Monet’s, Nympheas… $11 Million; Rothko’s, White… $73 Million; My Youngest Son’s, The Burial of Our Dog Rover… Priceless!: Consumer Behavior in the Fine Art Market

Today’s international fine art market annually accounts for billions of dollars in revenue, millions of jobs, and boasts consumers who are among the world’s wealthiest and most influential individuals. Outside of the financial impact of the industry, the fine art market is unique in that it provides value for consumers on multiple levels: social, financial, and aesthetic. Despite the complexity and enormity of the fine art market, limited research has been conducted related to consumer behavior within it. A qualitative, interview based, study was conducted in order to build theory and extend the literature about consumer motivations in the purchase and sale of fine art, and how intimacy can be created between the consumers of fine art and the creators of it.