The Labor Market in the Seventeenth-Century Italian Art Sector
AbstractWe analyze the labor market for painters in Baroque Rome using unique panel data on primary sales of still lifes, portraits, genre paintings, landscapes and figurative paintings. In line with the traditional hierarchy of genres, average price differentials between them were high. We identify supply and demand factors related to prices of paintings. The panel dimension of the dataset and its matched painter-patron nature allow us to evaluate the extent to which price heterogeneity is related to unmeasured differences among painters or patrons. Most of the inter-genre price differential is explained by the variation in average individual heterogeneity across genres: this suggests that the market was rather competitive and allocated artists between artistic genres to the point of equalizing the marginal return of each genre. We also explain residual price differences in terms of efficiency wage, signalling and incentive mechanisms to induce effort in the production of artistic quality.
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Bibliographic InfoPaper provided by Department of Economics, University of Venice "Ca' Foscari" in its series Working Papers with number 2011_23.
Date of creation: 2011
Date of revision:
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Postal: Cannaregio, S. Giobbe no 873 , 30121 Venezia
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More information through EDIRC
Art market; Occupational choice; Wage equalization; Signalling;
Other versions of this item:
- 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.
- Z11 - Other Special Topics - - Cultural Economics - - - Economics of the Arts and Literature
- N0 - Economic History - - General
- D4 - Microeconomics - - Market Structure and Pricing
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- 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.
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