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

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  • 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.

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  • 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
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    2. Lan Ju & Zhiyong Tu & Changyong Xue, 2020. "Pricing the Information Quantity in Artworks," Papers 2011.09129, arXiv.org.
    3. Edward Oczkowski, 2021. "The catalogue raisonné and art auction prices: the case of Berthe Morisot," Empirical Economics, Springer, vol. 61(3), pages 1669-1687, September.
    4. Anne-Sophie V. Radermecker & Koenraad Brosens, 2023. "Valuing European tapestry: from riches to rags," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 47(3), pages 359-406, September.
    5. Lan Ju & Zhiyong Tu & Changyong Xue, 2019. "Art Pricing with Computer Graphic Techniques," Papers 1910.03800, arXiv.org.
    6. Anne-Sophie V. Radermecker, 2022. "Elisabetta Lazzaro, Nathalie Moureau, Adriana Turpin (Eds): Researching art markets. Past, present and tools for the future Routledge (Routledge Research in the Creative and Cultural Industries), Oxon," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 46(1), pages 199-203, March.
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    11. Robert B. Ekelund & Richard Higgins & John D. Jackson, 2020. "ART as meta-credence: authentication and the role of experts," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 44(1), pages 155-171, March.

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    More about this item

    Keywords

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

    JEL classification:

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

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