The effects of gallery and artist reputation on prices in the primary market for art: a note

Schönfeld, Susanne; Reinstaller, Andreas

doi:10.1007/s10824-007-9031-1

Cited by 44 publications

(21 citation statements)

References 6 publications

(1 reference statement)

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“…One of the first important studies in this respect is de la Barre et al (1994), which "to represent reputation (…) chose to work with dummy variables for artists (or nationalities)" (p.151). Another recent paper that focus on this issue is Schönfeld and Reinstaller (2007). Although their contribution is mostly theoretical, they present and discuss in detail empirical results previously available only to German-speaking scholars (by Beckert and Rössel, 2004).…”

Section: The Art Market: Workings and Evidencementioning

confidence: 94%

Paintings and numbers: an econometric investigation of sales rates, prices, and returns in Latin American art auctions

Campos

Barbosa²

2008

Oxford Economic Papers

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Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. The Institute for the Study of Labor (IZA) in Bonn is a local and virtual international research center and a place of communication between science, politics and business. IZA is an independent nonprofit organization supported by Deutsche Post World Net. The center is associated with the University of Bonn and offers a stimulating research environment through its international network, workshops and conferences, data service, project support, research visits and doctoral program. IZA engages in (i) original and internationally competitive research in all fields of labor economics, (ii) development of policy concepts, and (iii) dissemination of research results and concepts to the interested public. Terms of use: Documents in D I S C U S S I O N P A P E R S E R I E SIZA Discussion Papers often represent preliminary work and are circulated to encourage discussion. Citation of such a paper should account for its provisional character. A revised version may be available directly from the author. Our results suggest that: (1) the reputation of an artist and the provenance of the artwork, omitted variables in most previous studies, seem to be more important determinants of the sale price of a painting than standard factors, such as medium and size, (2) the opinion of art experts seems to be of limited use in predicting whether or not an artwork sells at auction, (3) there is little supporting evidence for the widespread notion that the best or more expensive artworks tend to generate above average returns (the "masterpiece effect"), although (4) there is strong evidence in our data for the declining price anomaly, or "afternoon effect." JEL Classification: D44, G11, L12, Z10

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Section: The Art Market: Workings and Evidencementioning

confidence: 94%

Paintings and numbers: an econometric investigation of sales rates, prices, and returns in Latin American art auctions

Campos

Barbosa²

2008

Oxford Economic Papers

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“…First, in the primary art market the artwork being sold is unique, i.e. there is only one original piece (Velthius 2003;Schönfeld/Reinstaller 2007). This aspect is important in the pricing of the works and the psychology surrounding the sale of these works; if a buyer misses the opportunity to purchase an original work, they will not get a second chance unless the artwork is reintroduced on the secondary market.…”

Section: The Primary Art Marketmentioning

confidence: 99%

Temporary events and spaces in the Swedish primary art market

Jansson¹

2014

Zeitschrift Für Wirtschaftsgeographie

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PostprintThis is the accepted version of a paper published in Zeitschrift für Wirtschaftsgeographie. This paper has been peer-reviewed but does not include the final publisher proof-corrections or journal pagination.Citation for the original published paper (version of record):Jansson, J. (2014) Temporary events and spaces in the Swedish primary art market. Wirtschaftsgeographie, Access to the published version may require subscription. Zeitschrift für AbstractTraditionally, the art market is associated with specific cities or art districts; typically there are internationally renowned locations like Paris, New York and Berlin. However, taking a closer look at the art markets, it is rather the temporal dimensions that are striking. Art market actors (artists, critics, gallerists, buyers, collectors, curators, etc.) are gathering in temporary locations and at temporary events such as art exhibition openings, art fairs, auctions, performances and vernissages. Within economic geography literature, the role of temporary spaces and events has been increasingly discussed in relation to economic activities and their performance, efficiency and creativity. An important insight gained in this literature is how temporary events, despite their short lived existence, create microcosms of an industry or sector. Some temporary events even gather enough resources, skills and power to become 'field-configuring'. In this paper, the primary art market will be discussed from the theoretical perspectives of value-making processes, temporary spaces and events, and field configuring events. More specifically, the study focuses on temporary spaces important to galleries involved in selling and promoting primary art and artists. It focuses on how temporary spaces constitute both a characteristic feature of the art market and important spaces for creating both cultural and economic values. Empirically, this paper is based on a study of the Swedish primary art galleries and in particular it deals with primary art galleries located in Stockholm, and studies how they use temporary spaces and events in creating both cultural and economic values to themselves, the artist and their artworks. Three empirical examples characteristic to primary art galleries are examined; the opening, the art fair and the mobile art district.

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“…Brynjolfsson and Smith () highlighted the positive relation between consumer awareness of a specific brand (here the artist) and higher prices. Moreover, an artist's popularity influences spectators’ involvement or commitment (Schönfeld & Reinstaller, ; Ursprung & Wiermann, ). Fandom is typical of popular artists’ supporters and leads to higher demand and a stronger willingness to pay.…”

Section: Hypotheses Developmentmentioning

confidence: 99%

Artist‐Related Determinants of Music Concert Prices

Decrop

Derbaix

2014

Psychology and Marketing

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Ticket prices of pop/rock concerts have risen considerably over the last decade. Reasons for this growth are debatable: the monopolistic position of one concert promoter, the development of mass culture and fanaticism, or changes in artists’ business model due to illegal downloading. This empirical paper identifies artist‐related variables that play a significant role in the pricing of music concerts. Referring to economic principles (e.g., transaction costs, economies of scale) and psychological theories (e.g., preferences, signaling), six hypotheses were tested using a unique database covering a period of seven years and containing information on 2687 concerts organized in Belgium as well as on performing artists. Results show that artists’ career, nationality, and their popularity are the major determinants of ticket prices.

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The effects of gallery and artist reputation on prices in the primary market for art: a note

Cited by 44 publications

References 6 publications

Paintings and numbers: an econometric investigation of sales rates, prices, and returns in Latin American art auctions

Paintings and numbers: an econometric investigation of sales rates, prices, and returns in Latin American art auctions

Temporary events and spaces in the Swedish primary art market

Artist‐Related Determinants of Music Concert Prices

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