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The market for paintings in the Venetian Republic from Renaissance to Rococò

Federico Etro () and Laura Pagani

Journal of Cultural Economics, 2013, vol. 37, issue 4, 391-415

Abstract: We study the art market in the Venetian Republic from 1550 to 1750 analyzing the determinants of the prices (adjusted for the cost of living measured by the price of wheat) of figurative paintings. Reputation of the painters, size of the paintings and other quantifiable factors affect prices as expected. Other relevant factors include the placement of the paintings (on altars, ceilings or walls), whose impact reflects differences in demand elasticities. We find evidence of the law of one price confirming price equalization between high and low demand geographical destinations and between different subjects. Finally, in a Schumpeterian perspective, we relate the temporal trend of the price of a representative painting with waves of artistic innovations, whose peacks were in the 1500s and in the 1700s with a dark Baroque age in the intermediate century. Copyright Springer Science+Business Media New York 2013

Keywords: Art market; Endogenous market structures; Hedonic pricing analysis; Z11; N0; D4 (search for similar items in EconPapers)
Date: 2013
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Handle: RePEc:kap:jculte:v:37:y:2013:i:4:p:391-415