The Market for Paintings in Italy During the Seventeenth Century

Federico Etro () and Laura Pagani

The Journal of Economic History, 2012, vol. 72, issue 2, 423-447

Abstract: We study the seventeenth-century market for figurative paintings in Italy analyzing original contracts between patrons and artists. We show that a number of supply and demand factors affected prices. We find a positive and concave relation between prices and size of paintings reflecting economies of scale. We show evidence of a positive relationship between prices and the number of figures depicted. Trade in paintings was sufficient to equalize prices between different destinations. Finally, we provide support for the Galenson hypothesis of a positive relation between age of experimental artists and quality as priced by the market.

Date: 2012
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