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The impact of the Droit de Suite in the UK: an empirical analysis

  • Chanont Banternghansa
  • Kathryn Graddy

    ()

The Droit de Suite, known in the UK as Artists’ Resale Rights, provides an artist with the inalienable right to receive a royalty based on the resale price of an original work of art. This paper provides an empirical analysis of actual changes in the UK auction market for art that is subject to the Droit de Suite (DDS), relative to changes for art not subject to the DDS, and also relative to changes in the auction markets for art in countries where there has been no change in law. We do a difference-in-difference analysis, differencing price growth and sales growth across market segments and across countries over the period 1996 to 2007. Our results suggest that the introduction of the DDS has not had a negative impact on the UK art auction market.

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File URL: http://hdl.handle.net/10.1007/s10824-010-9134-y
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Article provided by Springer in its journal Journal of Cultural Economics.

Volume (Year): 35 (2011)
Issue (Month): 2 (May)
Pages: 81-100

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Handle: RePEc:kap:jculte:v:35:y:2011:i:2:p:81-100
Contact details of provider: Web page: http://www.springerlink.com/link.asp?id=100284

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  1. Pesando, James E, 1993. "Art as an Investment: The Market for Modern Prints," American Economic Review, American Economic Association, vol. 83(5), pages 1075-89, December.
  2. Karl E. Case & Robert J. Shiller, 1987. "Prices of single-family homes since 1970: new indexes for four cities," New England Economic Review, Federal Reserve Bank of Boston, issue Sep, pages 45-56.
  3. Victor A. Ginsburgh, 2003. "Art markets," Chapters, in: A Handbook of Cultural Economics, chapter 4 Edward Elgar.
  4. Jianping Mei & Michael Moses, 2005. "Vested Interest and Biased Price Estimates: Evidence from an Auction Market," Journal of Finance, American Finance Association, vol. 60(5), pages 2409-2435, October.
  5. Chanel, O. & Gerard, L.A. & Ginsburgh, V., 1992. "The Relevence of Hedonic Price Indices the Case of Paintings," G.R.E.Q.A.M. 92a19, Universite Aix-Marseille III.
  6. Karp, Larry S. & Perloff, Jeffery M., 1993. "Legal requirements that artists receive resale royalties," International Review of Law and Economics, Elsevier, vol. 13(2), pages 163-177, June.
  7. Orley Ashenfelter & Kathryn Graddy, 2003. "Auctions and the Price of Art," Journal of Economic Literature, American Economic Association, vol. 41(3), pages 763-787, September.
  8. Alan Beggs & Kathryn Graddy, 2009. "Anchoring Effects: Evidence from Art Auctions," American Economic Review, American Economic Association, vol. 99(3), pages 1027-39, June.
  9. Goetzmann, William N, 1993. "Accounting for Taste: Art and the Financial Markets over Three Centuries," American Economic Review, American Economic Association, vol. 83(5), pages 1370-76, December.
  10. Beggs, Alan & Graddy, Kathryn, 2006. "Failure to Meet the Reserve Price: The Impact on Returns to Art," CEPR Discussion Papers 5811, C.E.P.R. Discussion Papers.
  11. John Solow, 1998. "An Economic Analysis of the Droit de Suite," Journal of Cultural Economics, Springer, vol. 22(4), pages 209-226, December.
  12. Victor Ginsburgh, 2007. "The economic consequences of droit de suite in the European Union," ULB Institutional Repository 2013/13404, ULB -- Universite Libre de Bruxelles.
  13. repec:eap:articl:v:35:y:2005:i:1-2:p:61-71 is not listed on IDEAS
  14. Jianping Mei & Michael Moses, 2002. "Art as an Investment and the Underperformance of Masterpieces," American Economic Review, American Economic Association, vol. 92(5), pages 1656-1668, December.
  15. Kräussl, Roman & Elsland, Niels van, 2008. "Constructing the true art market index: A novel 2-step hedonic approach and its application to the German art market," CFS Working Paper Series 2008/11, Center for Financial Studies (CFS).
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