Uncertainty, strategic sensemaking and organisational failure in the art market: What went wrong with LVMH's investment in Phillips auctioneers?

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.National Research Foundation of Kore

Development and validation of a new Fourier transform infrared spectrometric method for the quantification of urea in creams and ointments

A new Fourier transform infrared (FTIR) spectrometric method for the quantification of urea in creams and ointments was developed and validated. The sample was solubilized in a mixture of chloroform/acetonitrile (1/1 v/v) which allows to solubilize the vaseline or other fats as well as urea and water. The solution was examined in a transmission cell with a pathlength of 500 μm provided with NaCI windows. The urea spectrum was obtained by subtraction of the reference solvent mixture spectrum and the reference water spectrum from the sample spectrum. The absorbance of the peak at ±1688 cm-1 was compared to those of calibration standards to quantify urea. The detection limit and the quantification limit (three times and 10 times the noise, respectively) were estimated as 0.4 and 1.3 μg ml-1, respectively. Validation of the method was realized and application of this method to stability tests was done

Schizophrenia: from the brain to peripheral markers. A consensus paper of the WFSBP task force on biological markers

Objective. The phenotypic complexity, together with the multifarious nature of the so-called "schizophrenic psychoses", limits our ability to form a simple and logical biologically based hypothesis for the disease group. Biological markers are defined as biochemical, physiological or anatomical traits that are specific to particular conditions. An important aim of biomarker discovery is the detection of disease correlates that can be used as diagnostic tools. Method. A selective review of the WFSBP Task Force on Biological Markers in schizophrenia is provided from the central nervous system to phenotypes, functional brain systems, chromosomal loci with potential genetic markers to the peripheral systems. Results. A number of biological measures have been proposed to be correlated with schizophrenia. At present, not a single biological trait in schizophrenia is available which achieves sufficient specificity, selectivity and is based on causal pathology and predictive validity to be recommended as diagnostic marker. Conclusions. With the emergence of new technologies and rigorous phenotypic subclassification the identification of genetic bases and assessment of dynamic disease related alterations will hopefully come to a new stage in the complex field of psychiatric research