Value and the Valuation of Art in Economic and Aesthetic Theory

Artistic value played a minor role in classical philosophy, but moved to center stage in 18th century aesthetic theory and also played a role in moral philosophy. The value of Art and the process of its valuation has remained an indispensable subject of modern aesthetics, while economists have excluded these topics from consideration. Recent attention to "external effects" has opened new ways of interpreting artistic value in a manner consistent with economic theory. Sections 1-5 narrate historical positions in both disciplines, many of which have left their imprint on current analysis. Sec- tions 6-8 focus on the contemporary discussion of artistic values and their logic of evaluation in economics and in aesthetics.