Article | Academy of Management Journal | December 2010

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

by Mukti Khaire and R. Daniel Wadhwani

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 revealed greater inter-subjective agreement about valuation over time, as the new category institutionalized.

Keywords: Change; Valuation; Auctions; Market Transactions; Arts; Agreements and Arrangements; Management Analysis, Tools, and Techniques; India;

Citation:

Khaire, Mukti, and R. Daniel Wadhwani. "Changing Landscapes: The Construction of Meaning and Value in a New Market Category Modern Indian Art." Academy of Management Journal 53, no. 6 (December 2010). (Special Issue on Organizations and Their Institutional Environments: Bringing Meaning, Culture, and Values Back In.)