Economics and Economic Perceptions of the Art Market

Economics and Economic Perceptions of the Art Market -...

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From: <Saved by Windows Internet Explorer 8> Subject: Economics and Economic Perceptions of the Art Market Date: Mon, 27 Jun 2011 15:35:25 +0400 MIME-Version: 1.0 Content-Type: text/html; charset="windows-1251" Content-Transfer-Encoding: quoted-printable Content-Location: http://www.law.harvard.edu/faculty/martin/art_law/morrison.html X-MimeOLE: Produced By Microsoft MimeOLE V6.00.2900.5994 X <!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN"> <HTML><HEAD><TITLE>Economics and Economic Perceptions of the Art = Market</TITLE> <META content=3D"text/html; charset=3Dwindows-1251" = http-equiv=3DContent-Type> <META name=3DGENERATOR content=3D"MSHTML 8.00.6001.19019"></HEAD> <BODY aLink=3D#fbff07 link=3D#018585 vLink=3D#028888> <BLOCKQUOTE> <H1 align=3Dcenter>Economics and Economic Perceptions of the <B=20 style=3D"COLOR: black">Art Market</B></H1> <H3 align=3Dcenter>by <A=20 = href=3D"http://www.wlu.ca/~wwwsbe/sbe2000/html/faculty_research_pages/wil= liam_morrison.html">William=20 G. Morrison</A>.</H3> <P> <HR align=3Dleft> <A=20 = href=3D"http://collection.nlc-bnc.ca/100/202/300/artbus/artbus.b11/banktw= entyone.html#anchor67585">Some=20 fascinating economic problems associated with<FONT color=3D#008000> = </FONT><FONT=20 color=3D#028888>the art market</FONT></A><BR><A=20 = href=3D"http://collection.nlc-bnc.ca/100/202/300/artbus/artbus.b11/banktw= entyone.html#anchor84389">Perceptions=20 and counter-images</A><BR><A=20 = href=3D"http://collection.nlc-bnc.ca/100/202/300/artbus/artbus.b11/banktw= entyone.html#anchor607813">Characterising=20 th<FONT color=3D#028888>e art market over time</FONT></A>=20 <HR align=3Dleft> A theoretical analysis of culture and art by an economist may seem = either odd,=20 inappropriate, or irrelevant both to economists ("that's not serious=20 economics") and to those involved in the world of art (some egghead = wants to=20 reduce art to a discussion of supply and demand"). However, in the = last=20 twenty-five years, the arts have received a growing amount of = attention from=20 serious and respected economists. Beginning with Baumol and Baumol = (1966),=20 several books have investigated economic aspects of the arts in = general=20 including such topics as the cost characteristics and pricing = behaviour of=20 arts organisations, the supply decisions of artists, policy analysis =
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of=20 government agencies and the rational for government subsidies to the = arts=20 [Blaug (1975); Throsby and Withers (1983); Globerman (1983) and West = (1986)].=20 <P>As a subset of this literature, studies of the visual arts have = tended to=20 focus on the financial performance of art an investment asset [Pesando = (1991),=20 and Stein 1989), for example]. However, there are a host of other = interesting=20 economic problems associated with the art market. Here are four = examples:</P> <P>1) What constitutes the value of an original art work and how does = this=20 relate to the notion of a "copy"? For example: ".
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