Psychologists have found that the age at which successful practitioners typically do their best work varies across professions, but they have not considered whether these peak ages change over time, as economic models suggest they might. Using auction records, we estimate the relationship...

Using transactions from fine art auctions for 42 leading American contemporary artists I estimate the relationship between the value of a painting and the artist's age at the date of its execution. The econometric estimates show that artists born before 1920 were likely to have done their most...

This note investigates price-formation mechanisms at work in the private art market. An analysis is provided on pricing of new artwork for the first sale. In a model with five different types of agents using a bargaining game approach, the artist's preferred market channel is identified. The...

Today's contemporary art world has to come to terms with a highly unstable socioeconomic context that is evolving rapidly and constantly, with the result that any analysis to establish the state of the demand and supply of artistic goods and services in a global scenario is quite complex. The...

We perform variance ratio tests based on non-parametric methods to detect the size of the random walk component of the US art auction prices. The past 134 years of the US art prices exhibit large transitory component (72%) and based on this, the random walk hypothesis does not hold. However,...

This paper highlights the paradoxical effects of increased price data in markets with difficult-to-value products where non-price factors are highly relevant. In the fine art market, the growth of market information providers facilitated access to auction price data, beneficial in a market noted...

An anti-foreign and anti-Christian uprising began in northern China in 1899, dubbed the “Boxer Rebellion” by the foreign powers that subsequently invaded China. In the courseof events, troops of the Eight-Nation Alliance began to arrive in Beijing in August 1900 and occupied the city. During...

Considering all transactions related to modern and contemporary visual artists mediated by galleries in Italy between 2007 and 2012, we find that artist brand depends positively on talent, consolidated fame and volatile fame. These three latent characteristics have different impacts on the brand...

Wie sich der Kunstmarkt verändert und welche Vorteile Sie davon haben -- Was Sie über den Kunstmarkt wissen sollten – von klassischen Ölgemälden bis hin zu Kryptokunst und NFTs -- Wie Sie gute Kunst erkennen und welche Qualitätskriterien Ihnen helfen -- Welche Kunst sich als Geldanlage...

NFTs (Non-Fungible Tokens), digitale Unikate, die auf der Blockchain im Netz gespeichert werden, stellen gerade die Kunstwelt auf den Kopf: Erstmals kann so digitale, im Netz verfügbare Kunst eindeutig einem Besitzer zugeordnet werden. Seitdem gehen die Preise durch die Decke. Digitalkunst wird...

If one should buy something only because one loves it for its beauty or some other aspect of aesthetic or personal appeal, one can never really lose. Individuals who collect art and who share the growing interest in art as an investment question whether art is a good investment particularly when...

Markt und Marketing der Contemporary Art – Accrochages und Arrondiertes -- Basisaspekte des Kunstmarktes unter besonderer Berücksichtigung der „Contemporary Art“ aus der Sicht der Marketingdisziplin -- Das Sammeln und Kaufen von Contemporary Art — Ein Ansatz zur Erfassung von Motivation...

Economic Disruption and the Monetisation of French Collections -- Samuel Courtauld as Private Collector and Public Donor -- Albert Barnes as Currency Opportunist and 'Visionary Art Educator' -- Kojiro Matsukata and the Economics of Rodin in Japan -- Institutional Inertia and the National Gallery...

Hinter dem vielzitierten Nachfrageproblem des Kunstmarktes steht ein Vermittlungsproblem. Und hinter dem Vermittlungsproblem steht ein Geschäftsmodell, mit dem sich viele kleine und mittlere Galerien sehenden Auges in eine Bedeutungs- und Ergebniskrise manövrieren. Dieses Buch analysiert die...

"Preface Dear Reader: No matter the reason you picked up this book - whether it was assigned or freely chosen - I hope you feel warmly invited to pull up a chair to the economics of art, to form your own opinion, and to build your own tools. Although originally written for students in arts...

We analyze the evolution of the price of paintings in London auctions with a unique dataset of over 200,000 sales in the period 1780-1840. We build a price index for the representative painting through hedonic regressions controlling for the characteristics of auctions and paintings and for the...

This chapter analyzes the risk and return characteristics of investments in artists from the Middle East and Northern Africa (MENA) region over the sample period 2000 to 2012. With hedonic regression modeling we create an annual index that is based on 3,544 paintings created by 663 MENA artists....

The record-breaking prices observed in the art market over the last three years raise the question of whether we are experiencing a speculative bubble. Given the difficulty to determine the fundamental value of artworks, we apply a right-tailed unit root test with forward recursive regressions...

We analyze two reasons for export prices to be different across markets - namely, quality differentiation and variable markups - and attempt to parse their relative importance and some of their underlying drivers. To overcome the substantial measurement issues in this task, we consider a...

This paper applies the Johansen Cointegration procedure to test the law of one price (LOOP) for twelve international markets of paintings using semi-annual data for the period 1985-2007. Cointegration test is performed in a pairwise arrangement. Price index for each market is estimated using the...