Chapter 7 The Economic Analysis of Art Law

Landes, William M.; Levine, Daniel B.

doi:10.1016/s1574-0676(06)01007-6

Cited by 6 publications

(11 citation statements)

References 8 publications

Supporting

Mentioning

Contrasting

Order By: Relevance

“…Second, there is a high premium value attached to the original artwork and 'authenticity' in general (Watt et al, 2014). In a similar vein, Landes and Levine (2006) argue that the general economic case for copyright protection is weakened for unique works such as paintings since the artist's main income source is the first sale of the original work (in the absence of resale rights). Overall, for several reasons being copied seems less of a threat to visual artist's work and the appropriation of value than it is for writers, composers, or performers in other sectors (Landes & Levine, 2006).…”

Section: Literature Reviewmentioning

confidence: 99%

“…Second, it may take the establishment of fair use rules or pre-set compensation schemes to overcome strategic hold-up and transaction costs problems around the efficient licensing of such reuses, in particular for productive rather than reproductive ones (Landes & Posner, 2003Posner, 2004). 4 Put differently, the economic efficiency around fair use can include circumstances with high transaction costs in which the benefits to the copier are higher than the costs of negotiation with the upstream right holder (Landes & Levine, 2006). For example, Watson (2017b) argues that hip-hop artists reusing pre-existing recordings (i.e., digital sampling in music) spend excess information and search costs before they can enter negotiations over licenses with the relevant right holders.…”

Section: Literature Reviewmentioning

confidence: 99%

See 1 more Smart Citation

Intermediary liability and trade in follow-on innovation

Cuntz

Sahli

2023

J Cult Econ

View full text Add to dashboard Cite

Intellectual property rights have changed the market value and direction of artistic innovation throughout art history, in particular when new creations built on the art of predecessors. In this paper, we test how changes in legal frameworks and litigation risks affected market value and commercial trade around artistic reuses in the figurative arts and the ‘Appropriation Art’ movement in particular. Appropriation artists borrow images from different sources and incorporate them into new, derivative works of art. By doing so, they risk infringing copyright but also put auction trade and artwork availability at litigation risk as liability can extend to market intermediaries, such as auction houses, museums, or galleries. Using a differences-in-differences model and large-scale online data, we investigate the causal impact of the prominent Cariou v. Prince U.S. higher court decision on intermediary trade and the availability of artworks on sale in the Appropriation Art. As an exogenous shock, this decision changed the perceived litigation risk for market intermediaries around what constitutes fair use. Following the court decision, we find a temporary decline in the total number of global auctions in the Appropriation Art, a lower sales probability of these artworks, and a relocation of related auctions to non-U.S. houses.

show abstract

Section: Literature Reviewmentioning

confidence: 99%

Section: Literature Reviewmentioning

confidence: 99%

Intermediary liability and trade in follow-on innovation

Cuntz

Sahli

2023

J Cult Econ

View full text Add to dashboard Cite

show abstract

“…Thus, proponents of moral rights laws argue that they increase the incentive for artists to produce, leading to a greater stock of innovative art. On the other hand, some economists (e.g., Landes 2001;Landes and Levine 2006) have argued that moral rights legislation most likely does not enhance social welfare and may even lead to net welfare decreases. They point out that the costs of these laws may be higher than the benefits, particularly because the limitations imposed by the laws may deter buyers.…”

Section: Introductionmentioning

confidence: 99%

“…Landes (2001) andLandes and Levine (2006) present a thorough discussion of the various cases tried in court under this legislation. Additional cases have been settled out of court.…”

mentioning

confidence: 99%

Moral rights protection for the visual arts

2009

View full text Add to dashboard Cite

show abstract

“…goods (see Landes & Levine, 2006;Townley & Gulledge, 2015) in that it can be considered both an economic asset and as embodied cultural capital (Hanquinet, Roose, & Savage, 2014). Large amounts of money invested in the art market circulate throughout the world (Goetzmann, Renneboog, & Spaenjers, 2011).…”

mentioning

confidence: 99%

Pricing Aesthetics: How Cognitive Perception Affects Bidding for Artworks

Chai

Peng

2016

soc behav pers

View full text Add to dashboard Cite

There are few studies in which the focus is on cognitive determinants of artwork bidding. Using a micro approach, we explored factors that may influence bidders' offering from a psychological perspective. The 157 participants rated 25 paintings on the price they were willing to offer for works by famous Chinese artists executed in the traditional Chinese style and variants of the same works by a modern Chinese artist working in adaptations of the style of famous Western artists. Results showed that for both the Chinese and Western-style paintings in 3 price anchoring and 3 price nonanchoring conditions, 3 factors affected the bidding for the artworks: positive attraction, artistic quality, and cognitive stimulation. Of these factors positive attraction and artistic quality were the primary influences. In each condition, positive attraction was always the positive predictor of the bidders' offering, emphasizing the importance of the artwork's aesthetic value. In contrast, artistic quality deterred participants from bidding. In addition, whether or not there was a reference-point price made a difference in the traditional Chinese group of artworks. Bidders wished to offer a higher price only if the price had been high for the previous example of this artist's work that had sold.

show abstract

Chapter 7 The Economic Analysis of Art Law

Cited by 6 publications

References 8 publications

Intermediary liability and trade in follow-on innovation

Intermediary liability and trade in follow-on innovation

Moral rights protection for the visual arts

Pricing Aesthetics: How Cognitive Perception Affects Bidding for Artworks

Contact Info

Product

Resources

About