Search

EconomistsTalkArt.org

Research-based policy analysis and commentary

Month

June 2016

A HISTORY OF THE ART MARKET IN 35 RECORD-BREAKING SALES

Christophe Spaenjers, William N. Goetzmann and Elena Mamonova

picasso-femmes-d-alger

When Pablo Picasso’s “Les Femmes d’Alger (Version O)” sold at Christie’s in New York for $179 million dollars in May 2015, it was only the 36th time in the past 315 years that a world auction record had been set, and the sale raised questions well beyond the art world. How could a single painting be worth so much? Why is art so important to wealthy households? What economic and social factors could lead to enshrining Picasso’s colourful near-abstract portrait as the most valuable picture in the history of the modern world?

Continue reading “A HISTORY OF THE ART MARKET IN 35 RECORD-BREAKING SALES”

Advertisements

MUSIC AND THE MUSIC INDUSTRY: A SAD-ONOMICS APPROACH

Samuel Cameron

mitm_cover_sizing

The economic analysis of music is at a crossroad. Digital innovations undermine the concepts of production deeply embedded in economics textbooks. Do we need a new production function? Can this be the SAD (serendipity, authenticity and drugs) production function extended to allow for the creation of value in the consumers’ subjective perceptions?

Continue reading “MUSIC AND THE MUSIC INDUSTRY: A SAD-ONOMICS APPROACH”

Create a free website or blog at WordPress.com.

Up ↑

%d bloggers like this: