A Value Theory of Art

Julia M. Puaschunder ()
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Julia M. Puaschunder: Columbia University, New York, USA

RAIS Conference Proceedings 2022-2024 from Research Association for Interdisciplinary Studies

Abstract: Price is the hallmark in economics. Discounting under growing uncertain risk over time dominates finance. While finance structures objective measures to perceive price patterns and market trends, it is striking to have no theory of what art becomes more valuable over time. As there is no value theory of arts, we have no structured knowledge about what and how arts become more valuable over time. As for the growing importance of arts as an economic multiplier and systemically-widespread collateral, the need for discounting arts’ future value has gained unprecedented momentum [1]. Solving the question why some arts survive and particular art pieces become more valuable over time could help integrate discounting elements in classic public goods theory in welfare economics that focuses on creating lasting common value over time.

Keywords: Art; Costs and Benefits; Collateral; Discounting; Economics; Law and Economics; Security (search for similar items in EconPapers)
Pages: 7 pages
Date: 2024-08
New Economics Papers: this item is included in nep-cul
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Published in Proceedings of the 37th International RAIS Conference on Social Sciences and Humanities, August 8-9, 2024, vol. 2, pages 71-78

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Persistent link: https://EconPapers.repec.org/RePEc:smo:raiswp:0441

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