Investigation of the factors that determine the value of the work in contemporary art "Sensation effect"

INVESTIGATION OF THE FACTORS THAT DETERMINE THE VALUE OF THE WORK IN CONTEMPORARY ART "SENSATION EFFECT" ABSTRACT The determination of value in contemporary art is influenced by the various assets that contribute to the art market ecosystem. Brokers such as galleries, auction houses and art dealers play an important role in determining the value of a contemporary artwork by providing platforms for the display and promotion of the artwork, organizing exhibitions, facilitating sales and purchases, and conducting market research. At the beginning of this thesis, firstly, the definition of contemporary art was made and the process leading to modernization in the history of art was examined chronologically. As a result of this examination, it has been understood that various entities included in the art market throughout history shed light on various dynamics that affect the value of contemporary art. Galleries, museums, auction houses, banks, collectors, and critics play important roles in creating sensations around artworks, fueling speculation in art investment, and shaping the brand effects associated with works of art. In contemporary art, however, some artists use unconventional and provocative techniques to lure audiences and push the boundaries of artistic expression to leave a lasting impact, using sensational influence to provoke intense emotions, challenge social norms, or create public discourse. The interaction between the various stakeholders in the art world, combined with the innovative strategies employed by contemporary artists, results in the creation of sensational experiences around works of art. Through the lens of the effects of sensation and speculation influencing the value of works, this thesis focuses on the roles that galleries, museums, auction houses, collectors, critics and banks and NFTs play in shaping the value of contemporary art, by focusing on the complex forces that ultimately determine the value of contemporary art in today's dynamic art market. It aims to examine the structure of the interaction in the theoretical framework. The combination of art, sensation and social participation is a dynamic force that continues to evolve in response to changing artistic practices, technological advances and cultural changes. Keywords: Contemporary Arts, Sensation, Art Market, Speculation, NFT