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Liberalizing Art: Evidence on the Impressionists at the end of the Paris Salon

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  • Federico Etro
  • Silvia Marchesi
  • Elena Stepanova

Abstract

We analyze the art market in Paris between the government-controlled Salon and the post-1880 system, when the Republican government liberalized art exhibitions. The jury of the old Salon decided on submissions with a bias in favor of conservative art of the academic insiders, erecting entry barriers against outsiders as the Impressionists. With a difference-in difference estimation, we provide evidence that the end of the government-controlled Salon contributed to start the price increase of the Impressionists relative to the insiders.

Suggested Citation

  • Federico Etro & Silvia Marchesi & Elena Stepanova, 2020. "Liberalizing Art: Evidence on the Impressionists at the end of the Paris Salon," Working Papers 432, University of Milano-Bicocca, Department of Economics, revised Feb 2020.
  • Handle: RePEc:mib:wpaper:432
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    Cited by:

    1. Etro, Federico & Stepanova, Elena, 2021. "Art return rates from old master paintings to contemporary art," Journal of Economic Behavior & Organization, Elsevier, vol. 181(C), pages 94-116.

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    More about this item

    Keywords

    Art market; Liberalization; Market structure; Insider-Outsider; Hedonic regressions; Impressionism.;
    All these keywords.

    JEL classification:

    • C23 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Models with Panel Data; Spatio-temporal Models
    • Z11 - Other Special Topics - - Cultural Economics - - - Economics of the Arts and Literature

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