Purpose – The article’s purpose is to review and classify the recent body of literature concerning the potentially beneficial effects of arts’ on management. We differentiate modalities of arts’ expected influence on management and build a typology of anticipated effects of exposing management to arts. By identifying the desired results of art and management merger, we pinpoint the pressing shortcomings of the latter. Methodology/Approach – It is a speculative paper based on the qualitative analysis of literature. The paper analyzes the explicit and implicit meanings of terms and the context of their usage. Paradoxes, equivocations and contradictions are being exposed and discussed. Originality / Value – The emerging field of art and management gathers a lot of valuable insights stemming both from academia and from business practitioners. The growing body of knowledge, however, lacks conceptual clarity; omnipresent equivocations prevent the development of the field and its move to the next level. We claim there are three modalities of influence that art is expected to exert on management. First, exposure of the realm of management to arts is believed to produce direct benefits. Art here is believed to be an „active ingredient”, which should by itself positively influence managerial process, managers or managed institutions. Second, art is believed to serve as an analogy that brings about insights about what management is (descriptive analogy) or should be (normative analogy). The third way of harnessing arts to managerial improvements is by treating it as a catalyst: art is added to an ongoing process in order to accelerate or facilitate it. Researchers and practitioners urge various expectations about art applied to management. We classify the main effects of exposing management to art and identify the assumptions about art connected with each effect respectively. Practical Implications – Deeper and subtler understanding of the art-management link will help business practitioners better respond to the uncertainties they face and chose the forms of Arts-Based Initiatives that better match the particularities of their situation.