Creativity As A Sign Of Value: Uncovering The Motivation Of Collectors In Paying High Prices For Artwork Through Legitimacy, Market, And Curation

I Ketut Mahendra; Kayla Annabelle Tjendjaja; Aryo Bayu Wibisono

Authors

I Ketut Mahendra UPN Veteran East Java
Kayla Annabelle Tjendjaja Cita Hati School
Aryo Bayu Wibisono UPN Veteran East Java

Keywords:

Creativity, Art Collections, Institutional Legitimacy, Market Mechanisms, Curatorial Practices

Abstract

This study examines how collectors in the uncertain contemporary art market convert aesthetic experiences into valuation beliefs. Using a phenomenological qualitative approach, data were collected through interviews, auction catalogs, gallery documentation, and exhibition archives; analyzed using inductive-deductive thematic analysis and triangulation. Findings indicate: (1) institutional legitimacy—gallery reputation, museum recognition, and curatorial awards are the strongest signals mediating value perceptions and price reasonableness thresholds; (2) market mechanisms—price coherence with auction catalogs, lot placement, and third-party guarantees reduce risk and discipline enthusiasm; (3) curation—narrative and contextual presentation translates fascination into symbolic appraisal and facilitates the resolution of dissonance. Owned works function as boundary objects that expand networks. The study proposes an integrative Legitimacy–Market–Curation pathway, enriching theories of cultural capital, signaling, market devices, and price setting practices.

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