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This paper aims at investigating the possible evolution of the business model of contemporary art galleries in the current international scenario. In the context of global crisis that has seriously affected cultural organizations, especially in Europe, the contemporary art market shows countertrend results. The art market, measured by auction results, has realized and is still realizing good and increasing performance, in terms of general sales and revenues. In particular, contemporary art represents a big business for auction operators, becoming one of the most profitable sectors in the art market. Despite this positive trend, contemporary art galleries are facing a difficult situation. With the exception of a handful of big galleries, many galleries generate only small profits and often they are compelled to close down their business. This apparently contradictory situation is strictly connected to the current business model of contemporary art galleries and underlines the need to rethink them in accordance with innovative ways of creation of social and economic value and fulfilment of a durable financial sustainability.

The methodological approach combines the analysis of the literature with an empirical case study analysis. The goal is to explore the possibility of application of a successful business model in the field of contemporary art galleries. Consistently with this methodological approach, our paper is divided into three parts. In the first part we analyze the contemporary art market and the concept of business model in general, focusing on the current prevailing framework and the analysis of the literature on these …