Considering all transactions related to modern and contemporary visual artists mediated by galleries in Italy between 2007 and 2012, we propose an empirical measure of artist brand and explore its relationship with artist-specific characteristics, such as talent, fame, and popularity, through a structural model. We find that artist brand depends positively on talent, fame, and popularity. Moreover, we find that a co-creation mechanism is at work in the Italian art market, where galleries choose their specialization strategies in picking their artist portfolios. We interpret our findings in light of a novel conceptual framework of human branding and co-creation in the visual art market.
AdlerM. (1985). Stardom and talent. American Economic Review, 75(1), 208–212.
2.
AngeliniF., & CastellaniM. (2019). Cultural and economic value: A critical review. Journal of Cultural Economics, 43(2), 173–188.
3.
AngeliniF., & CastellaniM. (2021). Art market stakeholders’ actions and strategies for the co-creation of artist brand. In LazzaroE.MoureauN.TurpinA. (Eds.), Tools for the Future: Researching Art Market Practices from Past to Present (pp. 75–85). London: Routledge.
Atsu AmegashieJ. (2009). American Idol: Should it be a singing contest or a popularity contest?Journal of Cultural Economics, 33, 265–277.
6.
BagellaM., & BecchettiL. (1999). The determinants of motion picture box office performance: Evidence from movies produced in Italy. Journal of Cultural Economics, 23, 237–256.
7.
BendischF.LarsenG., & TruemanM. (2013). Fame and fortune: A conceptual model of CEO brands. European Journal of Marketing, 47(3/4), 596–614.
8.
BradenL. E. A., & TeekensT. (2019). Reputation, status networks, and the art market. Arts, 8(3), 81.
9.
BuckinghamM., & VosburghR. M. (2001). The 21st century human resources function: It’s the talent, stupid!. Human Resource Planning, 24(4), 17–23.
10.
CandelaG. (2013). Rapporto sul mercato dei Beni artistici 2013. Bologna: Osservatorio sul mercato dei beni artistici (NOMISMA).
11.
CandelaG.CastellaniM.PattitoniP., & Di LascioF. M. (2016). On Rosen’s and Adler’s hypotheses in the modern and contemporary visual art market. Empirical Economics, 451(1), 415–437.
12.
CandelaG., & ScorcuA. E. (2004). Economia delle arti. Bologna: Zanichelli.
13.
CandelaG., & ScorcuA. E. (2010). The economics of the artist’s resale right. In CandelaG.ScorcuA. E. (Eds.), Artist’s Resale Right. Old Issues and New Problems (pp. 36–63). Torino: Allemandi.
14.
CarlsonB. D., & DonavanD. T. (2013). Human brands in sport: Athlete brand personality and identification. Journal of Sport Management, 27(3), 193–206.
15.
CarrillatF. A.LegouxR., & HadidaA. L. (2018). Debates and assumptions about motion picture performance: A meta-analysis. Journal of the Academy of Marketing Science, 46, 273–299.
16.
ChanelO.Gérard-VaretL.-A., & GinsburghV. A. (1996). The relevance of hedonic price indices: The case of paintings. Journal of Cultural Economics, 20, 1–24.
17.
CheeseP.ThomasR. T., & CraigE. (2008). The talent powered organization: Strategies for globalization, talent management and high performance. London: Kogan Page.
18.
ChoD.LeeS. H.YooY., & ChuH. (2019). Television singing competitions create stars? Empirical evidence from the digital music chart in South Korea. Journal of Cultural Economics, 43, 1–20.
19.
CillessenA. H. N., & MarksP. E. L. (2011). Conceptualizing and measuring popularity. In CillessenA. H. N.SchwartzD.MayeuxL. (Eds.), Popularity in the Peer System (pp. 25–56). New York, NY: The Guilford Press.
20.
CleeremansA.GinsburghV. A.KleinO., & NouryA. (2016). What’s in a name? The effect of an artist’s name on aesthetic judgments. Empirical Studies of the Arts, 34(1), 126–139.
21.
CloseA. G.MoulardJ. G., & MonroeK. B. (2011). Establishing human brands: Determinants of placement success for first faculty positions in marketing. Journal of the Academy of Marketing Science, 39, 922–941.
22.
Cottan-NirO., & Lehman-WilzigS. (2018). CEO Branding: Between theory and practice — case studies of Israeli corporate founders. International Journal of Strategic Communication, 12(2), 87–106.
23.
Currid-HalkettE. (2010). Starstruck: The business of celebrity. New York: Faber & Faber.
24.
EtroF., & PaganiL. (2013). The market for paintings in the Venetian republic from Renaissance to Rococò. Journal of Cultural Economics, 37(4), 391–415.
25.
FilimonN.López-SintasJ., & Padrós-ReigC. (2011). A test of Rosen’s and Adler’s theories of superstars. Journal of Cultural Economics, 35(2), 137–161.
26.
FillisI. (2015). The production and consumption activities relating to the celebrity artist. Journal of Marketing Management, 31, 646–664.
27.
Gallardo-GallardoE.DriesN., & González-CruzT. F. (2013). What is the meaning of ‘talent’ in the world of work?Human Resource Management Review, 23, 290–300.
28.
Garcia-del-BarrioP., & PujolF. (2007). Hidden monopsony rents in winner-take-all markets – sport and economic contribution of Spanish soccer players. Managerial and Decision Economics, 28(1), 57–70.
29.
GayerA., & ShyO. (2006). Publishers, artists, and copyright enforcement. Information Economics and Policy, 18(4), 374–384.
30.
GeorgesP., & SeçkinA. (2013). Black notes and white noise: A hedonic approach to auction prices of classical music manuscripts. Journal of Cultural Economics, 37(1), 33–60.
31.
GilesD. (2000). Illusions of immortality. A psychology of fame and celebrity. London: Palgrave.
32.
GirouxH. (2019). Popular management ideas. In SturdyA.HeusinkveldS.ReayT., & StrangD. (Eds.), The Oxford Handbook of Management Ideas (pp. 302–319). Oxford: Oxford University Press.
33.
GiuffreK. (1999). Sandpiles of opportunity: Success in the art world. Social Forces, 77(3), 815–832.
34.
González-CruzT.Martínez-FuentesC., & Pardo-del-ValM. (2009). La gestión del talento en la empresa industrial española. Economía Industrial, 374, 21–35.
35.
GorbatovS.KhapovaS. N., & LysovaE. I. (2018). Personal branding: Interdisciplinary systematic review and research agenda. Frontiers in Psychology, 9, 2238.
36.
GramppW. D. (1989). Pricing the priceless. Art, artists and economics. New York, NY: Basic Books.
37.
HanS., & RavidS. A. (2020). Star turnover and the value of human capital — evidence from broadway shows. Management Science, 66(2), 958–978.
38.
HeinichN. (2019). Les valeurs contre les prix. L’art contemporain à l’épreuve du marché. Regards croisés sur l’économie, 24(1), 53–63.
39.
HernandoE., & CampoS. (2017). Does the artist’s name influence the perceived value of an art work?International Journal of Arts Management, 19(2), 46–58.
40.
HodgeC., & WalkerM. (2015). Personal branding: A perspective from the professional athlete-level-of-analysis. International Journal of Sport Management and Marketing, 16(1/2), 112–131.
41.
HodgsonD. J., & VorkinkK. P. (2004). Asset pricing theory and the valuation of Canadian paintings. Canadian Journal of Economics, 37(3), 629–655.
42.
HofmannJ.SchnittkaO.JohnenM., & KottemannP. (2021). Talent or popularity: What drives market value and brand image for human brands?Journal of Business Research, 124, 748–758.
43.
HofmannK. H., & OpitzC. (2019). Talent and publicity as determinants of superstar incomes: Empirical evidence from the motion picture industry. Applied Economics, 51(13), 1383–1395.
44.
JericóP. (2001). La gestión del talento: Enfoque conceptual y empírico. Boletín de Estudios Económicos, 56(174), 423–441.
45.
KerriganF.BrownlieD.HewerP., & Daza-LeTouzeC. (2011). ‘Spinning’ Warhol: Celebrity brand theoretics and the logic of the celebrity brand. Journal of Marketing Management, 27(13–14), 1504–1524.
46.
KozbeltA. (2004). Originality and technical skill as components of artistic quality. Empirical Studies of the Arts, 22, 157–170.
47.
KucharskaW., & MikołajczakP. (2018). Personal branding of artists and art-designers: Necessity or desire?Journal of Product & Brand Management, 27(3), 249–261.
48.
López-MeriA., & Casero-RipollésA. (2017). Journalists’ strategies to build personal brand on Twitter: Positioning, content curation, personalization and specialisation. Revista Mediterránea de Comunicación/Mediterranean Journal of Communication, 8(1), 59–73.
49.
LunardoR.GergaudO., & LivatF. (2015). Celebrities as human brands: An investigation of the effects of personality and time on celebrities’ appeal. Journal of Marketing Management, 31(5–6), 685–712.
50.
MarcusS. (2015). Celebrity 2.0: The case of Marina Abramović. Public Culture, 27(1), 21–52.
51.
MarshallK. P., & ForrestP. (2011). A framework for identifying factors that influence fine art valuations from artist to consumers. Marketing Management Journal, 21(1), 111–123.
52.
MastandreaS., & CranoW. D. (2019). Peripheral factors affecting the evaluation of artworks. Empirical Studies of the Arts, 37(1), 82–91.
53.
McAndrewC. (2013). The TEFAF art market report 2013. Global art market, with a focus on China and Brazil. Maastricht: European Fine Art Foundation (TEFAF).
54.
McKenzieJ.CrosbyP.LentenL. J. A. (2021). It takes two, baby! Feature artist collaborations and streaming demand for music. Journal of Cultural Economics, 45, 385–408.
55.
MengerP.-M. (2014). The economics of creativity. Art and achievement under uncertainty. Cambridge, MA; London: Harvard University Press.
56.
MichaelsE.Handfield-JonesH.AxelrodB. (2001). The War for Talent. Boston: Harvard Business School Press.
57.
MoulardJ. G.RiceD. H.GarrityC. P., & MangusS. M. (2014). Artist authenticity: How artists’ passion and commitment shape consumers’ perceptions and behavioral intentions across genders. Psychology & Marketing, 31(8), 576–590.
58.
MoulinR. (1995). The museum and the marketplace. International Journal of Political Economy, 25(2), 33–62.
59.
MuñizA. MJr.NorrisT.FineG. A. (2014). Marketing artistic careers: Pablo Picasso as brand manager. European Journal of Marketing, 48(1/2), 68–88.
60.
OlsonJ. C.JacobyJ. (1972). Cue utilization in the quality perception process. In VenkatesanM. (Ed.), Proceedings of the third annual conference of the Association for Consumer Research (pp. 167–179). Chicago, IL: Association for Consumer Research.
61.
OosterlinckK. (2017). Art as a wartime investment: Conspicuous consumption and discretion. Economic Journal, 127(607), 2665–2701.
62.
OosterlinckK., & RadermeckerA.-S. (2019). “The master of …": Creating names for art history and the art market. Journal of Cultural Economics, 43(1), 57–95.
63.
OrdaniniA.NunesJ. C., & NanniA. (2018). The featuring phenomenon in music: How combining artists of different genres increases a song’s popularity. Marketing Letters, 29, 485–499.
64.
ParmentierM.-A., & FischerE. (2012). How athletes build their brands. International Journal of Sport Management and Marketing, 11(1/2), 106–124.
65.
ParmentierM.-A.FischerE., & ReuberA. R. (2013). Positioning person brands in established organizational fields. Journal of the Academy of Marketing Science, 41, 373–387.
66.
PreeceC. (2015). The authentic celebrity brand: Unpacking Ai Weiwei’s celebritised selves. Journal of Marketing Management, 31, 616–645.
67.
PreeceC., & KerriganF. (2015). Multi-stakeholder brand narratives: An analysis of the construction of artistic brands. Journal of Marketing Management, 31(11–12), 1207–1230.
68.
PrinzA.PieningJ., & EhrmannT. (2015). The success of art galleries: A dynamic model with competition and information effects. Journal of Cultural Economics, 39(2), 153–176.
69.
RadermeckerA.-S. V. E. (2019). Artworks without names: An insight into the market for anonymous paintings. Journal of Cultural Economics, 43(3), 443–483.
70.
RadermeckerA.-S. V. E. (2020). Buy one painting, get two names. On the valuation of artist collaborations in the art market. Arts and the Market, 10(2), 99–121.
71.
RamirezE. D., & HagenS. J. (2018). The quantitative measure and statistical distribution of fame. PLoS ONE, 13(7), e0200196.
72.
RenneboogL., & SpaenjersC. (2013). Buying beauty: On prices and returns in the art market. Management Science, 59(1), 36–53.
73.
RichardsonP. S.DickA. S., & JainA. K. (1994). Extrinsic and intrinsic cue effects on perceptions of store brand quality. Journal of Marketing, 58(4), 28–36.
74.
RosenS. (1981). The economics of superstars. American Economic Review, 71(5), 845–858.
ScheidtS.GelhardC., & HenselerJ. (2020). Old practice, but young research field: A systematic bibliographic review of personal branding. Frontiers in Psychology, 11, 1809.
77.
SchroederJ. E. (2005). The artist and the brand. European Journal of Marketing, 39(11/12), 1291–1305.
78.
SchroederJ. E. (2010). The artist in brand culture. In O’ReillyD.KerriganF. (Eds.), Marketing the Arts (pp. 38–50). London: Routledge.
79.
SimkinM. V., & RoychowdhuryV. (2006). Theory of aces: Fame by chance or merit?Journal of Mathematical Psychology, 30(1), 33–42.
80.
SpeedR.ButlerP., & CollinsN. (2015). Human branding in political marketing: Applying contemporary branding thought to political parties and their leaders. Journal of Political Marketing, 14, 129–151.
81.
SteinerL.FreyB. S., & ReschM. (2013). Home is where your art is: The home bias of art collectors. University of Zurich Working Paper no. 35.
82.
SuY.BakerB.DoyleJ., & KunkelT. (2020). The rise of an athlete brand: Factors influencing the social media following of athletes. Sport Marketing Quarterly, 29(1), 33–46.
83.
ThomsonM. (2006). Human brands: Investigating antecedents to consumers’ strong attachments to celebrities. Journal of Marketing, 70(3), 104–119.
84.
TowseR. (2006). Human capital and artists’ labour market. In GinsburghV. A.ThrosbyD. (Eds.), Handbook of the Economics of Art and Culture (pp. 865–894). Amsterdam: Elsevier.
85.
UlrichD., & SmallwoodN. (2012). What is talent?Leader to Leader, 2012(63), 55–61.
86.
van de RijtA.ShorE.WardC., & SkienaS. (2013). Only 15 min? The social stratification of fame in printed media. American Sociological Review, 78(2), 266–289.
87.
VelthuisO. (2003). Symbolic meanings of prices: Constructing the value of contemporary art in Amsterdam and New York galleries. Theory and Society, 32(2), 181–215.
WeikopC. (2012). Ernst Ludwig Kirchner as his own critic: The artist’s statements as stratagems of self-promotion. Forum for Modern Language Studies, 48(4), 406–420.
90.
XuX., & FuW. W. (2014). Aggregate bandwagon effects of popularity information on audiences’ movie selections. Journal of Media Economics, 27(4), 215–233.
91.
ZorloniA. (2005). Structure of the contemporary art market and the profile of Italian artists. International Journal of Arts Management, 8(1), 61–71.
