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Commodifying Luxury Assets by Alex Gentry ALEX GENTRY COMMODIFYING LUXURY ASSETS DECEMBER 2016 Commodifying Luxury Assets By Alex Gentry A. GENTRYGENTRY Table of Contents Introduction 4-5 What Makes Us 6-21 Acquire Things? Ethnographic Effects 22-39 on Consumption Providing Millennials 40-42 Access to Luxury Assets Art Basel 2016 43-44 Advising + Interviews 45-51 Moving Forward 52-53 Bibliography 54-62 Introduction Karl Marx wrote that the idea of commodity fetishism transforms the subjective, abstract aspects of economic value into objective, real things that people believe have intrinsic value. (Lewis, 2008) Commodities are defined as goods which can be acquired, with the intention of trade or consumption. I will be focusing on luxury assets which are not traditionally considered commodities by the average consumer, due to scarcity and cost. 4 COMMODIFYING LUXURY ASSETS INTRODUCTION In this research book, I will dive deep into what drives our perception of value and how to commodify luxury assets for investors outside of the 1%. On a macro level, I seek to learn more about what drives the consumer’s perception of what something is worth and why. This includes ethnographic, psychological, and behavioral effects on consumption. I will also conduct interviews with some of the leading specialists in the luxury asset realm including Sotheby’s Ex Chief Financial Oficer Patrick McClymont, CEO and founder of Arthena, Madelaine D’Angelo, and my personal thesis advisor Carolyn Trabuco, Co-Founder and Board Member at Azul Airlines. 5 What Makes Us Acquire Things? Scarcity as a Tactic Need for Uniqueness ( Psychological / Behavioral) The Veblen Effect Access to Scarcity on the Web Gaining the Leadership Role Through Collecting Identifying Trends and Brand Symbolism 6 WHAT MAKES US ACQUIRE THINGS? SCARCITY AS A TACTIC In the Cornell study titled Scarcity Effects Commodity theory, in contrast to economic on Value: A Quantitative Review of the Commodity Theory Literature, Michael Lynn theory, is a psychological theory which writes that Commodities are "any things— suggests that individuals value unavailable messages, experiences, or objects— that meet commodities because of scarcity, in and of three criteria." He starts off by stating that "Commodities must be useful. Something is itself, when there is no demand or increased a commodity to a person only if it has some monetary reward associated with the utility to him or her." Second, "Commodities scarcity. (Fromkin, 1971) must be transferable from one person to another. Things that cannot be given to, or taken from, are not commodities as defined by the theory." Finally, "Commodities must have the potential to be possessed. Things which are beyond the reach of a person are not commodities for him or her. All marketable goods and services are commodities by this definition. Even promotional activities like sales events and price reductions can be considered commodities because they are conveyed from sellers to consumers and because they have some utility to the consumers." (Lynn, 1991) Lynn notes that the Commodity Theory coined by T.C. Brock in 1968 deals with the psychological effects of scarcity on consumers. According to the theory, Scarcity enhances the value (or desirability) of anything that can be possessed, is useful to its possessor, and is transferable from one person to another. (Brock, 1968) In economic theory, scarce commodities are valued because of an expectation that the commodities will increase in monetary value given their scarcity, i.e. a rare automobile, bottle of wine, or painting. Commodity theory, in contrast to economic theory, is a psychological theory which suggests that individuals value unavailable commodities because of scarcity, in and of itself, when there is no demand or increased monetary reward associated with the scarcity. (Fromkin, 1971) 7 WHAT MAKES US ACQUIRE THINGS? SCARCITY AS A TACTIC Scarcity principle is defined as “an economic Given marketers seek to make products and principle in which a limited supply of a good, services “more desirable and sought after”, coupled with a high demand for that good, commodity theory’s “predictions about scarcity results in a mismatch between the desired effects on value have some relevance to their supply and demand equilibrium.” In my thesis, I goals”. (Brock, 1968) look to provide more individuals the opportunity to invest in luxury assets. As Lynn stated, Lynn writes that Unavailability “refers to scarcity “scarcity is a pervasive aspect of human life” and other limits on availability.” He quotes and “a fundamental precondition of economic Brock’s several hypotheses that "provide behavior.” (Lynn, 1991) operational definitions of ‘unavailability’ “ as such; “(a) limits on the supply, or the number Lynn states that many examples of academic of suppliers, of a commodity, (b) costs of literature on consumer behavior and how acquiring, of keeping, or of providing a we market products “contain relatively little commodity, (c) restrictions limiting possession about the psychological effects of scarcity” so of a commodity, and/or (d) delays in providing “marketing practitioners have long assumed a commodity.” Lynn states that “these potential that scarcity enhances the perceived value of operationalizations of unavailability have products and opportunities (Cialdini, 1985)”. numerous counterparts in marketing actions. Due to this, we often see in advertising Producing limited editions of products, having statements such as “only while supplies last”, exclusive distribution outlets for products, “limited release”, “limit of one per customer”, prestige pricing of products, and restricting or “for limited time only”. Also, a sales person maximum order size for products are all may tell a consumer that there’s only one item common practices that make products difficult left during an interaction with his/her customer. to obtain. Thus, commodity theory’s predictions Brock’s 1968 commodity theory suggests that about the psychological effects of unavailability “scarcity’s enhancement of value is commodity are extremely relevant to marketing practice.” theory.” (Brock, 1968) (Lynn, 1991) Lynn goes on to say that “value” refers to a commodity’s “potency for affecting attitudes and behavior” (Brock, 1968). “Since commodities have a positive utility, any enhancement of a commodity’s value (or potency) will increase its perceived utility and will make the commodity more desirable and sought after.” Furthermore, the concept of “value” can equal to “desirability” and “utility”. 8 WHAT MAKES US ACQUIRE THINGS? SCARCITY AS A TACTIC Howard L. Fromkin of the Association for Consumer Research at Purdue University also quotes Brock’s theory in his 1971 piece, “A Social Psychological Analysis of the Adoption and Diffusion of New Products and Practices From a Uniqueness Motivation Perspective”. He states that Brock’s 1968 definition suggests a In my thesis, I commodity is “any object (e.g., informational, experiential or material stimuli)” which is “a seek to design a potential possessor perceived as useful to him and as conveyable from person to person. way to commodify The value of a commodity may be defined as its effectiveness in producing acceptance.” (Fromkin, 1971) “unattainable” luxury As stated earlier in this chapter, Lynn believes assets which are not there are three key necessities to defining a good as a commodity. “First, commodities easily acquired. This must be useful. Something is a commodity to a person only if it has some utility to him or her. allows prospective Second, commodities must be transferable from one person to another. Things that cannot collectors to purchase be given to, or taken from, others are not commodities as defined by the theory. Finally, commodities must have the potential to be shares of something possessed.” they passionately In essence, Lynn believes that “things which are beyond the reach of a person are not believe has monetary commodities for him or her.” He goes on to say that his definition of commodities value. “gives commodity theory a broad domain that encompasses many things of interest to marketers. (Lynn, 1991) In other words, all attainable goods and services could be considered commodities. Furthermore, I will transform scarce goods (luxury assets) into commodities. 9 WHAT MAKES US ACQUIRE THINGS? NEED FOR UNIQUENESS (PSYCHOLOGICAL / BEHAVIORAL) Lynn writes that “Commodity theory did not According to Fromkin, “One potential source originally specify the mechanisms underly- of self-uniqueness is the possession of scarce ing scarcity effects on value.” Brock, however, commodities. Thus, need-for-uniqueness “suggests one possibility—that people may de- theory has come to be seen as an explanation sire scarce commodities more than comparable for the scarcity effects predicted by commod- available commodities because the possession ity theory.” (Atlas & Snyder, 1978; Fromkin, of scarce commodities conveys feelings of 1970; Snyder & Fromkin, 1980). personal distinctiveness or uniqueness.” In professional athletics, young athletes feel According to need-for-uniqueness theory the pressure to stand out from their peers. In which is stated in Fromkin’s, 1973 writings a 2014 Daily Mail article, Meghan Keneally and Snyder & Fromkin, 1980, “people need to states that almost eighty-percent of United feel moderately unique”, due to an individual’s States NFL players go bankrupt during their sociological interaction with his or her peers. career, with similar statistics staying true to the Consistent with this theory, “research has NBA and
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