Using a unique hand collected dataset, comprising all artwork sales in Italy between 2006 and 2010, we test Rosen's and Adler's hypotheses in the modern and contemporary visual art market. We extract our measures of artist talent and fame from a set of observable artist-specific variables by...

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...