The financial underperformance of art as an investment is well documented. In contrast to studies conducted on peace-time periods, this paper shows that the art market in occupied France during WWII significantly outperformed all alternative investments (bonds, equities, as well as currencies...

It is not surprising that the financing of early-stage creative projects and ventures is typically geographically localized since these types of funding decisions are usually predicated on personal relationships and due diligence requiring face-to-face interactions in response to high levels of...

Previous research does not teach us much about the role of music for skill development. Learning a musical instrument during childhood may affect educational opportunities by improving cognitive skills, teaching non-cognitive skills or sending positive signals to school teachers. Our study is...

This paper shows the importance of correcting for sample selection when investing in illiquid assets with endogenous trading. Using a large sample of 20,538 paintings that were sold repeatedly at auction between 1972 and 2010, we find that paintings with higher price appreciation are more likely...

Art as an investment avenue has been considered an interesting and profitable alternative, but it is also extremely risky. These alternative investments' performance is alluring. Indices tracking the performance of high-class art have held up well in the recent economic slowdown, while...

This article examines the state of the facilities of the art market in Russia, the basic problems of investing in  art objects and recommendations for the improvement of the art market. Also in the paper investigates the characteristics of consumer behavior when purchasing art objects.

Specificity of the product of creative labor and the impossibility of testing raises a number of problems for cultural markets. One of the effects of information asymmetry in the market is adverse selection, which leads to a deterioration in the quality of services and goods on the market. This...

This article presents the re-branding of ‘cultural industries’ as ‘creative industries’ and new trends in economic world. The paper focuses on three central claims – first, the culture and the creative industry, second- the innovation and sustainability entrepreneurship and third...

The era of the cultural and creative industries, which can be said to date from 1997, brought together many different approaches to culture around an urgent call for recognition of a new reality that was «out there» and that represented the future, change, renewal and the revitalisation of the...

The cultural industry in Latin America is undergoing a period of redefinition, involving a thorough rethinking of its structure in terms of production, policy and consumption. Digitisation and increased state regulatory intervention are forcing the sector to rethink its development and its...