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The economics of aesthetics and record prices for art since 1701 |
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.
Journal Link
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Explorations in Economic History, Volume 57, July 2015, Pages 79-94-Christophe Spaenjers, William N. Goetzmann, Elena Mamonova
18.07.2100
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