Cultural Capital and Art Brand Value: A Comparative Analysis of Art Market Dynamics in China and the U.S.
Deqing Cheng ^1,2  Sai Xu ^2,3  Gi Young Chung^2*

1 Anhui University of Finance and Economics , Anhui Province, Bengbu China , 233030;

2 Department of Business Administration Sehan University, Mokpo Jeollanam-do South Korea , 58613;

3 School of Economics and Finance,Bengbu College of Technology and Business,Bengbu Anhui Province China , 233010;

Abstract：This paper systematically compares the role of cultural capital in shaping art brand value in China and the United States from 2018 to 2023. Based on the latest market data, policy trends, and digital engagement metrics, the study first provides a detailed comparison of art market structures and the distribution of cultural capital indicators in both countries. It is observed that Chinese art markets traditionally rely on institutional endorsement and bank-dominated financing channels, whereas the U.S. art market exhibits a higher degree of digital engagement and direct cultural investment. Through an empirical analysis using a multiple regression model, the paper reveals significant differences in how cultural capital translates into art brand value, with digital engagement and institutional endorsement serving as key moderating variables. The study concludes with policy recommendations aimed at enhancing direct cultural financing and digital platform integration to foster art market innovation and risk diversification.

Keywords：Cultural Capital, Art Brand Value, Digital Engagement, Institutional Endorsement, Comparative Analysis, Art Market Dynamics

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