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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TOO HEAVILY TAXED TO AFFORD IT? VAT AND CULTURAL GOODS

By Victoria Ateca-Amestoy, Javier Gardeazabal and Arantza Ugidos

There is a very scarce tradition of cultural policy evaluation. Many public programs are devoted to increase cultural access by means of direct or indirect funding of cultural activities, targeting either consumers or producer. In this entry, we comment on the causal inference analysis that we did of the 2012 VAT reform for cultural services and its effect on household’s participation and expenditure.

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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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EX-ANTE VS. EX-POST: A REASSESSMENT OF ECONOMIC IMPACT STUDIES IN ARTS AND CULTURE

By Andrej Srakar and Marilena Vecco

The estimation of the economic effects of cultural events is a topic that has stirred numerous debates in cultural economics. Although economic impact studies and contingent valuation have been the most frequently used methods, both suffer from numerous problems. In this article, we use ex-post econometric verification as a new and promising method in cultural economics in the estimation of the economic effects of cultural events and apply it to the estimation of the effects of the 2012 European Capital of Culture Maribor on tourism and employment.

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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”

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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BOLLYWOOD’S BATTLE

By Caroline Elliott and Sayantan Ghosh Dastidar

India has a longstanding reputation for its acclaimed film industry and continues to be by far the world’s largest producer of films. Nevertheless, domestic demand for films appears to be waning as in a number of developed countries with mature film industries. Results of the econometric analysis are used to demonstrate how the Indian film market can continue to have a significant positive impact on the Indian economy.

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MEASURING EMOTION THROUGH QUALITY IN SYMPHONY ORCHESTRAS

By Mafalda Gómez-Vega and Luis César Herrero-Prieto

Repertoire programming decisions taken by symphony orchestras usually pursue a mixture of aims that embrace both quality and audience success. We also assume there is a link between fineness or brilliance and excitement. Based on these premises, we assess the quality of symphony orchestras by evaluating their musical repertoire using three partial indicators: contemporaneity, most well-known composers, and repertoire originality.

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CULTURAL DIVERSITY OF THE FILM INDUSTRY IN THE EU

By Georgios Alaveras, Estrella Gomez-Herrera and Bertin Martens

This paper explores new data sources on multilateral trade in films among EU countries and with the USA in offline cinema and in online video-on-demand distribution. We observe variations in trade patterns across countries and films and explore how they affect cultural diversity.

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