Formalizing Symbolic Capital: Blockchain Titling and the Invisible Art Market in the Global South

Title:The Invisible Art Market: Informal Networks, Symbolic Capital, and Market Activity in Latin America DOI:10.5281/zenodo.15383517 Creators:Brown, Scott (University of Puerto Rico – Río Piedras, Professor of Finance) Description:This dataset supports the empirical analysis presented in “The Invisible Art Market: Informal Networks, Symbolic Capital, and Market Activity in Latin America.” The study investigates how weak institutional frameworks, symbolic capital, and informal networks shape national art market development, with a special focus on BRIC countries and Latin America. The dataset integrates four key sources: Art Sales Data (2021–2024) across Brazil, Russia, India, and China (BRIC) compiled from Artprice and Art Basel reports. Macroeconomic indicators from the World Bank’s GDP data. Institutional quality metrics using the International Property Rights Index (IPRI) and V-Dem rule of law variables. A regression analysis (replicable via the art_market_brics.py Python script) demonstrates that stronger property rights (IPRI) and higher GDP are statistically associated with increased national art sales, even in non-Western economies. The data and code comply with FAIR principles and are structured for open replication and policy use. Files included: art_market_brics.py (Python code to replicate regression models) BRIC_Art_Sales_2021_2024.csv (manually extracted and cleaned auction turnover data) GDP.csv (World Bank GDP data 2021–2024) IPRI_Country_Tables_Manual.xlsx (Institutional property rights index data, 2024) vdem_variables_filtered_1996_onward.xlsx (Governance data on Rule of Law from V-Dem) Keywords:art market, cultural economics, symbolic capital, institutional economics, BRIC countries, Latin America, intellectual property rights, informal economy, governance, development policy, Hernando de Soto Subjects: Economics and Econometrics Cultural Studies Development Studies Public Policy Law and Society License:Creative Commons Attribution 4.0 International (CC BY 4.0) Language:English Version:1.0 Publication Date:2025-05-13 Publisher:Zenodo Funding:None (institutionally unfunded, conducted at a public university under resource constraints) Related Works:This dataset underpins the paper:Brown, S. M. (2025). The Invisible Art Market: Symbolic Capital, Informal Institutions, and Development Constraints in Latin America [Manuscript in preparation].