The Market for Paintings in the Venetian Republic from Renaissance to Rococò
AbstractWe study the art market in the Venetian Republic from 1550 to 1750 analyzing the determinants of the prices (adjusted for the cost of living measured by the cost of wheat) of figurative paintings. Reputation of the painters, size of the paintings and other quantifiable factors affect prices as expected. Other relevant factors include the placement of the paintings (on the altar, on the ceiling or on the walls), whose impact reflects differences in demand elasticities. We find evidence evidence of the law of one price confirming price equalization between high and low demand destinations and between different subjects. Finally we relate the temporal trend of the price of a representative painting with waves of artistic innovations, whose picks were in the Mannerist and Rococò periods with a dark Baroque age in the intermediate period.
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Bibliographic InfoPaper provided by Department of Economics, University of Venice "Ca' Foscari" in its series Working Papers with number 2012_10.
Date of creation: 2012
Date of revision:
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Postal: Cannaregio, S. Giobbe no 873 , 30121 Venezia
Web page: http://www.unive.it/dip.economia
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Economic theory of Art history; hedonic model; Law of one price;
Find related papers by JEL classification:
- Z11 - Other Special Topics - - Cultural Economics - - - Economics of the Arts and Literature
- N0 - Economic History - - General
- D4 - Microeconomics - - Market Structure and Pricing
This paper has been announced in the following NEP Reports:
- NEP-ALL-2012-10-13 (All new papers)
- NEP-CUL-2012-10-13 (Cultural Economics)
- NEP-HIS-2012-10-13 (Business, Economic & Financial History)
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- 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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