Art Markets and Auctions

Bruno Frey

Chapter Chapter 3 in Economics of Art and Culture, 2019, pp 21-29 from Springer

Abstract: Abstract Art uses labour and capital. These resources are scarce. As a result, opportunity costs arise. Cultural consumers have to make a choice between various supplies of art. In a well-functioning market, supply and demand balance. Art markets, in particular auctions, are characterized by large risks that rarely exist in other markets. These relate to authenticity, attribution, quality, and theft. Some unexpected market changes may also occur. Behavioural anomalies such as ownership bias and home bias are prominent. Investment in art diversifies a portfolio. The most sensible strategy is to buy for love of art.

Keywords: Cultural consumers; Opportunity cost; Market-makers; Auctions; Record prices; Risk; Authenticity; Attribution; Quality; Theft; Behavioural anomalies; Diversification; Taxation; Money laundering (search for similar items in EconPapers)
Date: 2019
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DOI: 10.1007/978-3-030-15748-7_3

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