Structure, Size and Information Asymmetries of the Visual Arts Sector

Alessia Zorloni

L'industria, 2012, issue 4, 737-760

Abstract: The art industry is a complex system in which many different actors interact in the production process in different roles and at different stages of the supply chain: artists, dealers, critics, art advisor, collecting societies and other actors who work at different levels in the process of creating, production and distribution of the artistic product. A very important sector within the creative industries, which in recent years has undergone a real transformation. This paper tries to analyze the organization, the size and the main economic aspects of the contemporary art market in the light of changes taking place. More specifically, the research focuses on the analysis of the effects of asymmetric information and tax on the one hand and the application of the resale right on international trade of works of art on the other hand, in order to explain how the art market is so complex and influenced by different regulations for each country.

Keywords: Art Market; Asymmetric Information; Signaling; Artist's Resale Right (search for similar items in EconPapers)
Date: 2012
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