Articles

The Economics of Aesthetics and Record Prices for Art since 1701

C. SPAENJERS, W. GOETZMANN, E. MAMONOVA

Explorations in Economic History

juillet 2015, vol. 57, pp.79-94

Départements : Finance, GREGHEC (CNRS)

Mots clés : Art, Auctions, Price formation, Price indexes, Private values, Record prices

http://ssrn.com/abstract=2478687


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


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