Digital Innovation in the Luxury and Fine Art Industry

How Does Social Media Performance Correlate With Sales And Auction Prices?

Academic Paper, 2014

55 Pages, Grade: A


1 Contents


1. Introduction
1.1 Market Overview
1.2 Client Profile

2 Research Questions

3 Hypothesis

4 Literature Review
4.1 Luxury & Digital
4.1.1 Luxury Image
4.1.2 Sales
4.1.3 CRM & Communication
4.1.4 Risks & Areas of Development
4.2 Art & Digital
4.2.1 General Development
4.2.2 Hyper-monetization
4.2.3 Information Access
4.2.4 Critics & Opinion-leaders
4.2.5 Participation & Valuation
4.2.6 Information Asymmetries

5 Interviews
5.1 Digital Innovation in the Luxury Industry
5.1.1 Penetrating emerging markets via new channels
5.1.2 Globalization through digitalization
5.1.3 The luxury brand image in new media
5.1.4 Alterations in the designing or purchasing process
5.1.5 Digital Participation Conversion pre- and during purchase
5.1.6 Post-Purchase Service and CRM
5.1.7 Areas of development and risks
5.2 Digital Innovation in the Art Industry
5.2.1 Penetrating emerging markets via new channels
5.2.2 Globalization through digitalization
5.2.3 Art in & digitalized Capitalism
5.2.4 Hyper-monetization: The influence of finance in Art
5.2.5 Digital Participation: Influence on auction results
5.2.6 Instagramisation: Art creation and selection altered by digital media?..
5.2.7 Digital tools in the sales process
5.2.8 Cooperation of fine art with mass e-tailers
5.2.9 Areas of development and risks
5.3 Interview Conclusion

6 Quantitative Analysis
6.1 Approach
6.2 Methodology
6.3.1 Brand-centric analysis of social visibility
6.3.2 Social visibility’s influence on sales
6.3.3 Refocused social visibility analysis
6.3.4 Interactive digital media’s correlation with sales Insignificant
6.3.5 Correlation between Sales and Social Media
6.3.6 Challenging the Findings
6.3.7 Concluding Findings
6.4 Limitations

7 Concluding: Hypothesis
7.1 Hypothesis 1
7.2 Hypothesis 2
7.3 Hypothesis 3
7.4 Future Recommendations
7.5 Further Recommendations

8 Conclusion for lux

9 References

10 Appendix


illustration not visible in this excerpt

1. Introduction

The explosive growth of new and established social media platforms, as well as luxury brands’ increasingly competitive fight to engage with future and existing clients via digital media sets the tone of this thesis. Record sums are being paid for acquisitions in the tech industry (€150m for luxury fashion online-shop by Neiman Marcus; $1bn for Instagram by Facebook), and the world’s top fashion bloggers are earning $8m per year (Strugatz, 2014; Hüsing, 2014). Simultaneously, digital media platforms to discover, curate, share and buy artworks are springing up like mushrooms, and art-flippers sell their works via curated social media1 .

The existing influence of digital and social media on luxury brands’ and artists’ public awareness, and therefore aspirational and brand value, is presupposed. However, an accord about the quantifiable scale of influence on sales and auction prices has not been reached amongst industry experts. Furthermore, the degree at which online marketing, selling, and communicating is ideally to be executed constitutes a heatedly discussed topic within the two industries which root their success on scarcity, exclusivity and a certain magical opaqueness: luxury goods and fine art.

This thesis aims to quantitatively and qualitatively determine whether a measurable influence of users’ social media interaction with artists and luxury brands on their prices and sales exists, how it manifests itself and which conclusions and recommendations can be drawn from its existence and applied to both industries. Does a Facebook Share translate into a good’s sale? Is art’s instagramisation reflected in auction prices? And how can we measure the paradigm shift in these traditional industries, led by democratization of information- and opinion-sharing, exhibited by rising amateurexperts and new opinion leaders afar from established critics?

After giving a broad market overview and establishing research questions and hypothesis, a thorough literature review will display the status-quo of art’s and luxury’s use of social media and correlations established by experts. The main part consists of a mixed-method approach: Five recognized international art and luxury experts from France, the UK, Germany and Luxemburg, interviewed personally by the author, constitute the qualitative investigation of this thesis. Additional confidential information was obtained at the Deloitte Art & Finance Conference. Its findings are compared with the extensive quantitative examination of sales and social media interaction, using a binary Spearman Correlation. After having evaluated the hypothesis in hindsight of the obtained knowledge, the author will pronounce future recommendations for both industries.

With affluent individuals being the heaviest users of social media and the internet, the digital revolution constitutes a paradigm shift in the industry’s mode of communication and marketing2. The luxury and fine art industry were chosen for comparison for their numerous similar traits: Both serve social stratification, have a lower use value than their prices suggest, depend therefore on an enormous goodwill from their buyers, and appeal to a highly overlapping clientele of HNWI and UHNWI on a very emotional level (Kastner, 2014; Kapferer & Bastien, 2012). Furthermore, both are often targets of private equity companies, funds, and other speculative financial investors (Kapferer & Tabatoni, 2010). The industrial and commercial nature of luxury constitutes the most important difference to the art market, which (in a perfect world) constitutes a canvas for independent, often system-critical artists to display their non-demand-oriented, unique, non-replicable works. In reality, art has become subject of hyper-monetization and thus, financial influence and speculation, which will also be thermalized in this thesis.

1.1 Market Overview

illustration not visible in this excerpt

Graph 1 Global Transaction Value Art & Luxury (Bain, 2014; McKinsey, 2014; Hiscox, 2014; Schubert, 2014)3

Since purely online art sales were conservatively estimated at 1.6% of the international industry in the past year, art is still behind luxury of which 5% are sold online (Bain & Company, 2013; Hiscox, 2014). Online only sales at Christie’s constituted for a mere 0.3% in 2013 (Christie's, 2014).

As shown in Graph 1, the luxury industry is approx. five times larger than the art market to date (€47bn vs. €256bn), however shows a growth rate cut by half over the last four years (CAGR 6% vs. 14%). Extrapolating the proven growth rates over the last years, we can estimate that the luxury industry will reach €343bn in 2018 and art €91bn.

There are different estimations about luxury and art online market growth and for this thesis, the more conservative estimation by Hiscox is used: The global art online market could reach $3.76 billion by 2018 with a CAGR of 19%. Using a growth rate extrapolated from the Bain Luxury Report 2014 for online luxury business, we obtain close to €25 billion by 2018 for online luxury (Bain & Company, 2013; Schubert, 2014). We can therefore conclude that the online luxury and art markets are estimated to perform extremely well over the next five years. The USA remains the strongest art market in 2013, with an “increase by 25% in value year-on-year, confirming its position as the key centre worldwide for sales of the highest priced art” (TEFAF Maastricht, 2014). While the largest geographic luxury markets are Europe and the US with 34% and 32%, respectively, the consumer nationality shows a different picture: 29% of customers are Chinese, only 22% American and 21% European (Bain & Company, 2013). This proves: The markets have become global, blurring the lines between continents.

illustration not visible in this excerpt

Graph 2 Luxury Market: Online vs. Worldwide (Bain & Company, 2013)

As Shown in Graph 2, America is a stand-out market for luxury online shoppers, constituting for 60%, or €6bn, of the global online market. Accessories and Apparel are the most important goods bought online, making up 71% of the total online market, leaving Beauty and Hard Luxury far behind.

illustration not visible in this excerpt

Graph 3 Households with access to the Internet 2000-12 (OECD, ICT database and Eurostat, 2013)

The global internet access is on a sharp rise, with the UK, the EU27 and OECD countries heading the statistics at 75% to 83% in 2012 (Graph 3). South Africa and India still show the lowest penetration, however other BRICS like China and Russia are showing steep rises within the last four years. Despite the BRICs’ low internet access rates, those who can enter it, are extremely active in social media, as shown by Figure 1 below:

illustration not visible in this excerpt

Figure 1 Daily log-on rates to Social Media (Belleghem, Thijs, & Ruyck, 2012)

The daily log-on rate is highest in Argentina, Brazil and India, ranging from 76% to 82% of all social media users, and there is no country taken into account where this rate falls below 50%. This shows that internet has become a vital part of daily life around the world and that it reaches billions of people every day - the information and interaction potential for brands and artists to exploit is immense and strongly growing. Once internet penetration in South America, India and China approaches Western saturation, the social-media-loving population’s hunger for interaction will rise exponentially.

1.2 Client Profile

McKinsey (2014) established that almost half of all luxury consumers research a product or brand online before purchasing, with China still lagging behind (33%) and the UK being the digital pioneer (54%) (Figure 2). A crucial development is the decrease of importance of for pre-purchase online research (-12% vs. 2012). This shows that multibrand retailers are more thoroughly frequented (hence, trusted4 ) by the client than the brand’s own website. Forums, blogs, and Facebook and Twitter, with the latter two social networking sites not even developed primarily for this purpose, are important sources of luxury brand information, as well (Figure 2).

illustration not visible in this excerpt

Figure 2 Luxury Shopper's Online Research Preferences (Dauriz, Remy, & Sandri, Luxury shopping in the digital age, 2014)

Art education via digital media is also on the rise: Hiscox (2014) found that 82% of art clients questioned visited an art and collectible sales websites such as online auctions and online galleries at least once a month5. Figure 3 shows that discovering new artists and works that users would not have come across otherwise, is the most important reason for online research, along with easier filtering and the large offer of works, mediums and prices that exist online, compared to single galleries or museums (Figure 3).

illustration not visible in this excerpt

Figure 3 Advantages of Buying Art Online (Hiscox, 2014)

One of the most important variable to consider are (offline and online) sales influenced by online media, lying at a staggering 50% for luxury (Thinktank, 2014). Whilst an exact percentage of online influence on art could not be found, 59% of art professionals believe that online art businesses and new technology will have an importance level of approx. 70% for education and information, and 47% of art professionals believe that those businesses will have an important role in increasing demand for art investments (Deloitte Art & Finance; ArtTactic, 2014). According to Brzeski (2011), digital outreach to customers is particularly crucial in Asia, for in 2010, 49% of Chinese consumers and 59% of South Korean consumers spent over 11% of their salary on online purchases, compared to a global average of 27% of consumers.

The data above shows that while the global sales channel “online” is still in its infancy for both industries, its growth is estimated to reach significant heights. The more important and easier reachable factor, however, seems to be the connection between digital media, brand and product information, and the decision to purchase. The explosion of luxury fashion blogs, buzz on social networks, and new platforms where users can curate, discover and share their favorite art seem to prove the importance to engage and interact with the user in an Omni Channel environment, for luxury, as well as for art. This thesis will investigate the correlation between social media interaction with a brand or artist and sales further.

2 Research Questions

RQ1: How is social media performance linked to auction prices of selected artists? RQ2: How is social media performance linked to luxury goods’ sales?

RQ3: What are the correlations and deductible trends between the luxury and art market?

3 Hypothesis

Hypothesis 1: If a high-brow artist’s works are part of a period including or succeeding post-war, social media interaction with the artist or specific works can have an effect on auction prices.

Hypothesis 2: If a luxury brand is internationally well-known, social media interaction with the brand or specific goods can have an effect on its yearly sales.

Hypothesis 3: If the sales-promoting tools used by the luxury industry are combined with the art industry’s compatibility with digital media, an unprecedented potential will be unleashed.

4 Literature Review

The investment in luxury and fine art goods as assets is on a sharp rise on an international scale and therefore, the products, sales and valuation processes, as well as consumption trends are increasing in commercial and socio-economic relevance. But also the purchase of luxury and art without intrinsic motives, but for the pure purpose of pleasure in their consumption and appreciation, is constantly growing. Digitalization and hence, democratization and internationalization, of both luxury and art will change the way we buy, sell, and admire these items in the coming years

Furthermore, luxury brands’ collaborations with artists have successfully been used to elevate the personal goods market in Luxury Brand-Art Collaborations (LBACs), as analysed by Kastner (2014). Luxury groups funding contemporary art (e.g. Chanel, LVMH, Gucci, Cartier) are increasingly used to venerate the unique, authentic piece and craftsmanship in luxury, counteracting the actual production becoming more and more automated and industrial (Kapferer & Bastien, 2012). LBACs and luxury brands’ art engagements will, however, not be covered in depth in this thesis.

4.1 Luxury & Digital

4.1.1 Luxury Image

The main challenge for luxury brands’ image is to remain exclusive and deliver the unparalleled customer experience offline and online, i.e. letting the client dive into the digital brand universe, as they do with meticulously chosen store design, educated and appropriate sales staff and memorable events (Kapferer & Bastien, 2012). Authors see several challenges in this seeming incompatibility, opposing the internet’s democracy and accessibility to luxury’s stress on exclusivity and inaccessibility (Kapferer & Bastien, 2012; Kretz, 2014). Simultaneously to adequately conquering the ever- changing online world, brands must not disobey the long-standing luxury rules, e.g. not to pander to customers’ wishes and to promote timelessness. In an immediate and suddenly-changing online world, digital luxury is therefore a contradiction in adiecto. Firstly, the one-to-one human relation is missing on the internet (Kapferer & Bastien, 2012; Schneider S., 2014). Secondly, online communication becomes more diverse, democratic and acquires a second direction: As compared to classic direct marketing channels (e.g. selected print media, prestigious billboards in public places), the online communication entails non-established opinion leaders (e.g. fashion bloggers), enables a global discussion about new products (e.g. in forums), and allows the admirers and clients to openly communicate back to the brand. The new kind of two- way client engagement is well illustrated by the Porsche Birthday Case in China, which allowed tech-savvy Porsche website visitors to change the site’s code in order to compose a “happy birthday” song with Porsche motor sounds (Kretz, 2014). Thirdly, today’s Web 2.0 is not yet able to convey a luxury brand’s identity to all six human senses, as it would in a physical store: As soon as the “Web 3.0” is able to a) transport touch, smell and taste; and b) secure correct personal identification, it makes more sense to move a brand’s entire world online, argue Kapferer and Bastien (2012). However, most luxury brands to date fall under the definition of the “selective e-tailer” or the “hesitant holdout” and lag behind other retail competition (Dauriz, Michetti, Sandri, & Zocchi, 2013; Thinktank, 2014).

With the online luxury market obviously constituting large opportunities, some companies’ online marketing campaigns can be seen as contra-productive, e.g. Louis Vuitton’s “L’invitation au voyage” video ads (2012) popping up before YouTube videos: By choosing the same stage to promote their latest ad campaigns as other compulsory ad videos, usually of mediocre quality and by brands aiming at the mass market, LV risks to banalise its brand and strongly harm the luxury image. Furthermore, since user- generated contents (UGC) and social networking sites (SNSs), have substantial effects on purchasing and the study of consumer behaviour, the market power of traditional content-generators like fashion magazines or style experts are losing ground to bloggers, “It”-girls, as well as less well-known opinion leaders in local communities and forums (Seung-A, 2012). An adaption to these new forms of brand image development is seen as necessary (Amed, 2013; undisclosed., 2013; Kering, 2014; Seung-A, 2012; Spieler, 2013). The depht of this development can be illustrated by Suzy Menkes, The International Herald Tribune’s world-famous fashion editor for 26 years, changed to become Vogue’s international online editor (Business of Fashion, 2014). Since rarity is an illusion in the digital realm, and the sensation of craftmanship, hence, the differentiation through quality, is limited online, “brands and designers must find a deeper appreciation of luxury to convey”, in the eyes of Hunter (2012).

4.1.2 Sales

Although luxury sales via online channels still constitute for only approx. 5% of the total luxury market according to Bain & Company, their volume has increased tenfold between 2003 and 2013, and their channel sales share has increased by 500%. Online selling is a controversial and heatedly discussed topic in the industry with polarizing proponents and opponents. Most authors agree that luxury brands defined according to Kapferer & Bastien (2012) will advertise and communicate online, but seldom sell their high-brow product ranges via this channel. Most international luxury brands offer their entry products online, but are still far from including the higher ranges online, e.g. Hermès, Louis Vuitton, and Proenza Schouler. Brzeski’s report raises the question whether those brands’ competitive advantage will not gradually shrivel on a large global scale compared to luxury fashion, premium fashion, which are able to fully penetrate their markets, especially in rising third-tier cities in China, India and Africa (Brzeski, 2011). Furthermore, Tony King6 calls a brand’s survival without e-commerce feasible, but “a massive missed opportunity” (Strugatz, 2013). Obviously, the counter- argument by Kapferer & Bastien (2012) seems to be prevalent in today’s luxury brand management: Increased availability of goods by a luxury brand risks to diminish the dream value and hence the descent into fashion or premium. Miuccia Prada, chairperson and creative director of Prada Group, strongly expressed her and her husband’s, Patricio Bertelli, CEO, dislike of luxury e-commerce, stating bluntly they “hated it” and finding “it not right for luxury” (Strugatz, 2013). Despite their ostentatious distrust in e-commerce, Prada is one of the numerous brands selling end-of-season remainder clothing via, which is - once again - illustrating many luxury CEO’s approach to sell their real gems exclusively offline (Williams, 2014). In tough contrast to the Prada management, Frederico Barbieri, e-commerce executive at Kering, expresses strongly pro-digital views, stressing a holistic understanding of consumer behavior and promoting an Omni channel approach to manage the complexity of interaction with the customer: “There is no barrier, and the future is there, and you have to define what a luxury brand experience is online” (Strugatz, 2013; Barbieri, 2013). Chanel and Céline are the most prominent examples of luxury brands forgoing the online distribution of ready-to-wear and accessories completely, with Chanel only offering perfume and cosmetics, and Céline selling absolutely nothing, neither on nor on their retail partner Barney’s site, even notifying searching customers that Céline products are only available at the physical Barney’s New York store (Strugatz, 2013). A reserved approach to digital sales channels is certainly crucial for maintaining a luxury status in certain markets: A KPMG study discovered that most Chinese customers turn to online and mobile sales outlets for bargains, convenience and product accessibility - factors that can diminish a brand’s exclusivity (Kapferer & Bastien, 2012; KPMG China, 2014).

4.1.3 CRM & Communication

Inferring from the literature, digital proponents like Kering’s Frederico Barbieri. and Burberry’s Angela Ahrendt chose an Omni channel strategy to drive their companies’ growth in our digital era while maintaining their heritage (Amed, 2013; Barbieri, 2013). With its share price having increased by over 250% since Angela Ahrendt’s arrival as CEO of the then deteriorated British brand in 2006, which was suffering from licensing and counterfeits problems, Burberry has now become luxury’s pioneer in digital communication and e-commerce. “Burberry is now seeing its fastest growth in online sales as it embraces social media and blurs the boundary between its physical stores and the digital world” (Butler, 2013; Amed, 2013), which is a developed initially born from a tight marketing budget and the thus resulting meticulous market research to ensure every penny’s return. Having established that the new luxury consumer in India, Latin America, and China would be 25 years younger than the traditional Western Tony King, founder of digital agency King & Partners luxury customer, Ahrendt decided to target those millennial consumers while remaining a truly British brand. She also stresses that in digital advertising efficiencies, conversion rates, and other measure of return can be directly collected, whereas in traditional media advertising, exact pin-pointing is not possible (Amed, 2013). She freely states that Burberry is collecting as much client data as possible in stores, as well as on; and locating, following and surveying customers is an admitted measure taken by other luxury brands (private source of information, 2014). Electronic tags in clothes to show the exact items in the fashion show on virtual screens, customizable online pre-orders straight from the catwalk, and iPad-equipped sales staff assisting customers with models or sizes not available physically are directly traceable on Burberry’s bottom-line (Butler, 2013). All these services are offered in the Burberry World Live flagship store in London. Barbieri. stresses that a strategically controlled digital Omni channel approach is inevitable for modern luxury brands. For him, sales, CRM, marketing and after-sales service all have their place in digital and physical touch points, which is why Kering has founded its Digital Academy, educating employees about the newest developments (Barbieri, 2013). Audi City, the car company’s compact urban cyberstore concept and “showroom of the future”, launched in London (July 2012), Beijing (2013), and Berlin (2014), enables the customer to see details of each model on high-res screens, and experience inside and outside design with full control over all variables. These digitally advanced stores make it possible to experience each model in urban locations with restricted store areas (Design It, 2014; Audi, 2014).

Using market research to target specific customer groups and reinvent brands’ business models might disobey the luxury rule not to pander to customers’ wishes, and not to sell (too conveniently), and maybe brands like Burberry, Audi and Kering’s portfolio divert from the traditionally defined luxury strategy, but those brands seem to lead the way to stable international long-term growth7.

4.1.4 Risks & Areas of Development

Increased free-riding risks defined as “the harnessing and use of external effects by third parties that did not contribute to them” - in luxury brands’ case.counterfeiting - are a strong downside of online advertising and purchasing (Bomsel, 2014). Bomsel (2014) argues that since the internet allows “communication through new media, automatic product searches, relationships between consumers, the disintermediation of the distributor and the decoupling of the sales and logistics management of products”, it is also a source of a new counterfeiting. The sale of their real products via unauthorized channels poses another danger to luxury brands, since it harms their meticulously built identity, especially luxury fashion cosmetic brands, however, tend to turn a blind eye to the grey market, since, after all, it can bring them additional profit (e.g. realizing full profit-maximization by selling left-over products to grey market channels). The severity of the online counterfeit sales and the harshness with which luxury conglomerates fight it are portrayed by the cases: a) LVMH vs. Google, b) LVMH vs. eBay, and c) Tiffany & Co. vs. eBay. a) Google and LVMH have decided to show a united front after battling each other in French courts since 2003 over Internet searches of trademark brands leading to links to sellers of counterfeit Louis Vuitton and Dior bags. The search engine and luxury conglomerate decided to "work together to tackle the advertising of counterfeit goods online" and engage its "engineering, product and sales teams.", stated Carlo D'Asaro Biondo, Google's president Southern and Eastern Europe, Middle East and Africa operations (Hoefler, 2014). b) in 2008 a French court ordered eBay to pay LVMH €38.5m, which was later lowered to €5.7m. LVMH had accused eBay to tolerate the sale of counterfeit perfumes via its site and had also claimed that allowing the sale of real cosmetic products over channels like eBay harmed its brands (Carvajal, 2008; Geller, 2014).

c) The pro-eBay ruling of an American court in the same year shows the stark discrepancies in perception and legal enforcement of trademark and intellectual property rights: In strong opposition to the European rulings, an American court ruled in favour of eBay in 2008 when Tiffany & Co. joined forces with other trademark holders to hold eBay accountable for the same accusation: Allowing the sale of counterfeit Tiffany jewellery and accessories. “U.S. District Judge Richard Sullivan in Manhattan concluded that eBay responds appropriately in removing listed items once Tiffany has identified them to eBay as counterfeit. He rejected Tiffany's contention that eBay should take greater responsibility by refusing to post listings it could "reasonably anticipate" might be counterfeit.” (Mangalindan & O'Connell, 2008).

Additionally, the new two-way interaction between brand and client described by Seung-A (2012), including UGC and SNS, can pose a risk to the brand’s image. Social media is more and more used as an information source by traditional media and since it provides individuals with a high collective power fuelled by new media’s global reach and, thus, an enablement to sustain public relevance, it can pose a threat to luxury brands’ image. Ogilvy Public Relations in China even recommend to respond within eight hours of a crisis, since it crucially affects the impact (Chen, 2013).

4.2 Art & Digital

A large part of existing literature focuses on the process of art emerging into popular culture, different social classes and the media, and the thus strongly increased and still increasing demand for the acquisition of high-quality works. These demand-increasing trends ultimately led to the integration of art and finance, making some experts question whether this interdependence is compromising the creative freedom and criticism traditionally entailed by art (Baumann, 2014; Schneider, 2010; Brown, 2014). Are the record-breaking prices paid for contemporary art, fuelled by globalization, endangering the belief system supporting it (Reichert, 2014)? Will digitalization make art objects as commercial and customizable as luxury items, or is digital media’s influence overvalued?


1 Curated social media: Uses Facebook and Instagram as channels to advertise artists‘ works, i.e. virtual galleries

2 (Pew Research Center, 2010)

3 Numbers from the TEFAF Art Market Report diverge: “Online sales in 2013 were estimated to have been in excess of €2.5 billion, or around 5% of global art and antique sales. It is estimated that the online art market, including online sales by auction houses, dealers and online-only companies, could grow at a rate of at least 25% per annum, meaning that they could exceed €10 billion by 2020.” (TEFAF Maastricht, 2014) For this thesis, the conservative estimate was used, because it was quoted by more sources.

4 Assumption by the author

5 32% once a month; 23% once a week, 27% a few times a week (Hiscox, 2014)

6 Tony King, founder of digital agency King & Partners

7 Audi would not count to “luxury” defined by Kapferer & Bastien, Burberry would be debatable, however, in general literature, at least Burberry is seen as a luxury (fashion) brand.

Excerpt out of 55 pages


Digital Innovation in the Luxury and Fine Art Industry
How Does Social Media Performance Correlate With Sales And Auction Prices?
École des hautes études commerciales de Paris  (Luxury Strategy)
Catalog Number
ISBN (eBook)
ISBN (Book)
File size
1993 KB
art, art business, art trade, art market, art and finance, christie's, sotheby's, gagosian gallery, art investment, digital, digitalization, instagram, facebook, google, tumblr, instagramisation, art flipper, capitalism
Quote paper
Master of Science | HEC Paris Janna Schubert (Author), 2014, Digital Innovation in the Luxury and Fine Art Industry, Munich, GRIN Verlag,


  • No comments yet.
Read the ebook
Title: Digital Innovation in the Luxury and Fine Art Industry

Upload papers

Your term paper / thesis:

- Publication as eBook and book
- High royalties for the sales
- Completely free - with ISBN
- It only takes five minutes
- Every paper finds readers

Publish now - it's free