Changing the art landscape

: how new business models impact traditional markets examined in the case of balthasart

Abstract

The art market and its participants build an own elite entity with restricted access and high entrybarriers. While art being a cultural good that not only reflects the human momentum but alsodocuments our evolution expressing our inner, most fragile life, it asks to be seen andcontributed to by all. To make this possible, start-ups entered the market trying to changecommon practices and promote inclusive behavior. In this thesis the business model ofbalthasart, an online platform for artists, gets examined to show how new businesses cancontribute to an enriched cultural understanding and access. Through a qualitative researchapproach, deeper insights in the market actor’s perception are gathered. Those findings areenriched with secondary data from balthasart’s company data and a critical review of the artmarket. The results show an urgent need for new offers in the market. This need not necessarilythreatens traditional players in the first place but opens a new market with access for people ofevery social class and origin. If executed right, this presents a great opportunity for first moversand can lead to a strong market position. New platforms can improve with an enhancedexperience for collectors by introducing curation, personal selection and assistance. For artists,there has to be an arc from the digital to the real world by offering offline exhibitionopportunities.

Date of Award	4 Jul 2023
Original language	English
Awarding Institution	Universidade Católica Portuguesa
Supervisor	Rute Xavier (Supervisor)