In my dissertation I want to use the concept of “scarcity mind-set” (introduced by Mullainathan & Eldar in 2013) and apply it in the field of art business. In their book the looked at what happens to our minds when we feel we have too little? How does the context of scarcity shape our choices and our behaviors? They show that scarcity is not just a physical limitation. Scarcity affects our thinking and feeling. Scarcity orients the mind automatically and powerfully toward unfulfilled needs. I want to apply this theory to the contemporary art galleries, where entrepreneurs (people who open up the gallery) also usually have limited access to the resources. My focus specifically is on the emerging contemporary art galleries in London (in Mayfair specifically).
Usually these entrepreneurs have artistic vision, rather than business vision. I want to approach gallery owners as entrepreneurs. When opening the gallery, they face a lot of challenges, and must make key decisions critical to the success of business. They also have to find compromise (trade offs).
Generally in my dissertation I want to find out more about the trade – offs, which gallery owners had to make, when they were in the process of opening the gallery i.e. no access to resources; decisions within limited amount of time. I want to interview several gallery owners and ask them about there challenges i.e. how would they compete with top-levels galleries + mega galleries, who already have deep pockets and/or multiple international locations. How would emerging contemporary gallery manage its relations with collectors & museums? Finally, what are the strategies for overcoming these challenges i.e. is there a “recipe” for the best business model, which can be used by young art entrepreneurs, who want to open up gallery.
What is more, I want to find out more about key decisions, which they had to make when they were just opening i.e. do they want to represent local artists or international? What were their plans about growth and even international expansion? Would they like to participate in art fairs & biennials? Would they have their gallery at a permanent specific location or will it be temporary space (pop-up/ mobile gallery)?
