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The Economics of Art Thefts: Too Much Screaming over Munch's The Scream?

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  • Antonio Nicita
  • Matteo Rizzolli

Abstract

The theft of Munch's The Scream in 2004 fired up a debate over museums’ protection policies because of the low level of security and the lack of any insurance against theft. In this paper we provide a rationale for the choices made by the Munch's museum. More generally, we show how diverting expenses in security and insurance to investments over the notoriousness of their collections reinforces the protection of Museums’ properties. This is because of two counter‐intuitive effects: (1) investments in precautions, while reducing thieves’ profits, may adversely attract them towards works of art of higher value; (2) insurance may actually increase the incentive to steal works of art for the purpose of ransom.

Suggested Citation

  • Antonio Nicita & Matteo Rizzolli, 2009. "The Economics of Art Thefts: Too Much Screaming over Munch's The Scream?," Economic Papers, The Economic Society of Australia, vol. 28(4), pages 291-303, December.
    • Handle: RePEc:bla:econpa:v:28:y:2009:i:4:p:291-303
    DOI: 10.1111/j.1759-3441.2010.00045.x
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    References listed on IDEAS

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    1. Raymond Fisman & Shang-Jin Wei, 2009. "The Smuggling of Art, and the Art of Smuggling: Uncovering the Illicit Trade in Cultural Property and Antiques," American Economic Journal: Applied Economics, American Economic Association, vol. 1(3), pages 82-96, July.
    2. Frey, Bruno S. & Meier, Stephan, 2006. "The Economics of Museums," Handbook of the Economics of Art and Culture, in: V.A. Ginsburgh & D. Throsby (ed.), Handbook of the Economics of Art and Culture, edition 1, volume 1, chapter 29, pages 1017-1047, Elsevier.
    3. Gary S. Becker, 1974. "Crime and Punishment: An Economic Approach," NBER Chapters, in: Essays in the Economics of Crime and Punishment, pages 1-54, National Bureau of Economic Research, Inc.
    4. repec:bla:jecsur:v:11:y:1997:i:3:p:267-95 is not listed on IDEAS
    5. Shavell, Steven, 1991. "Individual precautions to prevent theft: Private versus socially optimal behavior," International Review of Law and Economics, Elsevier, vol. 11(2), pages 123-132, September.
    6. Throsby, David, 1994. "The Production and Consumption of the Arts: A View of Cultural Economics," Journal of Economic Literature, American Economic Association, vol. 32(1), pages 1-29, March.
    7. Heilbrun,James & Gray,Charles M., 2001. "The Economics of Art and Culture," Cambridge Books, Cambridge University Press, number 9780521637121.
    8. Allen, Douglas W, 2002. "The Rhino's Horn: Incomplete Property Rights and the Optimal Value of an Asset," The Journal of Legal Studies, University of Chicago Press, vol. 31(2), pages 339-358, June.
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    Cited by:

    1. David Yermack, 2017. "Donor governance and financial management in prominent US art museums," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 41(3), pages 215-235, August.
    2. Roee Sarel, 2022. "Crime and punishment in times of pandemics," European Journal of Law and Economics, Springer, vol. 54(2), pages 155-186, October.
    3. Frederick Chen & Rebecca Regan, 2017. "Arts and craftiness: an economic analysis of art heists," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 41(3), pages 283-307, August.
    4. David Yermack, 2015. "Donor Governance and Financial Management in Prominent U.S. Art Museums," NBER Working Papers 21066, National Bureau of Economic Research, Inc.

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