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art sales

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?

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

Christophe Spaenjers, William N. Goetzmann and Elena Mamonova

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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?

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