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Value and the Valuation of Art in Economic and Aesthetic Theory

In: Handbook of the Economics of Art and Culture

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  • Hutter, Michael
  • Shusterman, Richard

Abstract

Artistic value played a minor role in classical philosophy, but moved to center stage in 18th century aesthetic theory and also played a role in moral philosophy. The value of Art and the process of its valuation has remained an indispensable subject of modern aesthetics, while economists have excluded these topics from consideration. Recent attention to "external effects" has opened new ways of interpreting artistic value in a manner consistent with economic theory. Sections 1-5 narrate historical positions in both disciplines, many of which have left their imprint on current analysis. Sec- tions 6-8 focus on the contemporary discussion of artistic values and their logic of evaluation in economics and in aesthetics.

Suggested Citation

  • Hutter, Michael & Shusterman, Richard, 2006. "Value and the Valuation of Art in Economic and Aesthetic Theory," Handbook of the Economics of Art and Culture, in: V.A. Ginsburgh & D. Throsby (ed.), Handbook of the Economics of Art and Culture, edition 1, volume 1, chapter 6, pages 169-208, Elsevier.
    • Handle: RePEc:eee:artchp:1-06
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    Cited by:

    1. Fabio D’Orlando, 2011. "The Demand for Pornography," Journal of Happiness Studies, Springer, vol. 12(1), pages 51-75, March.
    2. Ploypailin Kijkasiwat & Hamza Almustafa & Pongsutti Phuensane, 2023. "Initial coin offerings for business: a systematic literature review and bibliometric analysis," SN Business & Economics, Springer, vol. 3(1), pages 1-31, January.
    3. Xin Li & Chi-Wei Su & Meng Qin & Fahai Zhao, 2020. "Testing for Bubbles in the Chinese Art Market," SAGE Open, , vol. 10(1), pages 21582440199, January.
    4. Fabio D’Orlando & Sharon Ricciotti, 2021. "The economics of escalation," Rationality and Society, , vol. 33(1), pages 106-140, February.
    5. Victor Ginsburgh, 2016. "On Judging Art and Wine," Working Papers ECARES ECARES 2016-21, ULB -- Universite Libre de Bruxelles.

    More about this item

    JEL classification:

    • Z19 - Other Special Topics - - Cultural Economics - - - Other

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