Art galleries as market makers

Paolo Di Caro () and Isidoro Mazza ()

Chapter 33 in Teaching Cultural Economics, 2020, pp 244-252 from Edward Elgar Publishing

Abstract: Art quality is an elusive concept in the contemporary art market. It is difficult to find consensus even among artists. Even more difficult is to define the link between quality and price. In this context of high uncertainty, empirical observation suggests that galleries have a significant impact on the career of artists. This chapter aims at providing some useful tools for understanding and interpreting the prominent role of art galleries in today’s art markets by illustrating the reasons why the market needs intermediaries and gatekeepers such as the commercial galleries.

Keywords: Economics and Finance; Teaching Methods (search for similar items in EconPapers)
Date: 2020
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