This article develops a sociological analysis of the price mechanism on the market for contemporary art. On the basis of in-depth interviews with art dealers in New York and Amsterdam, I address two pricing norms: one norm inhibits art dealers from decreasing prices; the other induces them to set prices according to size. To account for these pricing norms, I argue that price setting is not just an economic but also a signifying act: despite their impersonal, businesslike connotations, actors on (...) markets manage to express a range of cognitive and cultural meanings through prices. Previously, meanings of prices have been recognized in signaling theories within economics. However, these meanings are restricted to profit opportunities. Within the humanities, by contrast, meanings of prices are restricted to contaminating or corrosive meanings. The sociological perspective I develop claims that prices, price differences, and price changes convey multiple meanings related to the reputation of artists, the social status of dealers, and the quality of the artworks that are traded. (shrink)

This revised edition of the first complete translation of the seminal work 'Die Philosophie des Geldes' by Georg Simmel includes a new preface by David Frisby.

This article extends both Viviana Zelizer's discussion of the social meaning of money and Charles Smith's proposal that pricing is a definitional practice to the under-theorized realm of the social meanings generated in the pricing system. Individuals are attributed with calculating or not calculating whether an object or service is "worth" its price, but these attributions differ according to the individual's social location as being near to or far from a societal reference point rather than by the inherent qualities of (...) the object or service purchased. Prices offer seemingly objective proof of the individual's "logic of appropriateness"--in other words, people like that pay prices such as those. This article sketches a preliminary but nonexhaustive typology of the social characterizations of individuals within the pricing system; these ideal types--the fool, the faithful, the frugal, and the frivolous--and their components offer a systematic approach to understanding prices as embedded in and constituents of social meaning systems. (shrink)

This paper attempts to clarify the concept of relational work for understanding economic life as proposed by Viviana Zelizer. To do so, it first compares the concept to similar notions used in other disciplinary fields. Second, it reinterprets some exemplary economic sociology studies by using the relational work lens to clarify the concept’s utility for empirical analysis. Third, it speculates about the place of relational work in the theoretical toolkit of economic sociologists, in particular its relation to embeddedness. The paper (...) concludes by arguing for the utility of the concept to integrate structural, cultural, and power-focused analyses of economic life, to highlight the often-overlooked role of emotions in economic exchange, and to ground an alternative to rational action theory in economic sociology. (shrink)

The desire for authenticity now occupies a central position in contemporary culture. Whether in our search for selfhood, leisure experience, or in our material purchases, we search for the real, the genuine. These terms are not, however, descriptive, but must be situated and defined by audiences. In this analysis, I examine the development of the market for self-taught art, an artistic domain in which the authentic is a central defining feature, conferring value on objects and creators. Self-taught art is a (...) form of identity artin which the characteristics of the artists and their life stories are as important as the formal features of the created objects. The article examines the justifications for this emphasis and the battles over the construction of biography. My examination of self-taught art is grounded in five years of ethnographic observation, interviews, and analyses of texts. (shrink)