POLICING ART CRIME

By Naomi Oosterman

In the cold winter’s night of 9 to 10 January 2005, criminals left a devastating scene at the Westfries Museum in Hoorn, the Netherlands. Glass doors were shattered, wooden panels were destroyed, and valuable porcelain was smashed into hundreds of pieces. Possibly more devastating was the additional theft of 70 pieces of silver and 24 paintings of important 17th century artists like Jan van Goyen, Jacob Waben, and Matthias Withoos with an estimated value between €250.000 and €1.3 million. A few years later, without violence but with similar devastating consequences, seven paintings belonging to the Triton Family Foundation were stolen from the Kunsthal in Rotterdam. Amongst these were works by Claude Monet, Pablo Picasso, and Lucian Freud. Estimated value: €18.1 million. The 2002 thefts of two unique Van Gogh paintings from the Van Gogh Museum in Amsterdam, finalizes the list. ‘Childishly easy’ is how the theft was described in the media. With a rope, ladder, and a broken window, the criminals could steal one of only two seascapes made by Van Gogh from his Dutch years. The described cases are considered to be the most notable art crimes that took place in the Netherlands in the past 20 years. Continue reading “POLICING ART CRIME”

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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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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LEONARDO IN LIMBO: AN ECONOMIC EVALUATION

By Robert B. Ekelund, Jr., Richard Higgins and John D. Jackson

Interest in recent art “discoveries” and attributions is at high pitch. Most starling has been a “new” Leonardo initially sold for a modest price in a regional New Orleans auction house then only to become the most expensive painting ever sold at auction at almost half a billion dollars. Attributions are changing constantly depending on a consensus of “experts,” with changes motivated by new evidence or connoisseurship as in the case of a recent Rembrandt attribution. But for some of these works, expert opinion substitutes for falsification. That is an issue for Da Vinci’s Salvator Mundi and it can be related to the economic nature of certain goods.

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DOES BELONGING TO AN ARTISTIC MOVEMENT MAKE BETTER-SELLING ARTISTS?

By Christiane Hellmanzik and Douglas Hodgson

The now-substantial literature on the career age-valuation profiles of artists has paid limited attention to the effects on the profiles of association with artistic movements. We undertake a hedonic regression analysis using a large data set on recent auction prices for nearly 300 important modern painters. We focus on the possible contribution to career creativity profiles of movement association, for such major movements as Cubism, Surrealism, and Pop Art. We also consider effects of association with different categories of movements and detect intra-movement heterogeneity in creativity profiles.

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IS THERE A ROLE FOR THE ARTIST IN THE FORMATION OF VALUE?

By Francesco Angelini and Massimiliano Castellani

The art market literature is still lacking a detailed analysis of the artist’s role in the formation process of artworks’ value. In order to improve the understanding of this process, we discuss what value is, how it is studied, and how it is ultimately influenced by the artist.

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THE PRICE OF A NAME: ART MARKET VALUATION OF PROVISIONAL NAMES (“THE MASTER OF …”)

By Kim Oosterlinck and Anne-Sophie Radermecker

The value of a painting is influenced above all by the artist who created it and his reputation. But what about those whose names have not survived the test of time? For these painters, art historians often create a provisional name describing attributes of the painter or of a painting of reference. Our research analyses how the market values these paintings.

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ARE THEY ALL THE SAME? A CASE STUDY OF THREE AUSTRALIAN INDIGENOUS ARTISTS

By Lisa Farrell, Jane M. Fry and Tim R.L. Fry

Many studies of art auctions assume that a single statistical model using observed characteristics relating to the artwork and the auction can explain the observed variation in the sample of all artworks and artists. We show that such “pooling” is not always appropriate and may lead to erroneous conclusions.

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AWFULLY BEAUTIFUL? I REALLY LIKE THIS ARTWORK, IF I AM NOT MISTAKEN

By Monika Kackovic 

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Information about the quality of producers and products has strategic value and affects economic decisions. But what happens in markets with informational gaps where quality is difficult to observe and where objective criteria to make quality judgments are largely lacking?

Continue reading “AWFULLY BEAUTIFUL? I REALLY LIKE THIS ARTWORK, IF I AM NOT MISTAKEN”

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