Article ID | Journal | Published Year | Pages | File Type |
---|---|---|---|---|
5068697 | Explorations in Economic History | 2015 | 16 Pages |
Abstract
Aggregate art price patterns mask a lot of underlying variation-both in the time series and in the cross-section. We argue that, to increase our understanding of the market for aesthetics, it is helpful to take a micro perspective on the formation of art prices, and acknowledge that each artwork gives rise to a market for trading in its private-value benefits. We discuss relevant recent literature, and illustrate the potential of this approach through a historical study of record prices for art at auction since 1701.
Related Topics
Social Sciences and Humanities
Arts and Humanities
History
Authors
Christophe Spaenjers, William N. Goetzmann, Elena Mamonova,