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The ``Death-Effect'' in Art Prices: A Demand-Side Exploration

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  • R. Ekelund
  • Rand Ressler
  • John Watson

Abstract

Many factors affect the supply and demand characteristics of artists' output.This exploratory study focuses on a ``supply-induced'' demand effect –the death of the artist and the assurance that, from the perspective of thedurable goods monopolist, the output of the artist ends. While not purportingto be a formal test of that proposition, we observe, using U.S. auction data,a clustered rise in artists' values immediately around the time of death andsuggest some possible demand-side explanations using a sample of LatinAmerican artists between 1977 and 1996. Copyright Kluwer Academic Publishers 2000

Suggested Citation

  • R. Ekelund & Rand Ressler & John Watson, 2000. "The ``Death-Effect'' in Art Prices: A Demand-Side Exploration," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 24(4), pages 283-300, November.
    • Handle: RePEc:kap:jculte:v:24:y:2000:i:4:p:283-300
    DOI: 10.1023/A:1007618221648
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    References listed on IDEAS

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    1. Alan Beggs & Kathryn Graddy, 1997. "Declining Values and the Afternoon Effect: Evidence from Art Auctions," RAND Journal of Economics, The RAND Corporation, vol. 28(3), pages 544-565, Autumn.
    2. David W. Galenson, 1997. "The Careers of Modern Artists: Evidence from Auctions of Contemporary Paintings," NBER Working Papers 6331, National Bureau of Economic Research, Inc.
    3. David Galenson, 2000. "The Careers of Modern Artists," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 24(2), pages 87-112, May.
    4. Coase, Ronald H, 1972. "Durability and Monopoly," Journal of Law and Economics, University of Chicago Press, vol. 15(1), pages 143-149, April.
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