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How Monet became a millionaire: the importance of the artist’s account books

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  • Simon Kelly

    (Saint Louis Art Museum)

Abstract

This essay explores Monet’s rise to great wealth, drawing on evidence provided by the artist’s three account books, housed in the Musée Marmottan Monet, Paris. Assimilating unpublished data, the essay charts Monet’s growing annual income as well as the increasing individual prices for his paintings. It argues for the central role of the artist’s serial painting process in his financial success. The essay examines the seminal contribution of Parisian dealers to Monet’s growing wealth, principally the dealer Paul Durand-Ruel. It also explores Monet’s willingness to work with a range of other dealers in order to raise his prices. The essay looks at the significant role of Monet’s collectors, and particularly the internationalization of his clientele, as a key factor in his success. Overall, it argues for Monet’s commercial acumen, and in general, his recognition of the importance of his own agency in the creation of his market.

Suggested Citation

  • Simon Kelly, 2023. "How Monet became a millionaire: the importance of the artist’s account books," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 47(3), pages 437-460, September.
    • Handle: RePEc:kap:jculte:v:47:y:2023:i:3:d:10.1007_s10824-023-09473-y
    DOI: 10.1007/s10824-023-09473-y
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    References listed on IDEAS

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    1. Geraldine David & Christian Huemer & Kim Oosterlinck, 2023. "Art dealers’ inventory strategy: the case of Goupil, Boussod & Valadon from 1860 to 1914," Business History, Taylor & Francis Journals, vol. 65(1), pages 24-55, January.
    2. David W. Galenson & Robert Jensen, 2002. "Careers and Canvases: The Rise of the Market for Modern Art in the Nineteenth Century," NBER Working Papers 9123, National Bureau of Economic Research, Inc.
    3. David W. Galenson, 2007. "Wisdom and Creativity in Old Age: Lessons from the Impressionists," NBER Working Papers 13190, National Bureau of Economic Research, Inc.
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