Convention Theory and Valuation in Comtemporary Art: The Convergence and Tension between Art and Capitalism
Junya Tatemi (2024)
Quarterly Journal of Economic Research, Vol.43 No.1-3 Autumn 2024 pp.2-19
Abstract. In this paper, we take Boltanski and Chiapello’s ‘The New Spirit of Capitalism’ as the warp and woof of a theoretical framework for understanding the valorization of art and culture in relation to the political economy process of contemporary capitalism. It is the theoretical framework for understanding the valorization of art and culture in relation to the political-economic processes of modern capitalism. The concept of ‘art world’ is discussed in the context of the political economy of contemporary capitalism. By rethinking the concept of the art world from the perspective of convulsion theory, the following findings were obtained. The value of art and culture is determined by the value of the art world. The value of art and culture is determined by the ‘quality practices’ shared within the art world. The value of art and culture arises as a result of a series of operations that highlight, evaluate, and test specific attributes inherent in objects/situations, with reference to the ‘quality practices’ shared within the art world. It is the result of a series of operations that highlight, evaluate, and test specific attributes inherent to an object/situation with reference to shared ‘quality practices’ within the art world. It is created through practices in pragmatic situations, in which not only people but also things are involved. Value is created and re-created through interactions in the complex interweaving of people and things (i.e., situations). With this, the art world is redefined not only as the world of people, but also as a world composed of people and things. This shows that the political economy over the power of valorization emerges as an important issue. This allows us to examine the relationship between the art world and its external world, especially capitalism. This provides a perspective from which to examine the relationship between the art world and its external world, and capitalism in particular.