HEC Research Papers Series,
HEC Paris

Abstract: Aggregate art price patterns mask a lot of underlying variation — both in the time series and in the cross-section. The authors 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. They discuss relevant recent literature, and illustrate the potential of this approach through a historical study of art price records between 1701 and 2014. Their newly constructed series also points to the importance of developments in the industrial organization of the art market for long-term price trends.

Keywords: art market; auctions; art prices; records; private values

JEL-codes: D10; D44; G10; N00; Z10

21 pages, August 11, 2014

Full text files

papers.cfm?abstract_id=2478687  

Download statistics

• HEC Paris
• Ordering Working Papers
• Home page for this series

Questions (including download problems) about the papers in this series should be directed to Antoine Haldemann ()
Report other problems with accessing this service to Sune Karlsson ().

RePEc:ebg:heccah:1055This page generated on 2024-09-13 22:19:53.