Economics of the Arts: Selected Essays (Contributions to Economic Analysis S.)

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Overview

The economics of art markets is an area open to econometricians, theorists, economic (and of course art) historians, labour economists, and students interested in the economic analysis of legal problems. This volume covers a large number of issues including auction anomalies, the management of museums, the excess supply of labour in the performing arts, the economic analysis of property rights and art thefts, and investment in artworks. It also discusses what can be learnt from history on the behaviour of collectors and on prices of originals with respect to copies.

The coverage of topics reflects the expansions of markets for artworks during the 1980s, as well as the increasing number of discussions on the legal foundations, and property rights of arts-related organisations. During the preceding decade, research on the economics of the arts was much more characterised by issues related to the organisation and the financing of the performing arts industry, with the seminal contributions by Baumol and Bowen and Peacock. Though some important contributions are still being made to this more policy-oriented field, research has, as in many other areas of economics, shifted to less normative work.

The economics of art markets is an area open to econometricians, theorists, economic (and of course art) historians, labour economists, and students interested in the economic analysis of legal problems. This volume covers a large number of issues including auction anomalies, the management of museums, the excess supply of labour in the performing arts, the economic analysis of property rights and art thefts, and investment in artworks. It also discusses what can be learnt from history on the behaviour of collectors and on prices of originals with respect to copies.

The coverage of topics reflects the expansions of markets for artworks during the 1980s, as well as the increasing number of discussions on the legal foundations, and property rights of arts-related organisations. During the preceding decade, research on the economics of the arts was much more characterised by issues related to the organisation and the financing of the performing arts industry, with the seminal contributions by Baumol and Bowen and Peacock. Though some important contributions are still being made to this more policy-oriented field, research has, as in many other areas of economics, shifted to less normative work

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Editorial Reviews

Booknews
This collection of 14 essays covers such issues as auction anomalies, the management of museums, the excess supply of labor in the performing arts, the economic analysis of property rights and art thefts, and investment in artworks. It also discusses what can be learned from history on the behavior of collectors and on prices of originals with respect to copies. The coverage of topics reflects the expansions of markets for artworks during the 1980s, as well as the increasing number of discussions on the legal foundations and property rights of arts-related organizations. Annotation c. by Book News, Inc., Portland, Or.
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Product Details

Table of Contents

List of contributors
Introduction
1 Quantitative Methods in the Analysis of 17th Century Dutch Inventories 1
2 Pricing Invention: "Originals," "Copies," and their Relative Value in Seventeenth Century Netherlandish Art Markets 27
3 How Costly is the Fall from Fashion? Survivorship Bias in the Painting Market 71
4 On Long-run Price Comovements between Paintings and Prints 85
5 Price Anomalies at Auction: Evidence from the Market for Modern Prints 113
6 Auction Theory and Practice: Evidence from the Market for Jewellery 135
7 Experimental Examination of the Declining-price Anomaly 151
8 The Economics of Legal Disputes over the Ownership of Works of Art and Other Collectibles 177
9 A Colloquy about Art Museums: Economics Engages Museology 221
10 Cultural-Economic Analyses of Art Museums: a British Curator's Viewpoint 255
11 Special Exhibitions and Festivals: Culture's Booming Path to Glory 275
12 Economics of Training Artists 303
13 Disaggregated Earnings Functions for Artists 331
14 Work and Compensated Unemployment in the Performing Arts. Exogenous and Endogenous Uncertainty in Artistic Labour Markets 347
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