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Tribal Art Market. Signs and Signals

Author Info

Listed author(s):
  • Guido Candela

    ()

    (Department of Economics, University of Bologna, Italy; The Rimini Centre for Economic Analysis (RCEA), Italy)

  • Massimiliano Castellani

    ()

    (Department of Economics, University of Bologna, Italy; The Rimini Centre for Economic Analysis (RCEA), Italy)

  • Pierpaolo Pattitoni

    ()

    (Department of Management, Faculty of Economics, University of Bologna, Italy; The Rimini Centre for Economic Analysis (RCEA), Italy)

Abstract

In this paper, we present a model for the marketability of a Tribal artwork and we test this model empirically using a unique hand-collected dataset, which comprises the worldwide Tribal art market auctions between 1999 and 2008. Our results show a significant relationship between the probability of an artwork to be sold and several signs and signals. The effect of the auction estimated prices on the probability of sales is nonlinear, and allows us to divide the Tribal art market into two price regimes. In the low-price regime, the effect of the auction estimated price on the probability of sales is negative. In the high-price regime, the effect of the auction estimated price on the probability of sales is positive.

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File URL: http://www.rcfea.org/RePEc/pdf/wp02_11.pdf
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Paper provided by The Rimini Centre for Economic Analysis in its series Working Paper Series with number 02_11.

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Date of creation: Jan 2011
Date of revision: Feb 2012
Handle: RePEc:rim:rimwps:02_11
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More information through EDIRC

Keywords: Tribal art; Signs; Signals; Veblen effect; Conspicuous consumption;

Other versions of this item:

Find related papers by JEL classification:
  • Z11 - Other Special Topics - - Cultural Economics - - - Economics of the Arts and Literature
  • C25 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Discrete Regression and Qualitative Choice Models; Discrete Regressors; Proportions; Probabilities

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  19. repec:pri:cepsud:203ashenfelter is not listed on IDEAS
  20. H. Leibenstein, 1950. "Bandwagon, Snob, and Veblen Effects in the Theory of Consumers' Demand," The Quarterly Journal of Economics, Oxford University Press, vol. 64(2), pages 183-207.
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  23. George A. Akerlof, 1970. "The Market for "Lemons": Quality Uncertainty and the Market Mechanism," The Quarterly Journal of Economics, Oxford University Press, vol. 84(3), pages 488-500.
  24. Bagwell, Laurie Simon & Bernheim, B Douglas, 1996. "Veblen Effects in a Theory of Conspicuous Consumption," American Economic Review, American Economic Association, vol. 86(3), pages 349-373, June.
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Cited by:

  1. Bertacchini, Enrico & Friel, Martha, 2014. "Determining the Value of Modern and Contemporary Furniture Design: an Exploratory Investigation," Department of Economics and Statistics Cognetti de Martiis. Working Papers 201437, University of Turin.

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