Location matters: Estimating cluster premiums for prominent modern artists
This paper shows that 'location matters' in terms of premiums on creative clusters and peak ages. The analysis is based on the 214 most prominent modern visual artists born 1850-1945 and the art clusters of Paris and New York. Auction records of the past 20 years are used to estimate the value of artworks over an artist's career. The overall cluster premium for paintings produced in Paris and New York is found to be 11% and 43%, respectively; paintings made in Paris during the First World War have a premium of 14% while those produced between 1946 and 1975 have a premium of 27%. New York offers premiums for paintings produced there for all periods after the First World War, peaking at 74% between 1946 and 1975. When decomposing this premium, we find that quality rather than quantity of artists in the location is driving the results. It is argued that artists working in a cluster location reach a peak in the age-price profile of their work significantly earlier than artists working elsewhere.
If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Douglas James Hodgson, 2011. "Age-Price Profiles for Canadian Painters at Auction," CIRANO Working Papers 2011s-15, CIRANO.
- Kim, E. Han & Morse, Adair & Zingales, Luigi, 2009.
"Are elite universities losing their competitive edge?,"
Journal of Financial Economics,
Elsevier, vol. 93(3), pages 353-381, September.
- Han Kim, E & Morse, Adair & Zingales, Luigi, 2006. "Are Elite Universities Losing their Competitive Edge?," CEPR Discussion Papers 5700, C.E.P.R. Discussion Papers.
- E. Han Kim & Adair Morse & Luigi Zingales, 2006. "Are Elite Universities Losing Their Competitive Edge?," NBER Working Papers 12245, National Bureau of Economic Research, Inc.
- Pierre Azoulay & Joshua S. Graff Zivin & Jialan Wang, 2008.
NBER Working Papers
14577, National Bureau of Economic Research, Inc.
- Glaeser, Edward Ludwig & Kallal, Hedi D. & Scheinkman, Jose A. & Shleifer, Andrei, 1992.
"Growth in Cities,"
3451309, Harvard University Department of Economics.
- Moretti, Enrico, 2004.
"Human capital externalities in cities,"
Handbook of Regional and Urban Economics,
in: J. V. Henderson & J. F. Thisse (ed.), Handbook of Regional and Urban Economics, edition 1, volume 4, chapter 51, pages 2243-2291
- Orley Ashenfelter & Kathryn Graddy, 2010.
1212, Princeton University, Department of Economics, Center for Economic Policy Studies..
- Orley Ashenfelter, 2003. "Art auctions," Chapters, in: A Handbook of Cultural Economics, chapter 3 Edward Elgar.
- Graddy, Kathryn, 2006. "Art Auctions," Handbook of the Economics of Art and Culture, Elsevier.
- Orley Ashenfelter & Kathryn Graddy, 2011. "Art Auctions," Chapters, in: A Handbook of Cultural Economics, Second Edition, chapter 2 Edward Elgar.
- Paul Krugman, 1990.
"Increasing Returns and Economic Geography,"
NBER Working Papers
3275, National Bureau of Economic Research, Inc.
- Roland Vaubel, 2005. "The Role of Competition in the Rise of Baroque and Renaissance Music," Journal of Cultural Economics, Springer, vol. 29(4), pages 277-297, November.
- Victor Ginsburgh & Sheila Weyers, 2006.
"Creativity and life cycles of artists,"
ULB Institutional Repository
2013/99270, ULB -- Universite Libre de Bruxelles.
- Fabian Waldinger, 2012.
"Peer Effects in Science: Evidence from the Dismissal of Scientists in Nazi Germany,"
Review of Economic Studies,
Oxford University Press, vol. 79(2), pages 838-861.
- Fabian Waldinger, 2009. "Peer Effects in Science - Evidence from the Dismissal of Scientists in Nazi Germany," CEP Discussion Papers dp0910, Centre for Economic Performance, LSE.
- Fabian Waldinger, 2009. "Peer effects in science: evidence from the dismissal of scientists in Nazi Germany," LSE Research Online Documents on Economics 28518, London School of Economics and Political Science, LSE Library.
- 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 W. Galenson & Bruce A. Weinberg, 2001. "Creating Modern Art: The Changing Careers of Painters in France from Impressionism to Cubism," American Economic Review, American Economic Association, vol. 91(4), pages 1063-1071, September.
- Adair Morse, 2006. "Are elite universities losing their competitive edge?," Proceedings, Federal Reserve Bank of Cleveland.
When requesting a correction, please mention this item's handle: RePEc:eee:eecrev:v:54:y:2010:i:2:p:199-218. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Zhang, Lei)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.