Market Of Artistic Work: Case Of Creative Paintings

Milenko Popovic ()

Montenegrin Journal of Economics, 2008, vol. 4, issue 8, 9-34

Abstract: Topic of this paper is an analysis of market for artistic works applied in the case of creative paintings. In the most of the paper we give survey of modern microeconomic analysis relevant for the art. In the part of article that treats behavior of artists and supply function of art we, however, have made an effort to give original contribution to the understanding of the problem. In the first part of article, which treat demand for art, we, first, apply clasical model of consumer behavior on the case of artistic works; than we explore influence of human capital on demand for art; and finaly stress a fact that artistic work is followed with huge ammount of externalities. In the second part, which deals with analysis of production and supply of artistic works, special attention is devoted to behavior of artists which is characterized with almost total preference to creative work once basic needs are sutisfied. In this part of work we also analyse equilibrium at market for artistic works as well as welfare effects of different subvention for art. Different market structures that might describe markets for artistic works are also analysed in this part of paper. Finaly in last, third part of article we emphasisse a fact that artistic works can be and should be regarded as investment. Accordingly, we present basics of inestment analysis for this sort of asset.

Date: 2008
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