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The Market for Paintings in the Venetian Republic from Renaissance to Rococ�

Author

Listed:
  • Federico Etro

    () (Department of Economics, University Of Venice C� Foscari)

  • Laura Pagani

    () (Department of Economics, University Of Milan, Bicocca)

Abstract

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 Rococ� periods with a dark Baroque age in the intermediate period.

Suggested Citation

  • Federico Etro & Laura Pagani, 2012. "The Market for Paintings in the Venetian Republic from Renaissance to Rococ�," Working Papers 2012_10, Department of Economics, University of Venice "Ca' Foscari".
  • Handle: RePEc:ven:wpaper:2012_10
    as

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    References listed on IDEAS

    as
    1. Paolo Mauro & Nathan Sussman & Yishay Yafeh, 2002. "Emerging Market Spreads: Then versus Now," The Quarterly Journal of Economics, Oxford University Press, vol. 117(2), pages 695-733.
    2. Koenker,Roger, 2005. "Quantile Regression," Cambridge Books, Cambridge University Press, number 9780521845731, December.
    3. Koenker, Roger & Bassett, Gilbert, Jr, 1982. "Robust Tests for Heteroscedasticity Based on Regression Quantiles," Econometrica, Econometric Society, vol. 50(1), pages 43-61, January.
    4. Koenker, Roger & Zhao, Quanshui, 1996. "Conditional Quantile Estimation and Inference for Arch Models," Econometric Theory, Cambridge University Press, vol. 12(05), pages 793-813, December.
    5. François Longin, 2001. "Extreme Correlation of International Equity Markets," Journal of Finance, American Finance Association, vol. 56(2), pages 649-676, April.
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    Citations

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    Cited by:

    1. Federico Etro & Silvia Marchesi & Laura Pagani, 2015. "The Labor Market In The Art Sector Of Baroque Rome," Economic Inquiry, Western Economic Association International, vol. 53(1), pages 365-387, January.
    2. Aloys Prinz & Jan Piening & Thomas Ehrmann, 2015. "The success of art galleries: a dynamic model with competition and information effects," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 39(2), pages 153-176, May.

    More about this item

    Keywords

    Economic theory of Art history; hedonic model; Law of one price;

    JEL classification:

    • Z11 - Other Special Topics - - Cultural Economics - - - Economics of the Arts and Literature
    • N0 - Economic History - - General
    • D4 - Microeconomics - - Market Structure, Pricing, and Design

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