Pommerehne, Werner; Feld, Lars - In: Journal of Cultural Economics 21 (1997) 3, pp. 249-271
This study examines how art museums‘purchasing policy influences the auction prices ofpaintings. Using a cross section of non-speculativetransactions during the period 1820–1970, we findconsiderable empirical support for the hypothesisthat public museums outside the U.S. pay above...