Actor–object relationships

The recent ontological turn, which has put the object at the centre of studies of markets and consumption, has revealed novel problems and helped researchers reconsider issues of scale. We build on this research, focusing on one particular type of object, the artwork. This chapter explores how routine, taken-for-granted practices shape perceptions of value in the art market, highlighting the inherently social construction of these practices. Our analysis underscores the constructed and unstable nature of the art market, where the value of any individual artist, artwork, or buyer remains fluid and contingent. While all value is socially produced, the art market starkly demonstrates its precarious and subjective character, driven by cyclical processes of validation and reinforcement. These dynamics not only sustain but also exacerbate inequality, reinforcing hierarchical structures that systematically privilege certain artists, artworks, and collectors over others.