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Samdanis, Marios; Lee, Soo Hee
Journal of business research, 05/2019, Volume: 98Journal Article
Strategic decision-making in the volatile and uncertain art market is not only instigated by rational interpretation of the external environment, but also by expert-based intuition. This paper investigates organisational failure at Phillips auctioneers between 1999 and 2002, a period in which it was owned by the multinational luxury goods conglomerate Louis Vuitton Moët Hennessy (LVMH). To analyse this case, we develop a conceptual framework for strategic sensemaking in art organisations that includes the processes of scanning, interpreting, strategising, acting and adjusting, which take place in non-linear and recursive patterns in supporting continuous loops of improvement. Our analysis identifies the merits of intuitive decision-making when realising a novel artistic and entrepreneurial vision which established Phillips as a boutique auction house. However, it also highlights the limitations of emotional and opportunistic decision-making which could lead to blinded management if any of the processes of strategic sensemaking is ignored. •Introduces a conceptual framework of strategic sensemaking in art organisations•Investigates organisational failure at Phillips auctioneers between 1999 and 2002•Scrutinises the role of intuitive decision-making under conditions of uncertainty•Analyses how art organisations can avoid organisational failure through strategic sensemaking
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