The Market for Paintings in Italy during the Seventeenth Century
We study the Seventeenth century market for figurative paintings in Italy analyzing original contracts between patrons and artists. We show that a number of supply and demand factors affected prices. We find a positive and concave relation between prices and size of paintings reflecting economies of scale. We show evidence of a positive relationship between prices and the number of figures depicted. Trade in paintings was sufficient to equalize prices between different destinations. Finally, we provide support for the Galenson hypothesis of a positive relation between age of experimental artists and quality as priced by the market.
|Date of creation:||Jan 2012|
|Date of revision:||Jan 2012|
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