Advanced Search
MyIDEAS: Login

The Market for Paintings in XVII Century Italy

Contents:

Author Info

  • Federico Etro

    ()
    (Department of Economics, University Of Venice Cà Foscari)

  • Laura Pagani

    ()
    (Department of Economics, University Of Milan, Bicocca)

Abstract

We study the XVII century market for figurative paintings in Italy, analyzing original contracts between patrons and artists: this is one of the first manufacturing markets for which econometric evidence of the basic laws of economics can be found. Size of paintings, expected quality, type of commissions and aggregate shocks affect prices as expected. We find evidence of contractual solutions to moral hazard problems in the patron-artist relation: since quality was not negotiable, prices were made conditional on correlated variables such as the number of figures depicted. We find evidence of price equalization between high and low demand destinations due to endogenous mobility of the painters (or the paintings). We also provide support for the Galenson hypothesis of a positive relation between age of experimental artists and quality as priced by the market.

Download Info

If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
File URL: http://www.unive.it/media/allegato/DIP/Economia/Working_papers/Working_papers_2011/WP_DSE_etro_pagani_22_11.pdf
Download Restriction: no

Bibliographic Info

Paper provided by Department of Economics, University of Venice "Ca' Foscari" in its series Working Papers with number 2011_22.

as in new window
Length: 25
Date of creation: 2011
Date of revision:
Handle: RePEc:ven:wpaper:2011_22

Contact details of provider:
Postal: Cannaregio, S. Giobbe no 873 , 30121 Venezia
Phone: +39-0412349621
Fax: +39-0412349176
Email:
Web page: http://www.unive.it/dip.economia
More information through EDIRC

Related research

Keywords: Art market; Moral hazard; Endogenous market structures; Galenson hypothesis;

Find related papers by JEL classification:

This paper has been announced in the following NEP Reports:

References

No references listed on IDEAS
You can help add them by filling out this form.

Citations

Lists

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

Statistics

Access and download statistics

Corrections

When requesting a correction, please mention this item's handle: RePEc:ven:wpaper:2011_22. See general information about how to correct material in RePEc.

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Geraldine Ludbrook).

If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

If references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

Please note that corrections may take a couple of weeks to filter through the various RePEc services.