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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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Themes
Asia
Bonds
Bubbles and Crashes
Business Cycles Central Banks
China
Commodities Contrarian
Corporates
Creative Destruction Credit Crunch
Currencies
Current Account
Deflation Depression
Equity Europe Financial Crisis Fiscal Policy
Germany
Gloom and Doom Gold
Government Debt
Historical Patterns
Household Debt Inflation
Interest Rates
Japan
Market Timing
Misperceptions
Monetary Policy Oil Panics Permabears PIIGS Predictions
Productivity Real Estate
Seasonality
Sovereign Bonds Systemic Risk
Switzerland
Tail Risk
Technology
Tipping Point Trade Balance
U.S.A. Uncertainty
Valuations
Yield
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