THE ROLE OF ART INVESTMENT AS A HEDGE OR SAFE HAVEN

By Belma Öztürkkal and Asli Togan-Egrican

Can art can be considered a safe haven during volatile times or a hedging option in general? we analyze long-term art auction sales data focusing on and around financial crisis periods in a volatile emerging market. Our findings suggest Turkish art returns are either negatively correlated or at low correlation with other investments, including the equity market.

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MORE THAN A GOOD BOOK: CONTINGENT VALUATION OF PUBLIC LIBRARY SERVICES IN ENGLAND

By Daniel Fujiwara, Ricky N. Lawton and Susana Mourato

This is the first economic study to value the wide range of benefits to individuals and the community provided by libraries in England, combining two economic methods for valuing culture: contingent valuation and subjective wellbeing analysis. A primary survey of around 2,000 library users and non-users shows the combined annual value of local library services is £723.4million. Library use is also positively associated with subjective wellbeing, suggesting that libraries have an important role in users’ quality of life.

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THE CHANGING SOCIAL ECONOMY OF ART, ARE THE ARTS BECOMING LESS EXCLUSIVE?

By Hans Abbing

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Respect for art is high, also among those who do not consume serious art, though subsidy cuts testify of a decreasing respect for the “serious arts”. In spite of cuts, the so-called “excellent art”, like the very costly performances of certain high-end opera companies, continues to receive much public support —support of which almost exclusively well-to-do people profit. The performances are sometimes innovative, but not more than most of the less costly performances.

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FROM POPULAR TO HIGHBROW CULTURE: THE CHANGING ROLE OF EDUCATION

By Sara Suarez‑Fernandez, Juan Prieto‑Rodriguez and Maria Jose Perez‑Villadoniga

Education is the socioeconomic variable that has the greatest (direct and indirect) impact on cultural participation. In this paper, we analyze the effect of education on cultural consumption once the impact of income is controlled for. We find that the effect varies between activities, with its marginal effect more relevant for highbrow activities than for popular culture. This result is consistent with the idea that highbrow cultural consumption involves the comprehension of more complex symbolic elements, and individuals’ decoding abilities depend more on education than on income. Continue reading “FROM POPULAR TO HIGHBROW CULTURE: THE CHANGING ROLE OF EDUCATION”

FLAMENCO AND COPYRIGHT. THE CASE OF CAMARÓN DE LA ISLA

By Jesús Heredia-Carroza, Luis Palma Martos and Luis F. Aguado

This article analyzes the gap between the performer’s contribution to the flamenco work and the protection he/she obtains. We designed a methodology based on interviews with flamenco personalities and surveys of flamenco market agents which enabled us to obtain an approximation to the cultural valuation of the contribution of the three elements that constitute the flamenco work: palo (cultural heritage), author and performer. For the 25th anniversary of his death, we present a representative case focusing on the figure of Camarón de la Isla. Continue reading “FLAMENCO AND COPYRIGHT. THE CASE OF CAMARÓN DE LA ISLA”

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