Pricing art and the art of pricing: On returns and risk in art auction markets

Li, Yuexin; Ma, X.; Renneboog, Luc

doi:10.1111/eufm.12348

Cited by 11 publications

(2 citation statements)

References 47 publications

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“…Given the opaqueness of the art market in general, bringing together a mix of actors to prevent illegal art entering and (re) circulating the market is logical. Despite this opaqueness, it is also true that within the art market, strong personal connections are formed based on trust, particularly around a specific genre of art (Bianchi, 2015;Li et al, 2022;Oosterman et. al, 2022).…”

Section: Increasing the Effort: Ex Situ Underwater Cultural Heritage ...mentioning

confidence: 99%

Preventing and protecting against underwater cultural heritage crime

Looram,

Lindley

2024

Front. Conserv. Sci.

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Akin to the activity on the high seas broadly, underwater cultural heritage below the surface of the high seas is beyond the scope of policing of any one state. As such, the historical, cultural, and financial value of shipwrecks is vulnerable to crimes such as looting, trafficking, forgeries, and then illicit sales, rather than providing cultural benefit to all, as articulated in the 1982 United Nations Convention on the Law of the Sea and the 2001 Convention on the Protection of the Underwater Cultural Heritage. The emergent United Nations High Seas Treaty provides some hope of unclouding this complex space and providing protections for these culturally rich, priceless, and often nationally contested objects. Shipwreck ownership is contested not only on the high seas. Shipwrecks found within a state’s exclusive economic zone may be susceptible to questions of ownership, further challenging the questions of how crimes against underwater cultural heritage can be collectively prevented and protected. Drawing on a shipwreck example from Southeast Asia in which ownership was contested, the Geldermalsen, this article considers, within the framework of international law and increasingly available technology, that it may be possible to “design out” criminal vulnerabilities through a lens of situational crime prevention.

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Section: Increasing the Effort: Ex Situ Underwater Cultural Heritage ...mentioning

confidence: 99%

Preventing and protecting against underwater cultural heritage crime

Looram,

Lindley

2024

Front. Conserv. Sci.

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“…The dichotomy of the art market is that an object of art, endowed with a halo of an object that is impossible to assess in the material equivalent, becomes the subject of assess from the investment attractiveness point of view, not so much in terms of aesthetic and conceptual qualities. Accordingly, art becomes an investment value (Seshanna et al, 2021;Li et al, 2022).…”

Section: Branding In the Art Marketmentioning

confidence: 99%

Gallery brand impact on artist name recognition: Evidence from Russia

Sheresheva,

Kovalenko,

Pavlov

2024

XIX International May Conference on Strategic Management – IMCSM24 Proceedings - Zbornik Radova

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This paper examines the influence of the gallery brand on artist name recognition in the contemporary art market in Russia. The authors first discuss theoretical approaches to understanding the phenomenon of branding in the art market, as well as private gallery brand formation, and offer a brief description of the art market structure, specifying the features of branding in this sphere. Then they present and discuss the empirical data obtained by means of semi-structured expert interviews and online survey conducted in 2024. The main findings from expert interviews show that gallery brand formation is an important part of artist promotion and art industry development. The used questionnaire consists of both questions based on the relevant literature, and questions elaborated by authors based on the insights gained from interviews. The analysis of survey results leads to the conclusion that gallery brand has a positive effect on artist recognition, and setting a higher price for his works; the main functions of a contemporary art gallery include promoting the artist, selling works of art, and developing contemporary art.

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Evaluating the impact of the global COVID-19 pandemic on Banksy’s limited edition print market

Clark

2024

SN Bus Econ

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The global COVID-19 pandemic profoundly impacted almost all aspects of people’s lives. Economic disruptions were felt across various sectors, including the art market. This study analyses the market for the renowned niche street artist, Banksy, specifically focusing on his limited-edition prints. By examining auction price data, the aim is to identify whether a pandemic-induced bubble inflated the prices of these prints. Employing a random effects model, variations in the bubble’s extent across different print images are estimated. The findings provide evidence of a link between high print prices and the pandemic, further suggesting the presence of a bubble in this market. This bubble peaked in the second half of 2020 but had largely receded by mid-2023, with prices returning to roughly expected pre-pandemic levels. As hypothesised, certain print images, notably ‘Love is in the Air’, experienced more pronounced inflation compared to others.

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Pricing art and the art of pricing: On returns and risk in art auction markets

Cited by 11 publications

References 47 publications

Preventing and protecting against underwater cultural heritage crime

Preventing and protecting against underwater cultural heritage crime

Gallery brand impact on artist name recognition: Evidence from Russia

Evaluating the impact of the global COVID-19 pandemic on Banksy’s limited edition print market

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