Art Auctions: Economy, Culture, and Symbolic Value in a Globalised World

Abstract

The purpose of this article is to investigate the complex role of art auctions as platforms where economic and cultural values intersect and influence each other in the globalised contemporary art world. The research focuses on how auctions contribute not only to the determination of market prices but also to the construction of cultural prestige and symbolic recognition for artworks and artists. The research methodology of this study is grounded in a combination of complementary approaches that collectively illuminate the multifaceted role of auctions within the contemporary art market. First, an interdisciplinary framework is employed, integrating economic analysis, sociological theory, and cultural studies. This allows for a nuanced understanding of art auctions as sites where financial transactions intersect with cultural practices of value legitimation. Second, a comprehensive review of scholarly literature was conducted across multiple disciplines, including key contributions by Ashenfelter, Graddy, Bourdieu, Velthuis, McAndrew, and Thompson. This review enabled the contextualisation of art auctions within broader theoretical debates concerning valuation, market behaviour, and globalisation. Third, quantitative analysis of publicly available auction data from leading houses (Christie’s, Sotheby’s, Phillips) was undertaken. This facilitated an examination of price dynamics, geographic market shifts, and bidder behaviour. Specific attention was given to phenomena such as the ‘winner’s curse’ and the role of price guarantees in shaping market expectations. Fourth, qualitative case studies of high-profile auction events — most notably the sale of Salvator Mundi by Leonardo da Vinci — were used to demonstrate the interplay between economic success, symbolic value, and cultural recognition. Finally, a sociological analysis of the auction as a performative social ritual, drawing on Charles W. Smith’s framework, was applied. This perspective reveals how auctions function as choreographed events in which market value is co-constructed with symbolic prestige through institutional credibility, narrative framing, and performative bidding. Together, these methods offer a holistic analytical lens through which the auction is understood not merely as a marketplace but as a dynamic cultural institution where economic and symbolic values are continuously negotiated in a globalised context. The scientific novelty lies in the fact that research offers new insights into how globalisation has intensified the relationship between economic capital and symbolic capital in the art world. It reveals the mechanisms through which art auctions simultaneously operate as economic marketplaces and cultural ceremonies that legitimise artistic value. Conclusions. This article summarises the pivotal role that art auctions play in the contemporary art market. Auctions serve not only as venues for the financial exchange of artworks but also as platforms where economic and cultural values are negotiated, constructed, and publicly performed. By facilitating the transfer of ownership, art auctions simultaneously reinforce cultural hierarchies and contribute to the accumulation of cultural capital. Furthermore, the study reveals that as globalisation progresses, the significance of auctions in shaping both the financial worth and cultural prestige of artworks will continue to be central. In light of the increasing influence of emerging markets and global economic trends, auctions will remain a key mechanism for determining the value of art, while also actively shaping global art market dynamics and reinforcing symbolic capital.