How Can We Create a Public Platform for Art Prices?

Chikako Ozu () and Minoru Kunizaki ()
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Chikako Ozu: Kyushu University
Minoru Kunizaki: Aichi University

A chapter in New Perspectives in the Public and Cultural Sectors, 2025, pp 171-185 from Springer

Abstract: Abstract This chapter examines the role of a public platform in providing art price information to the art market. We show that the management structure of an art information platform depends on social value judgments and is operated by either private or public organizations. This chapter proposes the creation of a public platform for art price information. Considering that a public platform is a non-market organization, external monitoring and auditing of the platform are crucial. While information on a private platform is traded in the market, the information on a public platform is provided as a public good. We also address the fact that monitoring and imposing incentives on regulators and public platforms may effectively avoid moral hazards. Throughout this study, we conclude that provision of information through this public platform reduces distortions in the art markets, and that providing such information also discourages the opportunistic behavior of art providers and reduces the information asymmetries faced by potential demanders. Consequently, art markets are expected to expand through the information provided by this public platform.

Keywords: Art market; Public pricing; Information platform; Art price index (search for similar items in EconPapers)
JEL-codes: D44 D52 H41 Z11 Z18 (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:spr:conchp:978-3-031-81892-9_10

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DOI: 10.1007/978-3-031-81892-9_10

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