Stealing History: How does Provenance Affect the Price of Antiquities?
In 1982, the United States passed legislation that partially implemented the UNESCO Treaty, the Cultural Property Implementation Act. Despite the fact that the United States signed onto this treaty, it was common knowledge in the antiquities world that the enforcement of these laws has been lax, and the illegal sale of artifacts has continued. In December 2005, the Italian government took the Curator of Antiquities at the Getty Museum Marion True and Robert Hecht (a well-known antiquities dealer) to trial for conspiracy to buy and sell looted artifacts. This paper tests whether a good provenance increases the price of an antiquity and also whether the impact of appropriate provenance has changed since the trial began. To test these hypotheses, a hedonic regression on sales prices of provenanced and unprovenanced artifacts is estimated. We find that provenanced items are indeed selling for higher prices after 2005, ceteris paribus, which is evidence that the art market has responded to the law suits.
|Date of creation:||Jun 2011|
|Date of revision:|
|Contact details of provider:|| Phone: (508)793-3362|
Fax: (508) 793-3708
Web page: http://www.holycross.edu/departments/economics/website/
More information through EDIRC
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- 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.
- Victor Ginsburgh & David Throsby, 2006.
"Handbook of the economics of art and culture,"
ULB Institutional Repository
2013/1673, ULB -- Universite Libre de Bruxelles.
When requesting a correction, please mention this item's handle: RePEc:hcx:wpaper:1105. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Victor Matheson)
If references are entirely missing, you can add them using this form.