Determining the Value of Modern and Contemporary Furniture Design: an Exploratory Investigation

Enrico Bertacchini () and Martha Friel ()
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Martha Friel: University of Turin, http://www.est.unito.it/

Department of Economics and Statistics Cognetti de Martiis. Working Papers from University of Turin

Abstract: The paper analyses the formation of pricess in the market of collectable furniture design. Given their aesthetic quality and symbolic significance modern and contemporary furniture design objects are increasingly exchanged in art auctions. However, reproducibility and other potential differences from traditional artworks set interesting challenges in studying auction price formation for this kind of goods. The paper documents the development of markets in modern and contemporary furniture design analysing how cultural and economic values interact in this emerging context and what are the distinctive features with respect to other traditional art markets. Moreover, using auction data for furniture design works by the most prominent designers of the XXth century, the determinants of price formation are analysed and discussed.

Pages: 19 pages
Date: 2014-11
New Economics Papers: this item is included in nep-cul
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Persistent link: https://EconPapers.repec.org/RePEc:uto:dipeco:201437

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