![Sample our Economics, Finance,Business & Industry journals, sign in here to start your access, latest two full volumes FREE to you for 14 days]({"type":"image" , "src" : "/sda/5931/TOC-Subject-Sample-2021-Economics-Finance-Business-Industry.jpg"})
Abstract
ABSTRACTLuxury brands following years of diversification have recently discovered that contemporary art represents their interests by associating art with luxury artifacts. This attaches intangible values to mundane products by shrouding them with art in the artification process. Contemporary art, on the other hand, has become more of a business network operating within the rules of the market economy. It has become a common practice for luxury brands to collaborate with contemporary artists by staging exhibitions of contemporary art in their purpose-built exhibition halls that serve as inspiration for their creative directors to develop merchandise ranges. In China, a novel retail concept of the art malls has emerged. Private art patrons, developers, state authorities and luxury brands have entered into partnerships. Luxury brands eager to tap into the lucrative markets of Chinese cities, have discovered that art malls best serve their purposes as experiential retailing takes center stage. The partnering actors in both luxury brands and Chinese art mall developers have managed to institute a remarkable business model in the form of a transcontinental network. By capturing value, network participants have generated network capital, which has led them to sources of competitive advantage. In this arrangement, Aesthetic Capitalism has prevailed where the orchestration of excitement takes center stage thus, circumventing the purer intentions of the Creative Economy promulgated by the United Nations.
Disclosure Statement
No potential conflict of interest was reported by the author.
Notes
1 Mendes and Rees-Roberts, “New French Luxury,” 55.
2 Thomas, Deluxe: How Luxury Lost Its Luster, 73, 235.
3 Pedroni and Volonte, “Art Seen from Outside,” 109-110.
4 Crewe, “Placing Fashion,” 515.
5 Codignola and Rancati, “The Blending of Luxury Fashion Brands and Contemporary Art,” 61–6.
6 Dion and Borraz, “Managing Heritage Brands,” 82.
7 Pollack, How a Nonprofit Cut a Global Path for Chinese Artists.
8 Waldmeir, China Leads the Way for Shopping Malls.
9 Codignola and Rancati, “The Blending of Luxury Fashion Brands and Contemporary Art,” 61–6.
10 Thompson, The $12 Million Stuffed Shark, 26–7.
11 Zorloni, The Economics of Contemporary Art, 21–6.
12 Naletelich and Paswan, “Art Infusion in Retailing.”
13 Godart, “The Power Structure of the Fashion Industry.”
14 Godart, “Culture, Structure, and the Market Interface,” 73.
15 Murphy and de la Fuente, Aesthetic Capitalism, 8.
16 Ibid., 7.
17 Ibid., 8.
18 Godart, “Culture, Structure, and the Market Interface,” 72–4.
19 Zorloni, The Economics of Contemporary Art, 26.
20 Geissdoerfer et al., “Sustainable Business Model Innovation,” 402.
21 Teece, “Business Models, Business Strategy and Innovation, “186–8.
22 Geissdoerfer et al., “Sustainable Business Model Innovation,” 404–6.
23 Teece, “Business Models, Business Strategy and Innovation,”180.
24 Ibid., 186–8.
25 Ibid., 183–4.
26 Barney, “Firm Resources and Sustained Competitive Advantages,” 105–12.
27 Teece, “Business Models, Business Strategy and Innovation,” 179.
28 Zott and Amit. “Business Model Design,” 217–19.
29 Huggins et al., “Network Capital, Social Capital and Knowledge Flow,” 206–9.
30 Mendes and Rees-Roberts, “New French Luxury,” 59.
31 Kapferer, “The End of Luxury as We Knew It?” 29.
32 Crewe, “Placing Fashion,” 523.
33 Codignola and Rancati, “The Blending of Luxury Fashion Brands and Contemporary Art,” 58.
34 Kapferer, “The End of Luxury as We Knew It?” 30.
35 Mendes and Rees-Roberts, “New French Luxury,” 63.
36 Kapferer, “The End of Luxury as We Knew It?” 30.
37 Mendes and Rees-Roberts, “New French Luxury,” 59.
38 Chailan, “Art as a Means to Recreate Luxury Brands' Rarity and Value,” 416–7.
39 Mendes and Rees-Roberts, “New French Luxury,” 55.
40 Codignola and Rancati, “The Blending of Luxury Fashion Brands and Contemporary Art,” 59–62.
41 Mendes and Rees-Roberts, “New French Luxury,” 66.
42 Ibid., 66.
43 Ibid., 61.
44 Pedroni and Volonte, “Art Seen from Outside,” 106–8.
45 Codignola and Rancati, “The Blending of Luxury Fashion Brands and Contemporary Art,” 59.
46 Pedroni and Volonte, “Art Seen from Outside,” 108–10.
47 Shapiro and Heinich. “When Is Artification.”
48 Kapferer, “The End of Luxury as We Knew It?,” 48.
49 Kapferer and Valette-Florence, “Beyond Rarity,” 121–2.
50 Kapferer, “The End of Luxury as We Knew It?,” 28.
51 Chailan, “Art as a Means to Recreate Luxury Brands' Rarity and Value,” 415.
52 Kapferer, “The End of Luxury as We Knew It?,” 26.
53 Chailan, “Art as a Means to Recreate Luxury Brands' Rarity and Value,” 415.
54 Codignola and Rancati, “The Blending of Luxury Fashion Brands and Contemporary Art,” 61.
55 Dion and Borraz, “Managing Heritage Brands,” 82.
56 Crewe, “Placing Fashion,” 515.
57 Dion and Borraz, “Managing Heritage Brands,” 82.
58 Crewe, “Placing Fashion,” 515.
59 Kapferer, “The End of Luxury as We Knew It?” 39.
60 Waldmeir, “China Leads the Way for Shopping Malls.”
61 Kapferer and Valette-Florence, “Beyond Rarity,” 120.
62 Waldmeir, “China Leads the Way for Shopping Malls.”
63 Kapferer, “The End of Luxury as We Knew It?” 25, 29.
64 Codignola and Rancati, “The Blending of Luxury Fashion Brands and Contemporary Art,” 58–60.
65 Shepard, “How China's Shoppig Malls Survive and Thrive in the E-Commerce Age.”
66 Roxburgh, “Can Smart Malls Save China's Failing Shopping Centers from Collapse?”
67 Shepard, “How China's Shoppig Malls Survive and Thrive in the E-Commerce Age.”
68 Waldmeir, “China Leads the Way for Shopping Malls.”
69 Adam, “Shanghai: A Museum in Every Mall?”
70 Ren and Sun, “Artistic Urbanization,” 518.
71 Pollack, “How a Nonprofit Cut a Global Path for Chinese Artists.”
72 Rapp, “Boutique Entertainment Transforms China's Shopping Malls into Lifestyle Hubs.”
73 Pollack, “How a Nonprofit Cut a Global Path for Chinese Artists.”
74 Chailan, “Art as a Means to Recreate Luxury Brands' Rarity and Value,” 418.
75 Huggins, “ Forms of Network Resources,” 338–9.
76 Shepard, “How China's Shoppig Malls Survive and Thrive in the E-Commerce Age.”
77 Roxburgh, “Can Smart Malls Save China's Failing Shopping Centers from Collapse?”
78 Zorloni, The Economics of Contemporary Art, 114.
79 Barney, Gaining and Sustaining Competitive Advantages, 136–40.
80 Huggins, “ Forms of Network Resources,” 338–9.
81 Mendes and Rees-Roberts, “New French Luxury,” 59.
Additional information
Notes on contributors
WenYing Claire Shih
Dr. Shih is an associate professor at the Department of Innovative Living Design at Overseas Chinese University in Taiwan. She had worked in the fashion industry as a design coordinator and buyer for international luxury brands before she has joined academic work. Her overall research has been mainly focused on competitiveness in global value chains in conjunction with new product development in the textile and clothing sectors. Her current research is on sustainable design practices in fashion and clothing as well as competitiveness of creative industries revolved around art and design. [email protected]