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  • January 2018 (Revised October 2019)
  • Case

Christie's and Leonardo da Vinci's Salvator Mundi: The Value of a Brand

By: Jill Avery
A 16th century Renaissance masterpiece, missing for 137 years, believed by many to have been destroyed and then rediscovered less than a decade ago, becomes the most expensive painting ever sold, all the while surrounded by controversy. Did the buyer of Leonardo da... View Details
Keywords: Brands; Brand Valuation; Art Collector; Arts Marketing; Auction House; Auctions; Luxury Brand; Luxury Consumers; Luxury Goods; Marketing; Valuation; Marketing Strategy; Arts; Luxury; Value; Brands and Branding; Fine Arts Industry; Italy; United Kingdom; Europe; United States; United Arab Emirates
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  • April 2022
  • Teaching Note

Christie's and Leonardo da Vinci's Salvator Mundi: The Value of a Brand

By: Jill Avery
A sixteenth century Renaissance masterpiece, missing for 137 years, believed by many to have been destroyed, and then rediscovered less than a decade ago, becomes the most expensive painting ever sold, all the while surrounded by controversy. Did the buyer of Leonardo... View Details
Keywords: Brand Management; Brand Valuation; Art; Art Dealer; Auction House; Brand Storytelling; Marketing; Brands and Branding; Marketing Strategy; Fine Arts Industry; United States; Italy
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  • July 2009 (Revised March 2010)
  • Case

Sotheby's & Christie's Inc.

By: Ramon Casadesus-Masanell and Catherine Jane Wise
The fine art auction business has remained a duopoly over its 250 year history. The industry is dominated by Sotheby's and Christie's Inc. Curiously, neither competitor has been able to overtake the other by a notable margin despite the clear network effects of this... View Details
Keywords: Arts; Business Model; Restructuring; Economics; Auctions; Market Entry and Exit; Duopoly and Oligopoly; Operations; Competition
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  • December 2013 (Revised January 2015)
  • Case

Barbara Krakow Gallery

By: Jose Alvarez and Nyssa Liebermann
The Barbara Krakow Gallery is a successful contemporary art gallery located in Boston. It utilizes a very rare "no haggle pricing" strategy and extended sales cycle when selling pieces to collectors. Though it remains profitable and very respected, the size and scope... View Details
Keywords: Barbara Krakow Gallery; Art Gallery; Art Market; Art World; Artist; Auction House; Primary Art Market; Secondary Art Market; Exhibition; Contemporary Art; Art Collector; Art Dealer; Art Fair; No Haggle Pricing; Extended Sales Cycle; Christie's; Sotheby's; Online Art Seller; Barbara Krakow; Andrew Witkin; Catalogue Raisonne; Arts; Small Business; Business Model; Transition; Customer Relationship Management; Fine Arts Industry; Boston
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  • 2006
  • Working Paper

The Value of a 'Free' Customer

By: Sunil Gupta, Carl F. Mela and Jose M. Vidal-Sanz

Central to a firm's growth and marketing policy is the revenus and profit potential of its customer assets. As a result, there has been a recent proliferation of work regarding customer lifetime value. However, extant research in this area is silent regarding how to... View Details

Keywords: Customer Value and Value Chain; Auctions; Network Effects; Business Strategy
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  • 05 Sep 2007
  • First Look

First Look: September 5, 2007

School Case 808-027 Saffronart, a five-year-old online art auction company, leads the market for modern Indian art and now faces competitors in the market it created. Established in 2000 by the wife-and-husband team of Minal and Dinesh... View Details
Keywords: Martha Lagace
  • 02 Aug 2010
  • Research & Ideas

Modern Indian Art: The Birth of a Market

influences. This discourse hence suggested that this art had so far been aesthetically misjudged, therefore implying that it had also been economically undervalued. Saffronart and the other auction houses... View Details
Keywords: by Sean Silverthorne
  • 26 Sep 2017
  • First Look

First Look at New Research and Ideas, September 26, 2017

Case 817-073 MIA: Profit at the Base of the Pyramid In January 2016, Guillermo Jaime had just returned home to Mexico City after attending a Harvard Business School executive education program. Jaime was the founder and CEO of Mejoramiento Integral Asistido (MIA), a... View Details
Keywords: Sean Silverthorne
  • 07 Mar 2007
  • Research & Ideas

How Do You Value a “Free” Customer?

research is starting to look at customers whose value is not as readily apparent, and where CLV calculations break down. In a recent working paper, Harvard Business School professor Sunil Gupta calls them "free" customers—think of buyers at an auction.... View Details
Keywords: by Sarah Jane Gilbert; Web Services
  • 19 Dec 2006
  • First Look

First Look: December 19, 2006

settings include job agencies (whose customers include both job seekers and listers), realtors (whose clients include home sellers and purchasers), and auction houses (whose customers include buyers and... View Details
Keywords: Sean Silverthorne
  • 24 Dec 2013
  • First Look

First Look: December 24

Lakshmi, Xin Meng, Nancy Qian, and Xiaoxue Zhao Abstract—This paper studies the policy determinants of economic transition and estimates the demand for labor in the infant private sector in urban China. We show that a reform that untied access to View Details
Keywords: Carmen Nobel
  • 18 Oct 2011
  • First Look

First Look: October 18

to enter the fine art sales space, these two auction houses explore modifications to their business model. Some efforts by the two organizations have already begun but are in the infantile stage, and thus... View Details
Keywords: Sean Silverthorne
  • 28 Feb 2005
  • Research & Ideas

Amazon, eBay and the Bidding Wars

others to raise their bids, and in such a case, sniping may be a winning strategy. Q: How pervasive is sniping and will it eventually wipe out incremental bidding? Can or should eBay and other online auction View Details
Keywords: by Sara Grant; Web Services; Technology
  • 26 Oct 2009
  • Lessons from the Classroom

The New Deal: Negotiauctions

negotiations and auctions are the only two ways in which assets get sold in any market economy. There's a deep literature on each of these mechanisms but very little on the interplay between the two—that messy, murky middle ground where... View Details
Keywords: by Julia Hanna
  • 29 Oct 2008
  • Research & Ideas

The Next Marketing Challenge: Selling to ’Simplifiers’

Rich and Famous." As they grew richer, pressure increased on those below to trade up. And, as they traded up, pressure increased in turn on the well-off to buy even more—the second home, the big screen TV, and the latest sport-utility vehicle. Enter the big View Details
Keywords: by John Quelch; Retail; Consumer Products; Entertainment & Recreation
  • 26 Jun 2013
  • Op-Ed

A Roadmap for Afghanistan’s Economic Future

specialized intermediaries emerges over decades to address these issues. There might be auction houses for the wholesaling of goods, companies that specialize in gathering price data for various commodities,... View Details
Keywords: by Tarun Khanna
  • 09 Dec 2008
  • First Look

First Look: December 9, 2008

Enterprise Community Partners must determine whether to rebuild the Lafitte housing projects in hurricane-ravaged New Orleans and, if so, how to mitigate the risks. Set in January 2007, more than a year after Hurricane Katrina made... View Details
Keywords: Martha Lagace
  • 12 Aug 2002
  • Research & Ideas

‘Let the Buyer Beware’ Doesn’t Protect Investors

information in the boilerplate of interest to an investor." In the end, an investment bank is a sales organization not much different from an auction house that sells used furniture. —D. Quinn Mills In... View Details
Keywords: by D. Quinn Mills
  • 28 Apr 2009
  • First Look

First Look: April 28, 2009

marketplaces for intellectual property. After a successful live IP auction in the spring of 2008 (62% of 85 offered lots were sold for a total of $19.6 million), Ocean Tomo had to decide which of its five business lines to emphasize.... View Details
Keywords: Martha Lagace
  • 06 May 2015
  • Research & Ideas

A Flood of Picassos Threatens to Water Down the Art Market

customers and auction houses set for themselves that are influenced by those educators." Those prices anchors will still be in place to a degree because Marina Picasso's collection, after all, still... View Details

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