The Construction of Value in Cultural Markets

1 Unit · Undergraduate

This course explores the dynamics of value creation in markets for symbolic goods. Why do people pay millions for a painting of one artist rather than another? Why do some brands become globally sought after, while others never make it beyond their national context? Students will be acquainted with key approaches to the study of cultural markets from a sociological perspective. They will learn, for example, about the significance of the status structure of cultural markets, of price signals, market classifications, the construction of meaning around market categories, the dynamics of branding for crossing national boundaries, or the influence of cultural critics and broader discourses for valuation processes. Each week, the course will be complemented with collaborative team discussions in which students will engage with a substantive case to learn how to connect theoretical concepts with illuminating empirical analysis.