Title

Changing Landscapes: The Construction of Meaning and Value in a New Market Category—Modern Indian Art

ORCiD

0000-0002-9342-3285

Document Type

Article

Publication Title

Academy of Management Journal

ISSN

0001-4273

Volume

53

Issue

6

DOI

10.5465/AMJ.2010.57317861

First Page

1281

Last Page

1304

Publication Date

12-1-2010

Abstract

Stable category meanings act as institutions that facilitate market exchange by providing bases for comparison and valuation. Yet little is known about meaning construction in new categories or how meaning translates into valuation criteria. We address this gap in a descriptive study of these processes in an emerging category: modern Indian art. Discourse analysis revealed how market actors shaped the construction of meaning in the new category by reinterpreting historical constructs in ways that enhanced commensurability and enabled aesthetic comparisons and valuation. Analysis of auction transactions indicated greater intersubjective agreement about valuation over time as the new category institutionalized.

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