How do the anchoring effect, emotional resonance and social identity influence the purchase of modern art by Antara Tibrewala

How do the anchoring effect, emotional resonance and social identity influence the purchase of modern art?

Introduction

What exactly leads people to purchase art? In today’s modern landscape, the interactions between a consumer and an artwork are not elementary – collectors make careful and precise decisions driven by various motivations and assessments. It is said that decision-making processes in art consumption can be influenced by the psychology of how consumers think, feel, argue, and select among existing alternatives, as well as how their environment (e.g., culture, family, media) affects them (Stankevich). These factors can be studied in the domain of consumer behaviour, which is described as the study of the processes involved when individuals or groups select, purchase, use, or dispose of products, services, ideas, or experiences to satisfy their needs and desires (Solomon). Rightly so, it is crucial to evaluate this in the diverse 21st-century market, as it could potentially enhance the financial stability of emerging artists seeking success in today’s art world. What I find most interesting about this field of study is its interplay with the modern art movement, characterised by a shift away from traditional styles to a more abstract, experimental approach to creating works of art (Deguzman). Since the nature of this movement is unconventional, it would be intriguing to truly understand why people purchase modern art and what techniques or methods an artist can implement to guarantee financial success.

Research Methodology

For this research paper, I will employ a combination of a literature review and a quantitative data assessment using a questionnaire. The benefit of this method is that it provides both a qualitative and a quantitative perspective, answering this research question holistically while providing measurable data to inform objective conclusions. Since the domain of art is largely subjective and based on individual interpretation, some objectivity and statistics are required to reach a consensus, as this data can be helpful for the decision-making of artists and collectors alike.

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