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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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Web page: http://www.springerlink.com/link.asp?id=100284

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

Cited by:
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  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. 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!]
  3. 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!]
  4. Kathryn Graddy & Orley Ashenfelter, 2002. "Auctions and the Price of Art," Economics Series Working Papers 131, University of Oxford, Department of Economics. [Downloadable!]
    Other versions:
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