The Case Study of KAWS
Is Artistic and Symbolic Value Exaggerated by Marketing Value in the Modern Art Market?
ABSTRACT: On 22 March 2019, a 115-foot-long, massive, inflatable mouse-like installation floated and reclined on Victoria Harbour waves in Hong Kong. While this giant sculpture entitled “KAWS: HOLIDAY” Companion basked on our harbour, a concurrent survey exhibition, KAWS: Along the Way, was organised at PMQ Staunton in Central by the storied Italian curator Germano Celant. The same year at Hong Kong Sotheby’s, the painting The KAWS Album (2005) sold for a staggering 115.9 million Hong Kong Dollars. This record-shattering piece soared its estimated price and became a global sensation in contemporary art. Yet, some critics remain suspicious about its artistic value, not recognising KAWS as a natural heir to the pop-art giants of the late 20th century. Through the chronological introduction of KAWS’ evolution, this paper elucidates his journey and strategies. In light of the current social ethos, this paper concludes a new commercial mode for artists from KAWS’ case: the artistic and symbolic value of KAWS is manufactured under the celebrity-culture-led society and the market value. This reflects an enormous specific niche of the art market that consolidates marketing value via social media platforms and trends. The case of KAWS possibly inspires new, young artists. Thus, it is a sign of the time that the artistic value of a work can be exaggerated by marketing and symbolic values in the modern art market.
KEYWORDS: extortionate, artistic value, symbolic value, valuation of art, art market, arts and fashion
