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Art galleries as market makers

In: Teaching Cultural Economics

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  • Paolo Di Caro
  • Isidoro Mazza

Abstract

Art quality is an elusive concept in the contemporary art market. It is difficult to find consensus even among artists. Even more difficult is to define the link between quality and price. In this context of high uncertainty, empirical observation suggests that galleries have a significant impact on the career of artists. This chapter aims at providing some useful tools for understanding and interpreting the prominent role of art galleries in today’s art markets by illustrating the reasons why the market needs intermediaries and gatekeepers such as the commercial galleries.

Suggested Citation

  • Paolo Di Caro & Isidoro Mazza, 2020. "Art galleries as market makers," Chapters, in: Trine Bille & Anna Mignosa & Ruth Towse (ed.), Teaching Cultural Economics, chapter 33, pages 244-252, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:18414_33
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    Keywords

    Economics and Finance; Teaching Methods;

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