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Although consumer demand for authentic market offerings has often been mentioned in consumer research, the meaning of the term “authentic” has not been sufficiently specified. Thus, some important differences among authentic market offerings have not been recognized or examined. This article uses Peirce's semiotic framework to distinguish between two kinds of authenticity—indexical and iconic. We identify the cues that lead to the assessment of each kind, and, based on data collected at two tourist attractions, we show that these cues can have a different influence on the benefits of consuming authenticity. Our results also contribute to an understanding of the negotiation of reality and fantasy as a part of consumption.