ScholarWorks@중앙대학교

초록

This study investigates the business structure of small and mid-sized art galleries in Korea and identifies key operational issues and constraints, aiming to provide a foundation for developing strategies suited to their characteristics. Using a framework of value creation, delivery, and capture, the study analyzes the business operations of these galleries and derives structural limitations affecting their sustainability and growth. The findings indicate that these galleries rely primarily on the gallerist as a core resource, engaging in activities such as artist discovery, development, and exhibition planning. These efforts help establish an accessible art transaction environment, thereby enhancing market accessibility. The created value is delivered through diverse channels—exhibitions, art fairs, and online platforms—targeting new collectors and younger audiences not yet deeply engaged with the art market. In terms of value capture, their main revenue source is artwork sales, while substantial financial burdens stem from fixed and recurring costs such as fair participation fees, rent, and labor expenses. Within this structure, small and mid-sized galleries face constraints including: (1) imbalanced revenue and expenditure, (2) limitations in pricing and buyer base, and (3) weak management of exclusive artists and the risk of artist attrition. These issues result from overlapping structural, institutional, and cultural factors that market mechanisms alone cannot resolve. Therefore, systematic and fundamental responses—including policy support and institutional reform—are essential to ensuring the long-term viability of these galleries. The study’s findings are expected to serve as foundational data for formulating effective strategies and improvement measures.

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