INVESTIGATION OF BUSINESS AND CULTURE-ART TOURISM DEMAND SOURCED FROM INTERNATIONAL AUCTION HOUSES

Abstract

This study aims to investigate the impact of auction houses on the demand for business and cultural tourism, influencing travel experiences and shaping tourist expenditures. Using a decade of data and field observations, in-depth interviews were conducted with auction house stakeholders to explore the gap between starting and final selling prices and the tourist flow at these establishments. Tourist numbers were determined through “Office for National Statistics” data, and auction data were analysed using product catalogues and bid prices. Descriptive statistics and regression analysis were employed to examine the relationship between tourist numbers and auction prices. The findings revealed no significant correlation between the selling prices of Islamic artefacts and tourist numbers; however, a robust connection was observed between auction prices and final selling prices. It is recommended to further analyse additional factors affecting tourist numbers. In light of these results, strategies emphasizing cultural and historical value are proposed for auction houses to enhance their tourist appeal, including the use of digital marketing and a reassessment of pricing strategies. This research underscores the need for a deeper understanding of the intricate relationship between auction houses and the tourism industry, emphasizing the necessity for further studies to make progress in comprehending and developing more effective strategies within a concise framework.