Yet Another Model on Contemporary Art Market

The contemporary art market places significant emphasis on the value attributed to symbols. These symbolic values act as mirrors, reflecting how political economy interprets the artistic landscape and defines its dynamics within the market. This paper engages in modeling the process of elevating symbols as mutual osmosis equilibrating the supply and the demand, delving into their communal accumulation within cultural contexts, and examining their pivotal roles in shaping the contemporary art markets. The study introduces a comprehensive model that unveils a feedback loop encompassing the elevation of symbols, the collective recognition of their symbolic value, and the diffusion of cultural capital. This framework offers insights into the perpetual evolution of art markets and the multifaceted influences they exert.