The workshop will be taking a mid-quarter break, with no session on Monday, April 25th.
On Monday, May 2nd, we are pleased to welcome Erica Coslor, a PhD candidate in the sociology department at the University of Chicago. Erica will be presenting her paper, “Organizational and Epistemic Change: The Growth of the Art Investment Industry.” The full announcement is below. Looking forward to seeing you at the workshop!
The Social Theory & Evidence Workshop presents:
“Organizational and Epistemic Change: The Growth of the Art Investment Industry”
by Erica Coslor
PhD Candidate, Department of Sociology, University of Chicago
Monday, May 2nd
12 – 1:10 pm
Social Sciences Research Building, Room 401
~Please arrive a few minutes early for refreshments~
This paper examines the legitimization of artwork as an accepted financial investment category. As opposed to the taken-for-granted category in which it exists today, this work traces the efforts of a social movement that I call a financialization project, which was essential in establishing art investment as a legitimate area of alternative investment. Despite resistance from some actors in the art market, this boundary spanning activity was pushed forward by powerful institutional entrepreneurs from both the art market and financial arenas. The financialization effort was constrained by the formal and informal institutional logics in each arena, which provided both an opportunity structure as well as constraints to the emerging market niche. Another constraint was the potential for financial failure by unsuccessful actors in this area if they were unable to sell their products. The project was supported by a growing epistemic culture around art price information and technical information around investment by cultural economists, art price service providers, and other related supports. The result has been the hybridized growth of the art investment area with a general, if sometimes grudging, acceptance of some investors in the art market, and mutual welcoming of tools that provide art price and price trend information. This provides an interesting case to examine the constraints in social movements, with the emergence of an acceptable ‘art investment’ perspective, and necessity of an emergent epistemic knowledge community to support and legitimate the efforts of institutional entrepreneurs if boundary spanning is to be successful.
Persons with a disability who may need assistance attending the event–or for other inquiries–please contact Maria Akchurin in advance at firstname.lastname@example.org.