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The Market for Paintings in Italy During the Seventeenth Century

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  • ETRO, FEDERICO
  • PAGANI, LAURA

Abstract

We study the Seventeenth century market for figurative paintings in Italy analyzing original contracts between patrons and artists. We show that a number of supply and demand factors affected prices. We find a positive and concave relation between prices and size of paintings reflecting economies of scale. We show evidence of a positive relationship between prices and the number of figures depicted. Trade in paintings was sufficient to equalize prices between different destinations. Finally, we provide support for the Galenson hypothesis of a positive relation between age of experimental artists and quality as priced by the market.

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Bibliographic Info

Article provided by Cambridge University Press in its journal The Journal of Economic History.

Volume (Year): 72 (2012)
Issue (Month): 02 (June)
Pages: 423-447

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Handle: RePEc:cup:jechis:v:72:y:2012:i:02:p:423-447_00

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  1. David Galenson, 2002. "The Life Cycles of Modern Artists," World Economics, World Economics, Economic & Financial Publishing, 1 Ivory Square, Plantation Wharf, London, United Kingdom, SW11 3UE, vol. 3(3), pages 161-178, July.
  2. Kevin H. O'Rourke & Jeffrey G. Williamson, 2001. "Globalization and History: The Evolution of a Nineteenth-Century Atlantic Economy," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262650592, December.
  3. Hellmanzik, Christiane, 2010. "Location matters: Estimating cluster premiums for prominent modern artists," European Economic Review, Elsevier, vol. 54(2), pages 199-218, February.
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Cited by:
  1. Federico Etro & Silvia Marchesi & Laura Pagani, 2013. "The Labor Market in the Art Sector of Baroque Rome," ACEI Working Paper Series AWP-03-2013, the Association for Cultural Economics International, revised Sep 2013.
  2. Federico Etro & Laura Pagani, 2012. "The Market for Paintings in the Venetian Republic from Renaissance to Rococò," Working Papers 2012_10, Department of Economics, University of Venice "Ca' Foscari".
  3. Cellini, Roberto & Cuccia, Tiziana, 2014. "The artist–art dealer relationship as a marketing channel," Research in Economics, Elsevier, vol. 68(1), pages 57-69.
  4. Federico Etro & Silvia Marchesi & Laura Pagani, 2011. "The Labor Market in the Seventeenth-Century Italian Art Sector," Working Papers 2011_23, Department of Economics, University of Venice "Ca' Foscari".

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