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The Impact of Museum Purchase on the Auction Prices of Paintings

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  • Werner Pommerehne
  • Lars Feld

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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Bibliographic 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

Related research

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

References

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  1. Victor Ginsburgh & Philippe Jeanfils, 1995. "Long-term comovements in international markets for paintings," ULB Institutional Repository 2013/1717, ULB -- Universite Libre de Bruxelles.
  2. 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.
  3. 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.
  4. Chanel, Olivier, 1995. "Is art market behaviour predictable?," European Economic Review, Elsevier, vol. 39(3-4), pages 519-527, April.
  5. Ginsburgh, V. & Buelens, N., 1992. "Revisiting Baumol's "Art As Floating Crap Game"," Papers 9204, Universite Libre de Bruxelles - C.E.M.E..
  6. 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.
  7. 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.
  8. Stein, John Picard, 1977. "The Monetary Appreciation of Paintings," Journal of Political Economy, University of Chicago Press, vol. 85(5), pages 1021-35, October.
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Cited by:
  1. Calin Valsan & Robert Sproule, 2006. "Hedonic Models and Pre-Auction Estimates: Abstract Art Revisited," Economics Bulletin, AccessEcon, vol. 26(5), pages 1-10.
  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.
  3. Bruno S. Frey & Stephan Meier, . "The Economics of Museums," IEW - Working Papers 149, Institute for Empirical Research in Economics - University of Zurich.
  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.
  5. Jennie Bai & Jia Guo & Benjamin Mandel, 2013. "Going global: markups and product quality in the Chinese art market," Staff Reports 614, Federal Reserve Bank of New York.
  6. 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.
  7. Bruno Frey, 1997. "Art Markets and Economics: Introduction," Journal of Cultural Economics, Springer, vol. 21(3), pages 165-173, September.
  8. Peter Johnson & Barry Thomas, 1998. "The Economics of Museums: A Research Perspective," Journal of Cultural Economics, Springer, vol. 22(2), pages 75-85, June.
  9. Kathryn Graddy & Orley Ashenfelter, 2002. "Auctions and the Price of Art," Economics Series Working Papers 131, University of Oxford, Department of Economics.
  10. Renneboog, L.D.R. & Spaenjers, C., 2014. "Investment Returns and Economic Fundamentals in International Art Markets," Discussion Paper 2014-018, Tilburg University, Center for Economic Research.
  11. repec:ebl:ecbull:v:26:y:2006:i:3:p:1-13 is not listed on IDEAS
  12. repec:ebl:ecbull:v:26:y:2006:i:5:p:1-10 is not listed on IDEAS

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