art results from the interaction between sellers (artists, property owners, art galleries, auction houses) and buyers (individual and institutional clients – banks, corporations, enterprises, investment funds, and museums). The article presents the concept of the co-creation of art value in a dyad, i.e. between the artist and the buyer, or between the seller (the owner of the object) and the buyer, and in the network of buyers, sellers and intermediaries. Consideration of the value of a piece of art in the context of the theory of co-creation reveals the ways of influencing the process of creating the value of a piece of art within arts management.
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