In search of value: Vienna School of Art History, Austrian value theory and the others

The search of value that developed toward the end of the 19th century may be interpreted as peculiar to Austrian economists seeking to analyze and define the problem of value theory. Nevertheless, this interpretation leaves aside certain other significant disciplines where the idea and methods of the search of value were applied and came to fruition. One of the disciplines alluded to was art history. Alois Riegl, a prominent member of the Vienna School of Art History, created an original and fully applicable theory of monuments resulting from his thoughts on the question of cultural heritage preservation in Austria–Hungary. His theory of value is largely consonant with not only the value theory proposed by the Austrian economists, but also with the current theories of culture economics; in this respect, it is important to note that Riegl's theory could be interpreted similarly or identically within different disciplines of the Arts.

Research highlights▶ Austrian schools of economy and art history had consonant value theories. ▶ Riegl's concept of monument value is similar with current theories of cultural economics. ▶ Value of monument is fundamental for definition of the role and objectives of monument preservation.