Senses and artifacts in market transactions: the Korean case of agricultural produce auctions

This article examines the relationship between the senses, artifacts, and trade at South Korean agricultural produce auctions. It explores the impacts of market devices on sensory interactions between auctioneers and buyers that are essential to market transactions. Through ethnographic interviews and participant observations at Garak Market, Seoul, this study compares hand signal trading with electronic trading in agricultural produce auctions. It analyzes how the senses affect auction price estimation and formation, as well as their contribution to economic agency and social relationship among economic actors. The study then examines the impact of new market devices in electronic trading (e.g. trading screens, computer monitors, and wireless bidding terminals) on trading’s sensory aspects of seeing or hearing. It argues that the devices change the modality of sensory interactions between auctioneers and buyers. This transforms power struggles, forming a looser but more equal relationship between auctioneers and buyers and decreasing the overall auction price in the market.     

Art Auctions and Bidding Rings: Empirical Evidence from German Auction Data

This article illustrates the determinants of bidder collusion using data from German auctions. Special attention is thereby devoted to the question at whether art and antiques auctions are particularly attractive for bidding rings as the conditions for rings to succeed may be quite favorable at these auctions. Cartel stability at art auctions, for example, may be enforced by the structure of bidders or the expected surplus from collusive arrangements. Actually, the estimations of a binary choice model show that even after controlling for determinants suggested by auction theory, art and antiques auctions turn out to be particularly susceptible to bidder collusion.     

On the relationship between reserve prices and low estimates in art auctions

Using a unique hand-collected dataset comprising all auctions held by a major Italian auction house in Italy from 1994 to 1997 and including confidential information on reserve prices, we find empirical evidence in support of several studies in cultural economics literature that reserve prices are set in a range of approximately 75 % of low presale estimates.     

Tribal art market: signs and signals

In this paper, we present a model for the marketability of a Tribal artwork, and we test this model empirically using a unique hand-collected dataset, which comprises the worldwide Tribal art market auctions between 1999 and 2008. Our results show a significant relationship between the probability of an artwork to be sold and several signs and signals. The effect of the auction estimated prices on the probability of sales is nonlinear and allows us to divide the Tribal art market into two price regimes. In the low-price regime, the effect of the auction estimated price on the probability of sales is negative. In the high-price regime, the effect of the auction estimated price on the probability of sales is positive.     

PERFORMING CALCULATION IN THE ART MARKET

The purpose of this article is to suggest a model of calculation in art markets based upon the work of Pierre Bourdieu and of actor-network theory. It will be argued that Bourdieu's concepts of capitals, economic, symbolic and cultural are useful for the specificity they lend to value making processes in the art market. However, actor-network theory's proposal of a distributed form of agency between humans and non-humans (e.g. calcualtion tools) is favoured here, posing a fundamental challenge to Bourdieu's notion of agency as resting solely at the hands of human agents. In order to understand the performance of calculation, this article explores the role of catalogues as an example of a market device in the Scottish auction market. It will be argued that the performativity of the catalogue cannot be fully understood without taking into account not only how it represents and enacts the value/s of aeshtetic objects, e.g. paintings, but also how this performance is mediated by its role as an aesthetic object.     

The Impact of Museum Purchase on the Auction Prices of Paintings

This study examines how art museumspurchasing policy influences the auction prices ofpaintings. Using a cross section of non-speculativetransactions during the period 1820–1970, we findconsiderable empirical support for the hypothesisthat public museums outside the U.S. pay above averageprices in auction markets providing higher thanaverage yields to private sellers. The typical U.S.private museums appear to be more restricted byfinancial constraints and the development of thegeneral economic conditions than their publiccounterparts.     

Making architecture compete: open-ended accumulation meets objectification and singularisation in the UK construction industry

Sociologists over the last two decades have taken inspiration from actor-network theory to suggest that competition, like ‘the market’, takes place through a dynamic of detaching objects from one set of relations and reattaching them within another: objectification and singularisation. Yet there has been little theorisation of how competition differs between situations. To approach this question, we can ask how competition, as a process of objectification and singularisation, interacts with other patterns of movement. Ethnographers have described one such pattern in the everyday work of architects. Here a building emerges from an ever-increasing number of ‘versions’, images and models, in an open-ended accumulation. This study considers the interaction between, first, the objectification and singularisation of competition and, second, the open-ended accumulation of architectural work. To do so, I examine architectural competitions in the UK. I draw from document analysis of one competition for a school in northern England, as well as interviews with architects about their work on competitions. This study concludes that architectural competitions repeat the multiplicity of architectural work but in a more delimited form. Multiplicity is not ‘cut-off’ so much as winnowed down through an explicit process of selecting images and blocks of text.     

Interculturality as an interactional achievement: Doubting others’ nationality and accounting for the doubt

ABSTRACT

This article examines the notion of interculturality in face-to-face, multilingual, ordinary interactions. The focus is on how participants perform constituent actions by reference to members’ normative expectations to a specific membership category. Employing ethnomethodology and conversation analysis, this article elucidates interculturality is an interactional achievement in interaction. More specifically, I describe interactional practices for doubting others’ nationality and accounting for doubts accomplished by particular interactional practices in a specific interactional position. Analyzing these interactional contingencies produced by participants demonstrates that members’ practices to make interculturality relevant in a temporal unfolding of the activity and shows how they reflexively use interculturality as a resource for constituent actions. This study contributes to the existing literature on the interactional construction of international and intercultural communication, and on the situated, sequential, and embodied organization of interculturality.     

Chemistry,Green Chemistry,and the Instrumental Valuation of Sustainability

Using the Public Value Mapping framework, I address the values successes and failures of chemistry as compared to the emerging field of green chemistry, in which the promoters attempt to incorporate new and expanded values, such as health, safety, and environmental sustainability, to the processes of prioritizing and conducting chemistry research. I document how such values are becoming increasingly “public.” Moreover, analysis of the relations among the multiple values associated with green chemistry displays a greater internal coherence and logic than for conventional chemistry. Although traditional chemistry research has successfully contributed to both economic and values gains, there have been public values failures due to imperfect values articulations, failure to take a longer-term view, and inertia within a system that places too much emphasis on “science values.” Green chemistry, if implemented effectively, has potential to remedy these failures.     

The law of one price,noise and “irrational exuberance”: the auction market for Picasso prints

We use prices realized for Picasso prints at auctions worldwide, as well as the 100 prints that comprise his Vollard Suite, to test the law of one price: the proposition that identical art objects sold contemporaneously should command the same price regardless of the auction house or geographic region where the sale takes place. Picasso is the most prolific printmaker of the twentieth century and, from 1977 to 2004, his prints appreciated in price significantly faster than the prints of modern masters as a whole. We find that Picasso prints sold in the United States command higher prices than in Europe. However, prices realized at Sotheby’s in New York are no longer higher than at Christie’s in New York, nor at Kornfeld than at other auction houses. We find evidence of “irrational exuberance” in the transitory nature of the extraordinary prices realized for the Picasso prints included in the 1997 sale of the collection of Victor and Sally Ganz at Christie’s in New York. More generally, we find substantial noise in auction outcomes, a result well known to savvy auction goers.

Research Prioritization and the Potential Pitfall of Path Dependencies in Coral Reef Science

Studies of how scientists select research problems suggest the process involves weighing a number of factors, including funding availability, likelihood of success versus failure, and perceived publishability of likely results, among others. In some fields, a strong personal interest in conducting science to bring about particular social and environmental outcomes plays an important role. Conservation biologists are frequently motivated by a desire that their research will contribute to improved conservation outcomes, which introduces a pair of challenging questions for managers of science and scholars of policies governing science: 1) How do scientists integrate that goal into their processes of research priority evaluation, and 2) How can managers and funders of science utilize that knowledge in designing and administering funding programs? I use Q method to uncover four distinct schools of thought amongst researchers and knowledge-users about the merits of possible research priorities for coral reefs; one of the axes along which these schools of thought differ is in their interpretation of how science can and should interact with policy. The results reveal that perceived severity of reef stressors plays a role for some participants. Disciplinary training does not appear to be a major influence on research priority evaluation, but individual participants indicated professional expediency does prevent some researchers from pursuing or advocating that others pursue topics outside of that disciplinary specialty. Influences on and processes in research prioritization uncovered in this study have the potential to lead to counter-productive disciplinary path dependencies. From these results and building on outside literature, I conclude that better coordination and communication about research priorities across disciplines and with broader stakeholders – including knowledge users – could improve the research enterprise’s ability to contribute to meaningful societal and conservation goals. These findings are relevant to researchers and research administrators across disciplines that seek to conduct or fund science that is useful in addressing specific goals.     

Public choice in the tertiary art market

InMaking the Mummies Dance, Thomas Hoving, former director of the Metropolitan Museum of Art, articulates a blistering defense of his, admittedly minority, view; namely, that trading directly with dealers when selling deaccessioned works of art or adding to museum collections is preferable to buying and selling in the open auction market (Hoving, 1992). Hoving has been severely criticized for his trades during his tenure at the Metropolitan, as well as for his assessment of the market for fine arts, which runs counter to the prevailing views held by many American public officials, professional art critics and museum boards. We shall present a theoretical model in support of Hoving's argument that trades made at auctions may not serve the public interest. We shall also statistically investigate the stochastic processes which characterize the tertiary art market.     

BROADENING THE HORIZONS OF ECONOMY

From corporations to occupied factories, a growing number of widely accessible books and documentary films have emerged to represent an array of economic concerns and the groups gathered around them. Viewed as a new form of political association, these representations offer a lens to contemporary social change. This article draws on theories of performativity to explore the ways in which such diversely constituted assemblies might transform the economy. Representation has a number of different meanings; it relates to how economic concerns are discursively represented and thereby made real while also referring to the political representation of different groups gathered around that concern. Putting these two senses of representation together, this article examines the temporal and spatial composition of two alternative economic representations, the documentary films The Take and Les Glaneurs et la Glaneuse [The Gleaners and I]. Through The Take I explore the way in which alternative economies are performatively brought into being. I argue that The Gleaners and I illustrates how one might go about representing and reassembling the geography of economy through the idea of the periperformative. Together these films offer a way of broadening economy that has implications for the performative potential of research more generally.     

Multiple creative talents and their determinants at the local level

Creativity is currently at the centre of a lively scientific debate in which scholars from different fields are engaged. The interest on such topic is mainly due to its potential positive impact on economic development; thus, understanding the determinants of creativity becomes important in terms of policy decisions. Although the existing literature has identified some determinants of creativity, evidence on the specific impact of such determinants on particular creative talents and on the degree of creative complexity within a local area is still scant. This work tries to fill this gap starting from the thought that the mental cross-fertilization of talents in different fields is what stimulates the best and most original ideas. By considering artistic, scientific, and economic creativities as the main modes in which creativity can show itself, the paper explores empirically the relation between local socio-economic characteristics and the concurrent presence of multiple creative talents.     

How cultural organizations’ size and funding influence innovation and performance: the case of museums

Our work pursues a twin aim. Firstly, we explore the influence of organizational size on innovations in museums as well as its impact on museums’ economic, market and social performance. Secondly, we analyse how the (public–private) funding of such organizations impacts innovation and performance. The empirical work is based on information from a survey of 491 museums (British, French, Italian and Spanish). We find that museum size does prove relevant in the commitment to engage in innovation but that public funding of museums does not encourage innovation. We also highlight the importance of the explanatory power of the type of funding on the performance of these cultural organizations. This research also reveals how organizational and technological innovations as well as innovation in value creation in museums enhance economic, market and social performance.     

CREATIVITY,CAPITAL AND TACIT KNOWLEDGE

This article discusses the role of creativity, graphic design innovations and tacit knowledge within advertising agency competition processes during the first half of the twentieth century. This period witnessed the arrival of the ‘advertising creative’: the artist-designer, whose output and tacit understanding of consumer tastes became key for the competitive advantage of agencies. Adapting Bourdieu's concept of the social field within which actors create and trade various forms of capital, I show how and why William Crawford's advertising agency in London became a pioneer in promoting the social, cultural and economic role of this new group of agency workers. I argue that Crawford's became the first advertising agency that carved out a unique position within a highly competitive market by defining its visual production and organisational identity entirely through notions of creativity. This places Crawford's at the heart of the emergence of a cultural economy for which creative skills are a paramount source of value creation.     

MARKET AS NARRATIVE AND CHARACTER

In this essay, the author analyzes social science thinking about the capitalist market from instrumentalism to institutionalism and the recent turn toward more cultural economics, and propose to enlarge the latter opening via the 'strong program' in cultural sociology. Nineteenth century' big thinkers' conceptualized the market as if it were entirely deracinated, based on alienation and pure calculation. The profession of economics subtracted the social critique from this dismal understanding and converted the dismal science into mathematical predictions and production functions. The new economic sociology exposed the institutional framework of market decisions, emphasizing social networks and status competition. Cultural economic sociology has challenged institutionalism, showing how social meanings, not just institutional position, determines economic value. The next step is to demonstrate that the market itself depends on cultural meanings. The strength of a market depends upon narrative projections of future economic conditions. An optimistic scenario creates confidence and sparks investment. A pessimistic narrative creates fear and leads investors keep their money tight. Confidence in the future depends on constructions of 'character': will economic actors constrain themselves by acting in a sober and moral way or will they be hedonistic, indulging in short-term satisfaction? This cultural-sociological theory is illustrated with reference to Keynes' General Theory about the 1930s Great Depression and U.S. Federal Reserve chairman Ben Bernanke's policy vis-à-vis the current Great Recession.     

Optimising ‘cash flows’: converting corporate finance to hard currency

Following recent works that have underlined the increasing search for liquidity in economic exchange, this article studies how illiquid forms of money are converted into liquid forms by corporate finance actors. In the name of ‘shareholder value’, the various forms of value generated by companies (such as ‘trade credit’) tend to be increasingly transformed into liquid forms of money that are easily distributable to shareholders (‘cash flows’). Describing this phenomenon as an example of what anthropologists of money call ‘conversion’, this paper highlights how such a conversion process was necessary for the historical development of ‘shareholder value’ policies in corporate finance. Considering documentary sources and interviews with consultants, auditors, and private equity fund managers involved in ‘cash flow’ optimisation practices, this paper details this conversion phenomenon and shows how it has relied on the historical elaboration of specific metrological, technical, legal, and moral norms.     

Cultivation of taste and bounded rationality: Some computer simulations

One can approach the economics of the arts, as any field of applied economics, in either of two ways. First, one can treat economic theory and econometric technique as subjects settled by specialists in those fields, to be used in the ec onomics of the arts as they are given, very much as if one were studying the demand for maize. Alternatively, one can treat the economics of the arts as a field which may need and suggest its own developments in theory and technique, suitable to its spec ial problems and processes, from which general economic theory and econometric theory might in principle learn something. Perhaps this latter view is implausible, given the high state of development of economic theory and econometrics in the modern liter ature. Yet many of the advances embodied in these fields have come from particular areas of application-and the economics of maize has been a particularly fertile field.I am indebted to participants in the Seventh International Conference on Cultural Economics, Fort Worth, Texas, October 1992; to p articipants in the Seminar on the Economics of the Arts, Venice, Italy, December 1992; to participants in the conference of the Pennsylvania Economists' Association, Wiles-Barre, PA, June, 1993; to participants in the second conference on Simulating Soci eties, Siena, Italy, July 1993; to participants in the conference of the Society for the Advancement of Behavioral Economics, Rensselaerville, NY, August 1993; and to participants in the Third Conference on Artificial Intelligence in Economics and Manage ment, Portland, OR, August 1993, for useful comments on topics related to the research reported in this paper. Errors and omissions are, of course, attributable to the author.     

The value of a good reputation online: an application to art auctions

Using a unique dataset of art auctions on eBay, we conduct an empirical analysis of the value of a seller’s online reputation. Several aspects distinguish our work from most existing research. We analyze a heterogeneous panel data consisting of a large number of observations over a large period of time, including significant variation in reputation across and within sellers. The panel structure of our dataset allows us to employ fixed effects techniques to control for observed and unobserved differences across auctions. Our results point to a highly significant, and sizable, impact of a negative reputation on the behavior of market participants and on market outcomes. Negative feedback is associated with a significant reduction in the number of bidders and a reduction in the probability of sale; negative feedback is also associated with a significant reduction in sale price. Consistent with previous research, the impact of additional positive feedback on market outcomes for the seasoned sellers in our sample is not statistically significant.