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“Money for Nothing”? Die Preisbildung von Originalkunstwerken und Kopien

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  • Manfred Tietzel

Abstract

Quite a few economists hold the opinion that exorbitant prices paid for original works of art reflect an irrational cult made of unique pieces created by renowned artists; (close to) perfect copies would yield comparable benefits at a substantially lower price. The article gives reasons for the rationality of this seemingly irrational behavior and, among other things, explains the price difference between originals and their copies on a microeconomic basis.

Suggested Citation

  • Manfred Tietzel, 2001. "“Money for Nothing”? Die Preisbildung von Originalkunstwerken und Kopien," Perspektiven der Wirtschaftspolitik, Verein für Socialpolitik, vol. 2(1), pages 15-29, February.
    • Handle: RePEc:bla:perwir:v:2:y:2001:i:1:p:15-29
    DOI: 10.1111/1468-2516.00029
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    References listed on IDEAS

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    1. Benjamin J. Burton & Joyce P. Jacobsen, 1999. "Measuring Returns on Investments in Collectibles," Journal of Economic Perspectives, American Economic Association, vol. 13(4), pages 193-212, Fall.
    2. J. Cook Philip, 1986. "Social Behavior. Philip J. Cook, Choosing the Right Pond: Human Behavior and the Quest for Status, by Robert H. Frank. NY: Oxford University Press, 1985, 306pp. Price: $22.95 cloth," Journal of Policy Analysis and Management, John Wiley & Sons, Ltd., vol. 6(1), pages 117-118.
    3. Brenner, Reuven, 1986. "Choosing the right pond: Human behavior and the quest for status : Robert H. Frank, (Oxford University Press, Oxford, 1985) x+306 pp., $22.95," Journal of Economic Behavior & Organization, Elsevier, vol. 7(3), pages 334-336, September.
    4. Gene M. Grossman & Carl Shapiro, 1988. "Foreign Counterfeiting of Status Goods," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 103(1), pages 79-100.
    5. H. Leibenstein, 1950. "Bandwagon, Snob, and Veblen Effects in the Theory of Consumers' Demand," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 64(2), pages 183-207.
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    Cited by:

    1. Bardt Hubertus & Bardt Juliane, 2006. "Kunstunternehmer im Spannungsfeld zwischen Kunst und Marktwirtschaft / Art Entrepreneurs between Arts and Markets," ORDO. Jahrbuch für die Ordnung von Wirtschaft und Gesellschaft, De Gruyter, vol. 57(1), pages 241-259, January.

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