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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 …
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sale (evening sales, price guarantees and past bought-ins) and news on the lots (changed attributions, public exhibitions … evidence that price changes are independent from initial prices also in the long run. …
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We analyze the Paris art market between the government-controlled Salon as a centralized organization of art exhibition and the system liberalized by the Republican government based on competition between independent exhibitions. The jury of the old Salon decided on submissions with a bias...
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