The Artification of Luxury: How Art Can Affect Perceived …
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bandwagon luxury consumption is more likely to occur among consumers with an
interdependent self-concept than among those with an independent self-concept.
The concept of extended self can be extremely useful to understand luxury consumption motivations as well. Conceptualized for the first time by Belk [18], the
extended self refers to the phenomenon according to which individuals define themselves not only through what it is seen as “me,” but also through what is seen as
“mine.” Specifically, individuals perceive their possessions as part of their selfconcept and use them to get closer to their ideal self that is to whom they hope
to be. In this perspective, the luxury symbolic value previously mentioned may play
a fundamental role in making luxury consumption an effective tool for self-extension.
Last is the theory of uniqueness. Developed by Snyder and Fromkin [16], it
states that although people sometimes feel the need to conform, they may tend to
engage in nonconformist behaviors and to differentiate themselves when the degree of
similarity relative to others is perceived as excessively high. This need for uniqueness
can be fulfilled by the consumption of luxury goods, which are by definition scarce
and rare [23].
3 The Luxury Dream and Scarcity
The basic law of economics states that when demand exceeds supply, price increases.
This imbalance is the sine qua non condition for luxury to exist, since scarcity
represents the core of luxury brands’ DNA. Indeed, luxury goods need to be admired
by all and owned by few to be properly considered as such [5]. Their power relies
on their magical aura of unattainability, which is psychologically evoked by their
incorporation in the lifestyle of extraordinary people and practically fostered by
physical rarity. As argued by Dubois and Paternault [24], the deeper the gap between
awareness and penetration of the luxury brand the stronger its desirability, since
“awareness feeds the dream but purchase makes the dream come true and therefore
contributes to destroy it” (p. 73).
Without prejudice to the general validity of what mentioned above, Kapferer [25]
offers interesting insights regarding the concept of rarity and its different applications
in the luxury context. The first and most intuitive type of rarity is the objective rarity
that is the outcome of the material limitation imposed on the production and commercialization of luxury goods, achieved through high prices and limited production.
As an example, Lamborghini’s CEO Stefano Domenicali has recently stated that no
more than 8000 vehicles per year will be sold from 2020 onward [26], demonstrating
the company will reinforce its exclusivity. However, it is worth mentioning that physical scarcity clearly places a limit to luxury brands’ growth and consequently risks
compromising both company’s well-being and shareholders’ expectations. Therefore, a shift in what the author defines “virtual rarity” is currently taking place in
the luxury sector. It represents an ephemeral and artificially induced type of rarity,
which makes the perceptions of exclusivity and privilege arise without sacrificing
sales. The means through this type of rarity achieved are many: the regular launch
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bandwagon luxury consumption is more likely to occur among consumers with an
interdependent self-concept than among those with an independent self-concept.
The concept of extended self can be extremely useful to understand luxury consumption motivations as well. Conceptualized for the first time by Belk [18], the
extended self refers to the phenomenon according to which individuals define themselves not only through what it is seen as “me,” but also through what is seen as
“mine.” Specifically, individuals perceive their possessions as part of their selfconcept and use them to get closer to their ideal self that is to whom they hope
to be. In this perspective, the luxury symbolic value previously mentioned may play
a fundamental role in making luxury consumption an effective tool for self-extension.
Last is the theory of uniqueness. Developed by Snyder and Fromkin [16], it
states that although people sometimes feel the need to conform, they may tend to
engage in nonconformist behaviors and to differentiate themselves when the degree of
similarity relative to others is perceived as excessively high. This need for uniqueness
can be fulfilled by the consumption of luxury goods, which are by definition scarce
and rare [23].
3 The Luxury Dream and Scarcity
The basic law of economics states that when demand exceeds supply, price increases.
This imbalance is the sine qua non condition for luxury to exist, since scarcity
represents the core of luxury brands’ DNA. Indeed, luxury goods need to be admired
by all and owned by few to be properly considered as such [5]. Their power relies
on their magical aura of unattainability, which is psychologically evoked by their
incorporation in the lifestyle of extraordinary people and practically fostered by
physical rarity. As argued by Dubois and Paternault [24], the deeper the gap between
awareness and penetration of the luxury brand the stronger its desirability, since
“awareness feeds the dream but purchase makes the dream come true and therefore
contributes to destroy it” (p. 73).
Without prejudice to the general validity of what mentioned above, Kapferer [25]
offers interesting insights regarding the concept of rarity and its different applications
in the luxury context. The first and most intuitive type of rarity is the objective rarity
that is the outcome of the material limitation imposed on the production and commercialization of luxury goods, achieved through high prices and limited production.
As an example, Lamborghini’s CEO Stefano Domenicali has recently stated that no
more than 8000 vehicles per year will be sold from 2020 onward [26], demonstrating
the company will reinforce its exclusivity. However, it is worth mentioning that physical scarcity clearly places a limit to luxury brands’ growth and consequently risks
compromising both company’s well-being and shareholders’ expectations. Therefore, a shift in what the author defines “virtual rarity” is currently taking place in
the luxury sector. It represents an ephemeral and artificially induced type of rarity,
which makes the perceptions of exclusivity and privilege arise without sacrificing
sales. The means through this type of rarity achieved are many: the regular launch