IDEAS home Printed from https://ideas.repec.org/a/eee/jeborg/v159y2019icp36-50.html
   My bibliography  Save this article

The effect of experts’ opinion on prices of art works: The case of Peter Brueghel the Younger

Author

Listed:
  • Ginsburgh, Victor
  • Radermecker, Anne-Sophie
  • Tommasi, Denni

Abstract

Experts’ opinion affects prices of traded goods in several markets. In the art markets, their role is especially important but hard to identify. We focus on the unique case of leading expert Klaus Ertz, who published a catalogue raisonné in 2000 to clarify attributions of paintings by Old Master Pieter Brueghel the Younger, who was abundantly copied. We collected the sales of his paintings (autograph) as well as those from his atelier and followers (non-autograph) over the period 1972–2017. Using a difference-in-difference identification strategy, we establish that Ertz’s expertise had a significant effect on the prices of autograph works: Buyers were willing to pay roughly 60% more for works sold at auctions considered autograph after Ertz’s intervention.

Suggested Citation

  • Ginsburgh, Victor & Radermecker, Anne-Sophie & Tommasi, Denni, 2019. "The effect of experts’ opinion on prices of art works: The case of Peter Brueghel the Younger," Journal of Economic Behavior & Organization, Elsevier, vol. 159(C), pages 36-50.
  • Handle: RePEc:eee:jeborg:v:159:y:2019:i:c:p:36-50
    DOI: 10.1016/j.jebo.2018.09.002
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S0167268118302440
    Download Restriction: Full text for ScienceDirect subscribers only

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. repec:taf:jnlbes:v:30:y:2012:i:1:p:67-80 is not listed on IDEAS
    2. repec:hrv:faseco:30703974 is not listed on IDEAS
    3. Hilger, James & Rafert, Greg & Villas-Boas, Sofia Berto, 2007. "Expert Opinion and the Demand for Experience Goods: An Experimental Approach," CUDARE Working Papers 6055, University of California, Berkeley, Department of Agricultural and Resource Economics.
    4. Ali, Héla Hadj & Lecocq, Sébastien & Visser, Michael, 2010. "The Impact of Gurus: Parker Grades and en primeur Wine Prices," Journal of Wine Economics, Cambridge University Press, vol. 5(01), pages 22-39, March.
    5. Corinna Czujack, 1997. "Picasso paintings at auction, 1963-1994," ULB Institutional Repository 2013/193273, ULB -- Universite Libre de Bruxelles.
    6. repec:wly:econjl:v:127:y:2017:i:607:p:2665-2701 is not listed on IDEAS
    7. Victor A. Ginsburgh & Jan C. van Ours, 2003. "Expert Opinion and Compensation: Evidence from a Musical Competition," American Economic Review, American Economic Association, vol. 93(1), pages 289-296, March.
    8. James Hilger & Greg Rafert & Sofia Villas-Boas, 2011. "Expert Opinion and the Demand for Experience Goods: An Experimental Approach in the Retail Wine Market," The Review of Economics and Statistics, MIT Press, vol. 93(4), pages 1289-1296, November.
    9. Cecilia Rouse & Claudia Goldin, 2000. "Orchestrating Impartiality: The Impact of "Blind" Auditions on Female Musicians," American Economic Review, American Economic Association, vol. 90(4), pages 715-741, September.
    10. Corinna Czujack, 1997. "Picasso Paintings at Auction, 1963–1994," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 21(3), pages 229-247, September.
    11. Victor Ginsburgh & Sheila Weyers, 2006. "Creation and life cycles of artists," ULB Institutional Repository 2013/5257, ULB -- Universite Libre de Bruxelles.
    12. Victor Ginsburgh & Sheila Weyers, 2006. "Creativity and Life Cycles of Artists," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 30(2), pages 91-107, September.
    13. Victor Ginsburgh & Sheila Weyers, 2010. "On the formation of canons :The dynamics of narratives in art history," ULB Institutional Repository 2013/151575, ULB -- Universite Libre de Bruxelles.
    14. Kim Oosterlinck, 2017. "Art as a Wartime Investment: Conspicuous Consumption and Discretion," Economic Journal, Royal Economic Society, vol. 127(607), pages 2665-2701, December.
    15. Victor Ginsburgh & Sheila Weyers, 2006. "Persistence and fashion in art: the Italian Renaissance from Vasari to Berenson and beyond," ULB Institutional Repository 2013/5261, ULB -- Universite Libre de Bruxelles.
    16. Le Moglie, Marco & Mencarini, Letizia & Rapallini, Chiara, 2015. "Is it just a matter of personality? On the role of subjective well-being in childbearing behavior," Journal of Economic Behavior & Organization, Elsevier, vol. 117(C), pages 453-475.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    Brueg(h)el family; Art expert; Auctions; Exhibitions; Catalogue raisonné; Prices of Paintings;

    JEL classification:

    • C59 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Other
    • Z11 - Other Special Topics - - Cultural Economics - - - Economics of the Arts and Literature

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:jeborg:v:159:y:2019:i:c:p:36-50. 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: (Dana Niculescu). General contact details of provider: http://www.elsevier.com/locate/jebo .

    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 CitEc recognized a reference but did not link an item in RePEc 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 RePEc Author Service 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.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.