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Two games in town: a comparison of dealer and auction prices in contemporary visual arts markets

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  • Michael Hutter

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  • Christian Knebel
  • Gunnar Pietzner
  • Maren Schäfer

Abstract

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Suggested Citation

  • Michael Hutter & Christian Knebel & Gunnar Pietzner & Maren Schäfer, 2007. "Two games in town: a comparison of dealer and auction prices in contemporary visual arts markets," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 31(4), pages 247-261, December.
  • Handle: RePEc:kap:jculte:v:31:y:2007:i:4:p:247-261
    DOI: 10.1007/s10824-007-9044-9
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    References listed on IDEAS

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    1. Orley Ashenfelter & Kathryn Graddy, 2011. "Art Auctions," Chapters,in: A Handbook of Cultural Economics, Second Edition, chapter 2 Edward Elgar Publishing.
      • Orley Ashenfelter & Kathryn Graddy, 2010. "Art Auctions," Working Papers 1212, Princeton University, Department of Economics, Center for Economic Policy Studies..
    2. Takato Hiraki & Akitoshi Ito & Darius Spieth & Naoya Takezawa, 2005. "How Did Japanese Investments Influence International Art Prices?," Yale School of Management Working Papers ysm367, Yale School of Management.
    3. Ginsburgh, Victor & Mei, Jianping & Moses, Michael, 2006. "The Computation of Prices Indices," Handbook of the Economics of Art and Culture, Elsevier.
    4. Sebastian Edwards, 2004. "The Economics of Latin American Art: Creativity Patterns and Rates of Return," NBER Working Papers 10302, National Bureau of Economic Research, Inc.
    5. Benjamin J. Burton & Joyce P. Jacobsen, 1999. "Measuring Returns on Investments in Collectibles," Journal of Economic Perspectives, American Economic Association, vol. 13(4), pages 193-212, Fall.
    6. Sebastian Edwards, 2004. "The Economics of Latin American Art: Creativity Patterns and Rates of Return," ECONOMIA JOURNAL, THE LATIN AMERICAN AND CARIBBEAN ECONOMIC ASSOCIATION - LACEA, vol. 0(Spring 20), pages 1-35, January.
    7. Susanne Schönfeld & Andreas Reinstaller, 2007. "The effects of gallery and artist reputation on prices in the primary market for art: a note," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 31(2), pages 143-153, June.
    8. David W. Galenson & Bruce A. Weinberg, 2000. "Age and the Quality of Work: The Case of Modern American Painters," Journal of Political Economy, University of Chicago Press, vol. 108(4), pages 761-777, August.
    9. Victor Ginsburgh & David Throsby, 2006. "Handbook of the Eonomics of Art and Culture," ULB Institutional Repository 2013/152412, ULB -- Universite Libre de Bruxelles.
    10. Throsby, David, 1994. "The Production and Consumption of the Arts: A View of Cultural Economics," Journal of Economic Literature, American Economic Association, vol. 32(1), pages 1-29, March.
    11. Holger Bonus & Dieter Ronte, 1997. "Credibility and Economic Value in the Visual Arts," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 21(2), pages 103-118, June.
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    Citations

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    Cited by:

    1. Francesco Angelini & Massimiliano Castellani, 2017. "Cultural and economic value: A (p)review," Working Paper series 17-10, Rimini Centre for Economic Analysis, revised Jan 2018.
    2. Marina Bianchi, 2015. "Willingness to believe and betrayal aversion: the special role of trust in art exchanges," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 39(2), pages 133-151, May.
    3. Ileana Miranda Mendoza & François Gardes & Xavier Greffe & Pierre-Charles Pradier, 2014. "Are autographs integrating the global art market? The case of hedonic prices for French autographs (1960-2005)," Documents de travail du Centre d'Economie de la Sorbonne 14053, Université Panthéon-Sorbonne (Paris 1), Centre d'Economie de la Sorbonne.
    4. Tekindor, Arzu Aysin & McCracken, Vicki A., 2012. "Uniqueness in Art Market: Specialization in Visual Art," 2012 Annual Meeting, August 12-14, 2012, Seattle, Washington 124922, Agricultural and Applied Economics Association.
    5. Bronwyn Coate & Tim R.L. Fry, 2012. "Better off Dead? Prices Realised for Australian Paintings Sold at Auction," ACEI Working Paper Series AWP-02-2012, Association for Cultural Economics International, revised Feb 2012.
    6. Cellini, Roberto & Cuccia, Tiziana, 2014. "The artist–art dealer relationship as a marketing channel," Research in Economics, Elsevier, vol. 68(1), pages 57-69.
    7. Francesco Angelini & Massimiliano Castellani, 2017. "Understanding the artwork pricing: some theoretical models," Working Paper series 17-25, Rimini Centre for Economic Analysis, revised Mar 2018.
    8. Dominuque Sagot-Duvauroux, 2011. "Art Prices," Chapters,in: A Handbook of Cultural Economics, Second Edition, chapter 5 Edward Elgar Publishing.
    9. Erdos, Péter & Ormos, Mihály, 2010. "Random walk theory and the weak-form efficiency of the US art auction prices," Journal of Banking & Finance, Elsevier, vol. 34(5), pages 1062-1076, May.

    More about this item

    Keywords

    Markets for visual art; Dealer and auction market price indices; Valuation; Pricing process; D44; Z11;

    JEL classification:

    • D44 - Microeconomics - - Market Structure, Pricing, and Design - - - Auctions
    • Z11 - Other Special Topics - - Cultural Economics - - - Economics of the Arts and Literature

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