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

  • R. Ekelund
  • Rand Ressler
  • John Watson

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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File URL: http://hdl.handle.net/10.1023/A:1007618221648
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Article provided by Springer in its journal Journal of Cultural Economics.

Volume (Year): 24 (2000)
Issue (Month): 4 (November)
Pages: 283-300

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Handle: RePEc:kap:jculte:v:24:y:2000:i:4:p:283-300
Contact details of provider: Web page: http://www.springerlink.com/link.asp?id=100284

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  1. David Galenson, 2000. "The Careers of Modern Artists," Journal of Cultural Economics, Springer, vol. 24(2), pages 87-112, May.
  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. 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.
  4. Coase, Ronald H, 1972. "Durability and Monopoly," Journal of Law and Economics, University of Chicago Press, vol. 15(1), pages 143-49, April.
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