The Impact of Customer Perceived Value in the Contemporary Art Distribution Chain

Abstract

Objective: The objective of this study is to investigate the role of customer-perceived value in the contemporary art distribution chain and its impact on value co-creation behavior, with the aim of how customer-perceived value affects the transaction and market value of artworks from creation to final sale.   Theoretical Framework: In this topic, the main concepts and theories that underpin the research are presented. Customer Perceived Value Theory, Value Co-Creation Behavior, Consumer Purchase Decision Theory, and factors influencing Customer Value Judgments stand out, providing a solid basis for understanding the context of the investigation.   Method: The methodology adopted for this research involves a qualitative research approach, focusing on the exploration of customer perceived value in various aspects of art distribution and the mechanisms influencing value co-creation behaviors. The study selected ten industry insiders, including six primary market practitioners and four young artists. Through in-depth interviews, key information was summarized to clarify the mediating role of customers' perceived value in value co-creation behaviors and artwork prices. This qualitative method allows for a deeper understanding of the specific context of the contemporary art market, generating rich qualitative data to comprehend and explain the mediating role of customer perceived value. Its flexibility and adaptability enable the adjustment of research direction and focus based on findings, thus responding to the art market and investment strategies' variability.   Results and Discussion: The results obtained revealed that customer perceived value plays a crucial role in every segment of the contemporary art market's circulation, from the artist's creation to the final sale and collection of the artwork. The act of collecting and holding artworks by collectors is an acknowledgment of the art's value, reflecting the positive impact of customer perceived value on value co-creation behavior. The study also indicates that customer perceived value is continuously enhanced through the process of value co-creation, thereby positively affecting customer value co-creation behavior. As more people recognize an artwork, its value correspondingly increases, suggesting that customer value co-creation behavior has a positive impact on the price of artwork, with customer perceived value serving as a mediating role. Furthermore, the possession of artworks by collectors with refined aesthetics and relative professionalism is itself a form of value co-creation behavior, enhancing public recognition of the artwork's value. When value co-creativity improves customer perceived value and promotes the artwork's appreciation, this behavior also positively influences value co-creativity. These conclusions unveil the interconnectedness between customer perceived value, value co-creation behavior, and market dynamics, providing insights into how contemporary artworks gain recognition and value through collective appreciation and engagement.In the discussion section, these results are contextualized in light of the theoretical framework, highlighting the implications and relationships identified. Possible discrepancies and limitations of the study are also considered in this section.   Research Implications: The practical and theoretical implications of this research are discussed, providing insights into how the results can be applied or influence practices in the field of contemporary art market and art valuation. These implications could encompass art market dynamics, artist and gallery practices, art investment strategies, and collector behavior.   Originality/Value: This study contributes to the literature by exploring the intricate relationship between customer perceived value, value co-creation behavior, and their impacts on art market pricing and art collection value through a qualitative approach. It offers a unique perspective on how digitalization and globalization are reshaping the contemporary art market, highlighting the dynamic interplay between these factors. The relevance and value of this research are evidenced by providing actionable insights for artists, galleries, and collectors on leveraging customer perceived value and co-creation practices to enhance the economic and cultural value of artworks. Additionally, it offers a framework for understanding the evolving dynamics of the art market, potentially guiding future policies and strategies in art management and valuation.