The Market for Paintings in Italy During the Seventeenth Century
We study the seventeenth-century market for figurative paintings in Italy analyzing original contracts between patrons and artists. We show that a number of supply and demand factors affected prices. We find a positive and concave relation between prices and size of paintings reflecting economies of scale. We show evidence of a positive relationship between prices and the number of figures depicted. Trade in paintings was sufficient to equalize prices between different destinations. Finally, we provide support for the Galenson hypothesis of a positive relation between age of experimental artists and quality as priced by the market.
Volume (Year): 72 (2012)
Issue (Month): 02 (June)
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- David W. Galenson & Bruce A. Weinberg, 2000.
"Age and the Quality of Work: The Case of Modern American Painters,"
Journal of Political Economy,
University of Chicago Press, vol. 108(4), pages 761-777, August.
- David W. Galenson & Bruce A. Weinberg, 1999. "Age and the Quality of Work: The Case of Modern American Painters," NBER Working Papers 7122, National Bureau of Economic Research, Inc.
- David Galenson, 2009. "Old masters and young geniuses: The two life cycles of human creativity," Journal of Applied Economics, Universidad del CEMA, vol. 12, pages 1-9, May.
- David Galenson, 2002.
"The Life Cycles of Modern Artists,"
World Economics, Economic & Financial Publishing, 1 Ivory Square, Plantation Wharf, London, United Kingdom, SW11 3UE, vol. 3(3), pages 161-178, July.
- Kevin H. O'Rourke & Jeffrey G. Williamson, 2001. "Globalization and History: The Evolution of a Nineteenth-Century Atlantic Economy," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262650592, March.
- Hellmanzik, Christiane, 2010. "Location matters: Estimating cluster premiums for prominent modern artists," European Economic Review, Elsevier, vol. 54(2), pages 199-218, February.
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