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The Economic Analysis of Art Law

In: Handbook of the Economics of Art and Culture

Author

Listed:
  • Landes, William M.
  • Levine, Daniel B.

Abstract

This paper surveys from an economic standpoint a number of important legal issues that influence the market for art, which include the creation, sale, valuation, maintenance and, in some instances, the destruction of works of art. We show that the important legal doctrines that bear on the visual arts can best be understood as rough efforts to promote efficiency in the art market. The paper focuses on U.S. legal doctrines and only occasionally mentions foreign law. Among the legal topics we consider are the following: copyright and trademark issues; moral rights which cover the right of an artist to prevent the mutilation and destruction of his work: resale royalties; rules governing ownership disputes between innocent parties such as a good faith purchaser and an earlier owner of the work of art; disputes over the authenticity of a work of art which cause material changes in the market value of the work; and the valuation of art-rich estates.

Suggested Citation

  • Landes, William M. & Levine, Daniel B., 2006. "The Economic Analysis of Art Law," Handbook of the Economics of Art and Culture, in: V.A. Ginsburgh & D. Throsby (ed.), Handbook of the Economics of Art and Culture, edition 1, volume 1, chapter 7, pages 211-251, Elsevier.
    • Handle: RePEc:eee:artchp:1-07
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    Citations

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    Cited by:

    1. Antonio Nicita & Matteo Rizzolli & Maria Alessandra Rossi, 2007. "IP Law and Antitrust Law Complementarity when Property Rights are Incomplete," Department of Economics University of Siena 509, Department of Economics, University of Siena.
    2. Melissa Boyle & Debra O'Connor & Stacy Nazzaro, 2008. "Moral Rights Protection for the Visual Arts," Working Papers 0809, College of the Holy Cross, Department of Economics.
    3. Alexander Cuntz & Matthias Sahli, 2024. "Intermediary liability and trade in follow-on innovation," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 48(1), pages 1-42, March.
    4. Fusako Tsuchimoto & Libor Dusek, 2009. "Responses to More Severe Punishment in the Courtroom: Evidence from Truth-in-Sentencing Laws," CERGE-EI Working Papers wp403, The Center for Economic Research and Graduate Education - Economics Institute, Prague.
    5. Melissa Boyle & Stacy Nazzaro & Debra O’Connor, 2010. "Moral rights protection for the visual arts," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 34(1), pages 27-44, February.

    More about this item

    JEL classification:

    • Z19 - Other Special Topics - - Cultural Economics - - - Other

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