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Art Fakes - What Fakes? An Economic View

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  • Bruno S. Frey

Abstract

An economic analysis of fakes differs substantially from the legal and the art historic views which both tend to propose repressive policies against imitations. But there are large economic benefits from copying. In particular, the "propagation effect" yields utility to both consumers and creators of the original. In contrast, the harmful effects of fakes are small and are mitigated by emerging institutions (guarantees, sellers with reputation). The paper suggests "art quotations" (similar to academic quotations) as a beneficial solution to creators of originals and consumers. "Art quotations" are applicable to many art forms.

Suggested Citation

  • Bruno S. Frey, "undated". "Art Fakes - What Fakes? An Economic View," IEW - Working Papers 014, Institute for Empirical Research in Economics - University of Zurich.
  • Handle: RePEc:zur:iewwpx:014
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    File URL: http://www.econ.uzh.ch/static/wp_iew/iewwp014.pdf
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    References listed on IDEAS

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    1. Hirshleifer, Jack, 1985. "The Expanding Domain of Economics," American Economic Review, American Economic Association, vol. 75(6), pages 53-68, December.
    2. Takeyama, Lisa N, 1994. "The Welfare Implications of Unauthorized Reproduction of Intellectual Property in the Presence of Demand Network Externalities," Journal of Industrial Economics, Wiley Blackwell, vol. 42(2), pages 155-166, June.
    3. Victor A. Ginsburgh, 2003. "Art markets," Chapters,in: A Handbook of Cultural Economics, chapter 4 Edward Elgar Publishing.
    4. Grossman, Gene M & Shapiro, Carl, 1988. "Counterfeit-Product Trade," American Economic Review, American Economic Association, vol. 78(1), pages 59-75, March.
    5. Koboldt, Christian, 1995. "Intellectual Property and Optimal Copyright Protection," CSLE Discussion Paper Series 95-01, Saarland University, CSLE - Center for the Study of Law and Economics.
    6. Hansmann, Henry & Santilli, Marina, 1997. "Authors' and Artists' Moral Rights: A Comparative Legal and Economic Analysis," The Journal of Legal Studies, University of Chicago Press, vol. 26(1), pages 95-143, January.
    7. Liebowitz, S J, 1985. "Copying and Indirect Appropriability: Photocopying of Journals," Journal of Political Economy, University of Chicago Press, vol. 93(5), pages 945-957, October.
    8. Pesando, James E, 1993. "Art as an Investment: The Market for Modern Prints," American Economic Review, American Economic Association, vol. 83(5), pages 1075-1089, December.
    9. Bruno Frey, 1999. "State Support and Creativity in the Arts: Some New Considerations," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 23(1), pages 71-85, March.
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    More about this item

    Keywords

    Cultural Policy; art markets; art forgery; intellectual property rights; cultural industries;

    JEL classification:

    • Z1 - Other Special Topics - - Cultural Economics
    • K11 - Law and Economics - - Basic Areas of Law - - - Property Law
    • L23 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Organization of Production

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