IDEAS home Printed from https://ideas.repec.org/p/smo/raiswp/0441.html
   My bibliography  Save this paper

A Value Theory of Art

Author

Listed:
  • Julia M. Puaschunder

    (Columbia University, New York, USA)

Abstract

Price is the hallmark in economics. Discounting under growing uncertain risk over time dominates finance. While finance structures objective measures to perceive price patterns and market trends, it is striking to have no theory of what art becomes more valuable over time. As there is no value theory of arts, we have no structured knowledge about what and how arts become more valuable over time. As for the growing importance of arts as an economic multiplier and systemically-widespread collateral, the need for discounting arts’ future value has gained unprecedented momentum [1]. Solving the question why some arts survive and particular art pieces become more valuable over time could help integrate discounting elements in classic public goods theory in welfare economics that focuses on creating lasting common value over time.

Suggested Citation

  • Julia M. Puaschunder, 2024. "A Value Theory of Art," RAIS Conference Proceedings 2022-2024 0441, Research Association for Interdisciplinary Studies.
    • Handle: RePEc:smo:raiswp:0441
    as

    Download full text from publisher

    File URL: https://rais.education/wp-content/uploads/2024/10/0441.pdf
    File Function: Full text
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Victor Ginsburgh & Sheila Weyers, 2006. "Creation and life cycles of artists," ULB Institutional Repository 2013/5257, ULB -- Universite Libre de Bruxelles.
    2. Daniel Dorn & Paul Sengmueller, 2009. "Trading as Entertainment?," Management Science, INFORMS, vol. 55(4), pages 591-603, April.
    3. Victor Ginsburgh & Sheila Weyers, 2006. "Creativity and Life Cycles of Artists," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 30(2), pages 91-107, September.
    4. repec:bla:jecsur:v:15:y:2001:i:2:p:123-43 is not listed on IDEAS
    5. Mark Blaug, 2001. "Where Are We Now On Cultural Economics," Journal of Economic Surveys, Wiley Blackwell, vol. 15(2), pages 123-143, April.
    6. 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.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Zanola, Roberto & Vecco, Marilena & Jones, Andrew, 2021. "A place for everything and everything in its place: New York's role in the art market," Research in Economics, Elsevier, vol. 75(3), pages 215-224.
    2. Ginsburgh, Victor & Radermecker, Anne-Sophie & Tommasi, Denni, 2019. "The effect of experts’ opinion on prices of art works: The case of Peter Brueghel the Younger," Journal of Economic Behavior & Organization, Elsevier, vol. 159(C), pages 36-50.
    3. Kathryn Graddy & Carl Lieberman, 2018. "Death, Bereavement, and Creativity," Management Science, INFORMS, vol. 64(10), pages 4505-4514, October.
    4. Robert B. Ekelund & John D. Jackson & Robert D. Tollison, 2015. "Age and productivity: An empirical study of early American artists," Southern Economic Journal, John Wiley & Sons, vol. 81(4), pages 1096-1116, April.
    5. Douglas J. Hodgson & Christiane Hellmanzik, 2019. "Relationships between artistic movements and careers of modern artists: evidence from hedonic regressions with auction data," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 43(2), pages 309-337, June.
    6. Jose Sanchez-Fung, 2019. "Examining the life-cycle artistic productivity of Latin American photographers," ACEI Working Paper Series AWP-05-2019, Association for Cultural Economics International, revised Dec 2019.
    7. Anne-Sophie V. Radermecker & Koenraad Brosens, 2023. "Valuing European tapestry: from riches to rags," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 47(3), pages 359-406, September.
    8. Karol Jan Borowiecki & Nicholas Martin Ford & Maria Marchenko, 2023. "Harmonious relations: quality transmission among composers in the very long run," European Review of Economic History, European Historical Economics Society, vol. 27(3), pages 454-476.
    9. Robert B. Ekelund & John D. Jackson & Robert D. Tollison, 2013. "Are Art Auction Estimates Biased?," Southern Economic Journal, John Wiley & Sons, vol. 80(2), pages 454-465, October.
    10. Anne-Sophie Radermecker & Koenraad Brosens, 2023. "Valuing European tapestry: from riches to rags," ULB Institutional Repository 2013/371370, ULB -- Universite Libre de Bruxelles.
    11. John Galbraith & Douglas Hodgson, 2015. "Innovation, experience and artists’ age-valuation profiles: evidence from eighteenth-century rococo and neoclassical painters," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 39(3), pages 259-275, August.
    12. Luigi Di Gaetano & Isidoro Mazza & Anna Mignosa, 2019. "On the allocation of talents in the contemporary art market," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 43(1), pages 121-143, March.
    13. Françoise Benhamou, 2011. "Artists’ Labour Markets," Chapters, in: Ruth Towse (ed.), A Handbook of Cultural Economics, Second Edition, chapter 7, Edward Elgar Publishing.
    14. Bauer, Rob & Cosemans, Mathijs & Eichholtz, Piet, 2009. "Option trading and individual investor performance," Journal of Banking & Finance, Elsevier, vol. 33(4), pages 731-746, April.
    15. Vesa Pursiainen & Jan Toczynski, 2023. "Retail Investors’ Cryptocurrency Investments," Swiss Finance Institute Research Paper Series 23-51, Swiss Finance Institute.
    16. Firth, Chris & Stewart, Neil & Antoniou, Constantinos & Leake, David, 2023. "The effects of personality and IQ on portfolio outcomes," Finance Research Letters, Elsevier, vol. 51(C).
    17. Victor Ginsburgh, 2013. "Mark Blaug and the economics of the arts," Chapters, in: Marcel Boumans & Matthias Klaes (ed.), Mark Blaug: Rebel with Many Causes, chapter 15, pages 208-224, Edward Elgar Publishing.
    18. Carlos Casacuberta & N鳴or Gandelman, 2012. "Multiple job holding: the artist's labour supply approach," Applied Economics, Taylor & Francis Journals, vol. 44(3), pages 323-337, January.
    19. Nijkamp, Peter & Poot, Jacques, 2015. "Cultural Diversity: A Matter of Measurement," IZA Discussion Papers 8782, Institute of Labor Economics (IZA).
    20. Hoffmann, Arvid O.I. & Post, Thomas, 2014. "Self-attribution bias in consumer financial decision-making: How investment returns affect individuals’ belief in skill," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 52(C), pages 23-28.

    More about this item

    Keywords

    Art; Costs and Benefits; Collateral; Discounting; Economics; Law and Economics; Security;
    All these keywords.

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:smo:raiswp:0441. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Eduard David (email available below). General contact details of provider: http://rais.education/ .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.