Business Models of Contemporary Art Galleries and Art Fair Influence: A Thematic Synthesis of the Literature

Elisabetta Lazzaro, Giuliano Picchi

Elisabetta Lazzaro is Full Professor of Creative and Cultural Industries Management and Head of Arts & Creative Ecosystems R&I cluster (ACEs) at the University for the Creative Arts, Business School for the Creative Industries.
Giuliano Picchi is an independent researcher and director of UNITA For Future. He holds an MA in Economics and Management of Arts and Cultural Activities. His research interests are strategy, arts for development and cross-innovation.

ABSTRACT
Art galleries have traditionally played a pivotal role in the contemporary art system, divided between cultural and commercial goals, which are not necessarily compatible. In recent times this has been further challenged by the emergence of art fairs. In this paper we consider the construct of business model and how it has more or less explicitly applied to art galleries and their relation to art fairs through a semi-systematic review of the literature with a method of thematic synthesis. From an initial body of 642 retrieved sources, our analysis selected and assessed 16 final references. Major themes that emerged encompass business model typologies, value creation, resources, partners network, customers, decision-making, organizational structure, internationalization, norms, risk and vulnerability, and the emerging online market, accounting for a quite articulated business model of art galleries.

KEYWORDS
Contemporary art market, business model, semi-systematic literature review