The Labor Market in the Seventeenth-Century Italian Art Sector
We analyze the labor market for painters in Baroque Rome using unique panel data on primary sales of still lifes, portraits, genre paintings, landscapes and figurative paintings. In line with the traditional hierarchy of genres, average price differentials between them were high. We identify supply and demand factors related to prices of paintings. The panel dimension of the dataset and its matched painter-patron nature allow us to evaluate the extent to which price heterogeneity is related to unmeasured differences among painters or patrons. Most of the inter-genre price differential is explained by the variation in average individual heterogeneity across genres: this suggests that the market was rather competitive and allocated artists between artistic genres to the point of equalizing the marginal return of each genre. We also explain residual price differences in terms of efficiency wage, signalling and incentive mechanisms to induce effort in the production of artistic quality.
|Date of creation:||2011|
|Date of revision:|
|Contact details of provider:|| Postal: Cannaregio, S. Giobbe no 873 , 30121 Venezia|
Web page: http://www.unive.it/dip.economia
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.:
- Galenson, David W., 1982. "Artists and Artisans in Delft: A Socio-Economic Study of the Seventeenth Century. By John Michael Montias. Princeton: Princeton University Press, 1982. pp. xvi, 424. $36.50 cloth, $16.50 paper," The Journal of Economic History, Cambridge University Press, vol. 42(04), pages 936-937, December.
- David W. Galenson & Bruce A. Weinberg, 1999.
"Age and the Quality of Work: The Case of Modern American Painters,"
NBER Working Papers
7122, National Bureau of Economic Research, Inc.
- David W. Galenson & Bruce A. Weinberg, 2000. "Age and the Quality of Work: The Case of Modern American Painters," Journal of Political Economy, University of Chicago Press, vol. 108(4), pages 761-777, August.
- Federico Etro & Laura Pagani, 2012.
"The Market for Paintings in Italy during the Seventeenth Century,"
217, University of Milano-Bicocca, Department of Economics, revised Jan 2012.
- Etro, Federico & Pagani, Laura, 2012. "The Market for Paintings in Italy During the Seventeenth Century," The Journal of Economic History, Cambridge University Press, vol. 72(02), pages 423-447, June.
- Weiss, Andrew W, 1980. "Job Queues and Layoffs in Labor Markets with Flexible Wages," Journal of Political Economy, University of Chicago Press, vol. 88(3), pages 526-38, June.
- David Galenson, 2009. "Old masters and young geniuses: The two life cycles of human creativity," Journal of Applied Economics, Universidad del CEMA, vol. 0, pages 1-9, May.
- De Marchi, Neil, 1995. "The role of Dutch auctions and lotteries in shaping the art market(s) of 17th century Holland," Journal of Economic Behavior & Organization, Elsevier, vol. 28(2), pages 203-221, October.
- David W. Galenson & Bruce A. Weinberg, 2001. "Creating Modern Art: The Changing Careers of Painters in France from Impressionism to Cubism," American Economic Review, American Economic Association, vol. 91(4), pages 1063-1071, September.
- Shapiro, Carl & Stiglitz, Joseph E, 1984. "Equilibrium Unemployment as a Worker Discipline Device," American Economic Review, American Economic Association, vol. 74(3), pages 433-44, June.
- Marianne Bertrand & Claudia Goldin & Lawrence F. Katz, 2010.
"Dynamics of the Gender Gap for Young Professionals in the Financial and Corporate Sectors,"
American Economic Journal: Applied Economics,
American Economic Association, vol. 2(3), pages 228-55, July.
- Goldin, Claudia D. & Bertrand, Marianne & Katz, Lawrence F., 2010. "Dynamics of the Gender Gap for Young Professionals in the Financial and Corporate Sectors," Scholarly Articles 8810041, Harvard University Department of Economics.
- Mellow, Wesley, 1982. "Employer Size and Wages," The Review of Economics and Statistics, MIT Press, vol. 64(3), pages 495-501, August.
When requesting a correction, please mention this item's handle: RePEc:ven:wpaper:2011_23. 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: (Geraldine Ludbrook)
If references are entirely missing, you can add them using this form.