Framing the work: the composition of value in the visual arts

Purpose: This paper contributes to the literature on value creation by examining value within the visual arts market and arguing for a broader, socio-culturally informed view of value creation.
Design/methodology/approach: We develop an original conceptual framework to model the value co-creation process through which art is legitimised. An illustrative case study of artist Damien Hirst illustrates the application of this framework.
Findings: Findings illustrate how value is co-constructed in the visual arts market, demonstrating a need to understand social relationships, as value is dispersed, situational and in-flux.
Research limitations/implications: We problematise the view that value emerges as a result of operant resources ‘producing effects’ through working on operand resources. Rather, adopting the socio-cultural approach we demonstrate how value emerges, is co-constructed, negotiated and circulated. We establish the need to reconceptualise value as created collaboratively with other actors within industry sectors. The locus of control is therefore dispersed. Moreover, power dynamics at play mean that ‘consumers’ are not homogenous; some are more important than others in the valuation process.
Practical implications: This more distributed notion of value blurs boundaries between product and service, producer and consumer, offering a more unified perspective on value co-creation which can be used in strategic decision making.
Originality/Value: We illustrate that value co-creation must be understood in relation to understanding patterns of hierarchy which influence this process.