Art-Rent Concept and Measure With Connections to an Evolving Economy

Ünsal Özdilek ()
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Ünsal Özdilek: University of Quebec

Journal of the Knowledge Economy, 2024, vol. 15, issue 1, No 65, 1625-1649

Abstract: Abstract The basis of rent has progressively shifted from valuing material goods which are subject to classical supply and demand forces to valuing more intangible sources of scarcity that impact the value state of abstract goods or experiences. In order to quantify the value ascribed to this new abstract asset class in this paper, we propose a new type of rent called Art-Rent. In this work, we describe Art-Rent in classical price, cost, and income (PCI) terms and use the subject of determining value of abstract painting as a test case. In order to quantify Art-Rent, we subject the total value calculation of abstract art to three models of PCI assessment. We determined that art is systematically undervalued and propose that Art-Rent can be factored into calculations for any commodity which holds any abstract recurring future value to the consumer.

Keywords: Artwork; Paintings; Economic rent; Factors of production; Value; Entrepreneurial value; Evaluation methods; Digital economy (search for similar items in EconPapers)
Date: 2024
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DOI: 10.1007/s13132-023-01147-6

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