The ``Death-Effect'' in Art Prices: A Demand-Side Exploration
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
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Volume (Year): 24 (2000)
Issue (Month): 4 (November)
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- 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.
- Beggs, A. & Graddy, K., 1996. "Declining Values and the Afternoon Effect: Evidence from Art Auctions," Economics Series Working Papers 99184, University of Oxford, Department of Economics.
- Coase, Ronald H, 1972. "Durability and Monopoly," Journal of Law and Economics, University of Chicago Press, vol. 15(1), pages 143-49, April.
- 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.
- 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.
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