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The Impact of Museum Purchase on the Auction Prices of Paintings

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Author Info
Werner Pommerehne
Lars Feld

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Abstract

This study examines how art museums‘purchasing policy influences the auction prices ofpaintings. Using a cross section of non-speculativetransactions during the period 1820–1970, we findconsiderable empirical support for the hypothesisthat public museums outside the U.S. pay above averageprices in auction markets providing higher thanaverage yields to private sellers. The typical U.S.private museums appear to be more restricted byfinancial constraints and the development of thegeneral economic conditions than their publiccounterparts. Copyright Kluwer Academic Publishers 1997

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File URL: http://hdl.handle.net/10.1023/A:1007388024711
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Publisher Info
Article provided by Springer in its journal Journal of Cultural Economics.

Volume (Year): 21 (1997)
Issue (Month): 3 (September)
Pages: 249-271
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Handle: RePEc:kap:jculte:v:21:y:1997:i:3:p:249-271

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Related research
Keywords: tertiary art markets; private and public museums‘ purchases;

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

  1. Chanel, O., 1994. "Is Art Market Behavior Predictable?," G.R.E.Q.A.M. 94b08, Universite Aix-Marseille III.
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  2. Ginsburgh, Victor & Jeanfils, Philippe, 1995. "Long-term comovements in international markets for paintings," European Economic Review, Elsevier, vol. 39(3-4), pages 538-548, April. [Downloadable!] (restricted)
  3. Stein, John Picard, 1977. "The Monetary Appreciation of Paintings," Journal of Political Economy, University of Chicago Press, vol. 85(5), pages 1021-35, October. [Downloadable!] (restricted)
  4. Goetzmann, William N, 1993. "Accounting for Taste: Art and the Financial Markets over Three Centuries," American Economic Review, American Economic Association, vol. 83(5), pages 1370-76, December. [Downloadable!] (restricted)
  5. Frey, Bruno S. & Eichenberger, Reiner, 1995. "On the rate of return in the art market: Survey and evaluation," European Economic Review, Elsevier, vol. 39(3-4), pages 528-537, April. [Downloadable!] (restricted)
  6. Richard N. Rosett, 1991. "Art Museums in the United States: A Financial Portrait," NBER Chapters, in: The Economics of Art Museums, pages 129-178 National Bureau of Economic Research, Inc. [Downloadable!]
  7. Baumol, William J, 1986. "Unnatural Value: Or Art Investment as Floating Crap Game," American Economic Review, American Economic Association, vol. 76(2), pages 10-14, May. [Downloadable!] (restricted)
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Bruno S. Frey & Stephan Meier, . "The Economics of Museums," IEW - Working Papers iewwp149, Institute for Empirical Research in Economics - IEW. [Downloadable!]
    Other versions:
  2. Merijn Rengers & Olav Velthuis, 2002. "Determinants of Prices for Contemporary Art in Dutch Galleries, 1992–1998," Journal of Cultural Economics, Springer, vol. 26(1), pages 1-28, February. [Downloadable!] (restricted)
  3. Bruno Frey, 1997. "Art Markets and Economics: Introduction," Journal of Cultural Economics, Springer, vol. 21(3), pages 165-173, September. [Downloadable!] (restricted)
  4. Guadalajara, N & De La Poza, E., 2007. "The Influence Of The Net-metric And Biblio-metric Variables On The Top Artists Of The Internacional Art Market/La Influencia De Las Variables Red-metricas Y Biblio-metricas En El Mercado Del Arte De L," Estudios de Economía Aplicada, Estudios de Economía Aplicada, vol. 25, pages 5-22, Abril. [Downloadable!] (restricted)
  5. Peter Johnson & Barry Thomas, 1998. "The Economics of Museums: A Research Perspective," Journal of Cultural Economics, Springer, vol. 22(2), pages 75-85, June. [Downloadable!] (restricted)
  6. Aylin Seçkin & Erdal Atukeren, 2006. "Art and the Economy: A First Look at the Market for Paintings in Turkey," Economics Bulletin, Economics Bulletin, vol. 26(3), pages 1-13. [Downloadable!]
  7. Robert Sproule & Calin Valsan, 2006. "Hedonic Models and Pre-Auction Estimates: Abstract Art Revisited," Economics Bulletin, Economics Bulletin, vol. 26(5), pages 1-10. [Downloadable!]
  8. Olivier Chanel & Louis-André Gérard-Varet & Victor Ginsburgh, 1996. "The relevance of hedonic price indices," Journal of Cultural Economics, Springer, vol. 20(1), pages 1-24, March. [Downloadable!] (restricted)
  9. Kathryn Graddy & Orley Ashenfelter, 2002. "Auctions and the Price of Art," Economics Series Working Papers 131, University of Oxford, Department of Economics. [Downloadable!]
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