The Market for Paintings in Italy during the Seventeenth Century
AbstractWe study the Seventeenth century market for figurative paintings in Italy analyzing original contracts between patrons and artists. We show that a number of supply and demand factors affected prices. We find a positive and concave relation between prices and size of paintings reflecting economies of scale. We show evidence of a positive relationship between prices and the number of figures depicted. Trade in paintings was sufficient to equalize prices between different destinations. Finally, we provide support for the Galenson hypothesis of a positive relation between age of experimental artists and quality as priced by the market.
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Bibliographic InfoPaper provided by University of Milano-Bicocca, Department of Economics in its series Working Papers with number 217.
Length: 34 pages
Date of creation: Jan 2012
Date of revision: Jan 2012
Other versions of this item:
- Etro, Federico & Pagani, Laura, 2012. "The Market for Paintings in Italy During the Seventeenth Century," The Journal of Economic History, Cambridge University Press, vol. 72(02), pages 423-447, June.
- NEP-ALL-2012-02-27 (All new papers)
- NEP-CUL-2012-02-27 (Cultural Economics)
- NEP-HIS-2012-02-27 (Business, Economic & Financial History)
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.:
- Hellmanzik, Christiane, 2010. "Location matters: Estimating cluster premiums for prominent modern artists," European Economic Review, Elsevier, vol. 54(2), pages 199-218, February.
- David Galenson, 2002. "The Life Cycles of Modern Artists," World Economics, World Economics, Economic & Financial Publishing, 1 Ivory Square, Plantation Wharf, London, United Kingdom, SW11 3UE, vol. 3(3), pages 161-178, July.
- Kevin H. O'Rourke & Jeffrey G. Williamson, 2001. "Globalization and History: The Evolution of a Nineteenth-Century Atlantic Economy," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262650592, June.
- Federico Etro & Silvia Marchesi & Laura Pagani, 2011.
"The Labor Market in the Seventeenth-Century Italian Art Sector,"
2011_23, Department of Economics, University of Venice "Ca' Foscari".
- Federico Etro & Silvia Marchesi & Laura Pagani, 2011. "The Labor Market in the Seventeenth-Century Italian Art Sector," Working Papers 215, University of Milano-Bicocca, Department of Economics, revised Nov 2011.
- Federico Etro & Silvia Marchesi & Laura Pagani, 2013. "The Labor Market in the Art Sector of Baroque Rome," ACEI Working Paper Series AWP-03-2013, the Association for Cultural Economics International, revised Sep 2013.
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