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The ``Death-Effect'' in Art Prices: A Demand-Side Exploration

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Author Info
R. Ekelund
Rand Ressler
John Watson

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Abstract

Many factors affect the supply and demand characteristics of artists' output.This exploratory study focuses on a ``supply-induced'' demand effect –the death of the artist and the assurance that, from the perspective of thedurable goods monopolist, the output of the artist ends. While not purportingto be a formal test of that proposition, we observe, using U.S. auction data,a clustered rise in artists' values immediately around the time of death andsuggest some possible demand-side explanations using a sample of LatinAmerican artists between 1977 and 1996. Copyright Kluwer Academic Publishers 2000

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File URL: http://hdl.handle.net/10.1023/A:1007618221648
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Publisher Info
Article provided by Springer in its journal Journal of Cultural Economics.

Volume (Year): 24 (2000)
Issue (Month): 4 (November)
Pages: 283-300
Download reference. The following formats are available: HTML (with abstract), plain text (with abstract), BibTeX, RIS (EndNote, RefMan, ProCite), ReDIF
Handle: RePEc:kap:jculte:v:24:y:2000:i:4:p:283-300

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

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Related research
Keywords: art prices; auction markets; Latin American art;

References listed on IDEAS
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  1. David W. Galenson, 1997. "The Careers of Modern Artists: Evidence from Auctions of Contemporary Paintings," NBER Working Papers 6331, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  2. Coase, Ronald H, 1972. "Durability and Monopoly," Journal of Law & Economics, University of Chicago Press, vol. 15(1), pages 143-49, April.
  3. David Galenson, 2000. "The Careers of Modern Artists," Journal of Cultural Economics, Springer, vol. 24(2), pages 87-112, May. [Downloadable!] (restricted)
  4. Alan Beggs & Kathryn Graddy, 1997. "Declining Values and the Afternoon Effect: Evidence from Art Auctions," RAND Journal of Economics, The RAND Corporation, vol. 28(3), pages 544-565, Autumn. [Downloadable!] (restricted)
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(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. Campos, Nauro F. & Leite Barbosa, Renata, 2008. "Paintings and Numbers: An Econometric Investigation of Sales Rates, Prices and Returns in Latin American Art Auctions," IZA Discussion Papers 3445, Institute for the Study of Labor (IZA). [Downloadable!]
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  2. Richard J. Agnello, 2002. "Investment Returns and Risk for Art: Evidence from Auctions of American Paintings," Eastern Economic Journal, Eastern Economic Association, vol. 28(4), pages 443-463, Fall. [Downloadable!]
  3. Victor A. Matheson & Robert A. Baade, 2004. "'Death effect' on collectible prices," Applied Economics, Taylor and Francis Journals, vol. 36(11), pages 1151-1155, June. [Downloadable!] (restricted)
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