Management of Art Galleries – Business Models - Universität St.Gallen

Table of Contents (detailed)Table of Contents (detailed)Table of Contents (detailed) ....................................................................................................... IList of Figures ........................................................................................................................... IVList of Tables .............................................................................................................................. VAbstract ..................................................................................................................................... VI1 Introduction ......................................................................................................................... 11.1 Research Problem ....................................................................................................................11.2 Literature Review ....................................................................................................................21.3 Research Gap ...........................................................................................................................61.4 Research Objective and Research Question .........................................................................81.5 Research Design .....................................................................................................................101.5.1 Academic Positioning ................................................................................................................... 101.5.2 Research Methods ........................................................................................................................ 121.6 Dissertation Outline ..............................................................................................................142 Conceptual Basis ............................................................................................................... 162.1 Success Factor Research .......................................................................................................162.1.1 Origins of Success Factor Research ............................................................................................. 162.1.2 Target of Success Factor Research ............................................................................................... 172.1.3 Discussion of the Success Factor Approach ................................................................................. 182.1.4 Relevance and Application of Success Factor Research for This Dissertation ............................ 192.2 The Business Model Concept ................................................................................................192.2.1 Traditional Theories ..................................................................................................................... 202.2.2 Summary of Business Model Definitions ..................................................................................... 212.2.3 The Bieger et al. Business Model ................................................................................................. 262.2.3.1 Components of the Adapted Bieger et al. Business Model Concept ....................................... 272.2.4 Discussion of the Business Model Approach ............................................................................... 342.2.5 Relevance and Application of the Business Model for This Dissertation .................................... 362.3 The Art Market .....................................................................................................................372.3.1 Art Market Composition............................................................................................................... 372.3.2 Structure of the Art Market .......................................................................................................... 402.3.3 Data for the Fine Art Market ........................................................................................................ 412.3.3.1 Breakdown by Art Price Growth ............................................................................................ 422.3.3.2 Breakdown by Country ........................................................................................................... 452.3.3.3 Breakdown by Sector .............................................................................................................. 452.3.4 Players in the Market .................................................................................................................... 472.3.4.1 Commercial Art Mediators ..................................................................................................... 492.3.4.2 Conceptual Art Mediators ....................................................................................................... 572.3.4.3 Poles ........................................................................................................................................ 592.3.5 Art Market Characteristics ........................................................................................................... 692.3.5.1 Characteristics of the Commodity........................................................................................... 692.3.5.2 Classification of the Commodity ............................................................................................ 702.3.5.3 Market Form ........................................................................................................................... 702.3.5.4 Competition ............................................................................................................................ 702.3.5.5 Liquidity ................................................................................................................................. 712.3.5.6 Supply and Demand ................................................................................................................ 712.3.5.7 Market Efficiency ................................................................................................................... 722.3.5.8 Market Distortions .................................................................................................................. 723 Quantitative Analysis........................................................................................................ 743.1 Conceptualisation (Model and Hypothesis) ........................................................................75