We study return rates on art investment using a complete dataset on repeated sales for Old Master Paintings, Modern art and Contemporary art auctioned worldwide at Christie's and Sotheby's from 2000 to 2018. We show that return rates do not depend systematically on past prices or the place of...

We study return rates on art investment using a complete dataset on repeated sales for Old Master Paintings, Modern art and Contemporary art auctioned worldwide at Christie's and Sotheby's from 2000 to 2018. We show that return rates do not depend systematically on past prices or the place of...

There is a considerable amount of literature analyzing factors of success in music contests, in particular those where the audience votes for the winner. However, one factor that is highlighted by the economic theory of stardom is generally neglected in the literature. In this paper, we tackle...

The dynamics of the art market is usually presented using price perspective, price indexes for the market and financial returns. In this paper the value and volume approach is proposed, that haven't been considered in aggregative way for a longer period of time in the literature. The...

The nonprofit performing arts have received substantial attention in the cultural economics literature, and represent an interesting application for many areas of economic inquiry. This chapter surveys the relevant theory and the most prominent empirical studies on performing arts nonprofits....

In the standard neoclassical model consumers use all the available information and the demand for goods depends exclusively on preferences and prices whereas other spurious information do not play any role. In the market for books, we investigate if - in contrast to the standard model - the...

Since the growth of the art market into a capitalized global art industry, public and academic discourse on art auctions has been dominated by record prices. Despite the financial potential of art auctions as well as the public and academic interest in art, understanding of auction prices is...

Four types of economicsʺ relevant for institutional analysis are distinguished: Standard Neoclassical Economics; Socio-Economics or Social Economics; New Institutional Economics; and Psychological Economics (often misleadingly called Behavioural Economics). The paper argues that an extension of...

This paper analyses the perverse effects that the inefficiency of the artistic chain of the cultural industry has on art consumption, which is due to the fact that the schools have been forced to accept an 'official' model of use that is hostile to the modus operandi of art - a relativistic,...