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DC Field | Value | Language |
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dc.contributor.author | Samdanis, M | - |
dc.contributor.author | Lee, SH | - |
dc.date.accessioned | 2018-11-13T16:43:01Z | - |
dc.date.available | 2018-11-13T16:43:01Z | - |
dc.date.issued | 2018 | - |
dc.identifier.citation | Journal of Business Research | en_US |
dc.identifier.issn | 0148-2963 | - |
dc.identifier.uri | http://bura.brunel.ac.uk/handle/2438/17101 | - |
dc.description.abstract | Strategic decision-making in the volatile and uncertain art market is not only instigated by rational interpretation of the external environment, but also by expert-based intuition. This paper investigates organisational failure at Phillips auctioneers between 1999 and 2002, a period in which it was owned by the multinational luxury goods conglomerate Louis Vuitton Moët Hennessy (LVMH). To analyse this case, we develop a conceptual framework for strategic sensemaking in art organisations that includes the processes of scanning, interpreting, strategising, acting and adjusting, which take place in non-linear and recursive patterns in supporting continuous loops of improvement. Our analysis identifies the merits of intuitive decision-making when realising a novel artistic and entrepreneurial vision which established Phillips as a boutique auction house. However, it also highlights the limitations of emotional and opportunistic decision-making which could lead to blinded management if any of the processes of strategic sensemaking is ignored. | en_US |
dc.description.sponsorship | National Research Foundation of Korea | en_US |
dc.language.iso | en | en_US |
dc.publisher | Elsevier | en_US |
dc.subject | Strategic sensemaking | en_US |
dc.subject | Organisational failure | en_US |
dc.subject | Art market | en_US |
dc.subject | Auction houses | en_US |
dc.subject | Uncertainty | en_US |
dc.title | Uncertainty, strategic sensemaking and organisational failure in the art market: What went wrong with LVMH's investment in Phillips auctioneers? | en_US |
dc.type | Article | en_US |
dc.identifier.doi | http://dx.doi.org/10.1016/j.jbusres.2018.08.030 | - |
dc.relation.isPartOf | Journal of Business Research | - |
pubs.publication-status | Published online | - |
Appears in Collections: | Brunel Business School Research Papers |
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Fulltext.pdf | Access is allowed from 21-10-2019 | 1.1 MB | Adobe PDF | View/Open |
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