TY  - BOOK
AU  - Goetzmann,William
AU  - Mamonova,Elena
AU  - Spaenjers,Christophe
ED  - National Bureau of Economic Research.
TI  - The Economics of Aesthetics and Three Centuries of Art Price Records
T2  - NBER working paper series
PY  - 2014///
CY  - Cambridge, Mass.
PB  - National Bureau of Economic Research
N1  - August 2014; Hardcopy version available to institutional subscribers
N2  - Aggregate art price patterns mask a lot of underlying variation--both in the time series and in the cross- section. We argue that, to increase our understanding of the market for aesthetics, it is helpful to take a micro perspective on the formation of art prices, and acknowledge that each artwork gives rise to a market for trading in its private-value benefits. We discuss relevant recent literature, and illustrate the potential of this approach through a historical study of art price records between 1701 and 2014. Our newly constructed series also points to the importance of developments in the industrial organization of the art market for long-term price trends
UR  - https://www.nber.org/papers/w20440
UR  - http://dx.doi.org/10.3386/w20440
ER  -