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The Market for Paintings in the Venetian Republic from Renaissance to Rococò

  • Federico Etro

    ()

    (Department of Economics, University Of Venice Cà Foscari)

  • Laura Pagani

    ()

    (Department of Economics, University Of Milan, Bicocca)

We study the art market in the Venetian Republic from 1550 to 1750 analyzing the determinants of the prices (adjusted for the cost of living measured by the cost of wheat) of figurative paintings. Reputation of the painters, size of the paintings and other quantifiable factors affect prices as expected. Other relevant factors include the placement of the paintings (on the altar, on the ceiling or on the walls), whose impact reflects differences in demand elasticities. We find evidence evidence of the law of one price confirming price equalization between high and low demand destinations and between different subjects. Finally we relate the temporal trend of the price of a representative painting with waves of artistic innovations, whose picks were in the Mannerist and Rococò periods with a dark Baroque age in the intermediate period.

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Paper provided by Department of Economics, University of Venice "Ca' Foscari" in its series Working Papers with number 2012_10.

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Length: 25
Date of creation: 2012
Date of revision:
Handle: RePEc:ven:wpaper:2012_10
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  1. Mark J. Melitz, 2002. "The Impact of Trade on Intra-Industry Reallocations and Aggregate Industry Productivity," NBER Working Papers 8881, National Bureau of Economic Research, Inc.
  2. Federico Etro & Silvia Marchesi & Laura Pagani, 2011. "The Labor Market in the Seventeenth-Century Italian Art Sector," Working Papers 2011_23, Department of Economics, University of Venice "Ca' Foscari".
  3. Bartik, Timothy J, 1987. "The Estimation of Demand Parameters in Hedonic Price Models," Journal of Political Economy, University of Chicago Press, vol. 95(1), pages 81-88, February.
  4. Jianping Mei & Michael Moses, 2002. "Art as an Investment and the Underperformance of Masterpieces," American Economic Review, American Economic Association, vol. 92(5), pages 1656-1668, December.
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  7. Roland Vaubel, 2005. "The Role of Competition in the Rise of Baroque and Renaissance Music," Journal of Cultural Economics, Springer, vol. 29(4), pages 277-297, November.
  8. Federico Etro & Laura Pagani, 2012. "The Market for Paintings in Italy during the Seventeenth Century," Working Papers 217, University of Milano-Bicocca, Department of Economics, revised Jan 2012.
  9. Greif, Avner & Milgrom, Paul & Weingast, Barry R, 1994. "Coordination, Commitment, and Enforcement: The Case of the Merchant Guild," Journal of Political Economy, University of Chicago Press, vol. 102(4), pages 745-76, August.
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  11. Federico Etro & Andrea Colciago, 2010. "Endogenous Market Structures and the Business Cycle," Economic Journal, Royal Economic Society, vol. 120(549), pages 1201-1233, December.
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  13. Anderson, Robert C, 1974. "Paintings as an Investment," Economic Inquiry, Western Economic Association International, vol. 12(1), pages 13-26, March.
  14. Federico Etro, 2006. "Aggressive leaders," RAND Journal of Economics, RAND Corporation, vol. 37(1), pages 146-154, 03.
  15. Baumol, William J, 1986. "Unnatural Value: Or Art Investment as Floating Crap Game," American Economic Review, American Economic Association, vol. 76(2), pages 10-14, May.
  16. Rosen, Sherwin, 1974. "Hedonic Prices and Implicit Markets: Product Differentiation in Pure Competition," Journal of Political Economy, University of Chicago Press, vol. 82(1), pages 34-55, Jan.-Feb..
  17. Olivier Chanel & Louis-André Gérard-Varlet & Victor Ginsburgh, 1996. "The relevance of hedonic price indices: the case of paintings," ULB Institutional Repository 2013/1715, ULB -- Universite Libre de Bruxelles.
  18. Marilena Locatelli Biey & Roberto Zanola, 1999. "Investment in Paintings: A Short-Run Price Index," Journal of Cultural Economics, Springer, vol. 23(3), pages 209-219, August.
  19. 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.
  20. Nerlove, Marc, 1995. "Hedonic price functions and the measurement of preferences: The case of Swedish wine consumers," European Economic Review, Elsevier, vol. 39(9), pages 1697-1716, December.
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