Regulatory-mediator function of the auction as a sociocultural institution

The subject of the research is the auction as a sociocultural institution functioning at the intersection of economic, legal, and cultural spheres. The focus of the analysis is on the regulatory and mediating functions that auction houses perform in contemporary culture. Unlike the traditional understanding of the auction solely as an economic institution organizing the buying and selling of works of art, the research considers it a complex sociocultural phenomenon that provides expertise, authentication, restitution, legal protection of transactions, and the updating of information about cultural values. Special attention is given to how auctions participate in the legitimization of authorship and provenance, in the formation of public consensus, and in the production of symbolic capital, as well as in ensuring access for a broader audience to works from private collections. The research methodology is based on an interdisciplinary approach that includes cultural and institutional analysis, as well as a case method focusing on specific situations related to authentication, restitution, and the market circulation of works of art. The scientific novelty of the research lies in the cultural interpretation of the auction as a sociocultural institution that performs not only market functions but also regulatory, mediating, and informational functions. The article formulates and justifies five key sociocultural functions of the auction for the first time in a comprehensive manner: authentication (identification of forgeries and confirmation of authenticity), informational-updating (updating information about previously inaccessible or unknown works), popularization (temporarily opening private collections to a broader audience), legal-supporting (formation of contractual guarantees and legal mechanisms for transaction protection), and restitution (facilitating the return of stolen cultural values). It is concluded that the dual nature of the public aspect of auctions can, on one hand, promote transparency and expert verification, while, on the other hand, it can be used for reputational and market manipulation. Thus, the auction emerges as a complex cultural mechanism that shapes a new environment for the circulation of art.

art market, auction, symbolic capital, sociocultural institution, cultural values, Sotheby's, Christie's, provenance, attribution, restitution