CHAPTER 1

The Value(s) of Arts Business

Joobin Ordoobody, Alireza Saify, and Per Darmer

Art conventionally can be defined as the expression of one’s emotions and insights through formalist representations that inspire imagination (Adajian 2007; for a full discussion look at Dickie 1969; Rosenberg 1983; D’Azevedo 1958), where the key is the artist’s style, imagination, or inner feelings. Conversely, business is largely associated with commercial activities which concern economic profitability, market share, and wealth accumulation (Porter 2008; also look at Schumpeter 1934), where a lot of weight is put on the consumer (Friedman 2016). Thus, the two seem to have paradoxes in raison d’être that result in conflicting values. For an artist, the unique ...

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