By Bruno S. Frey
Using the commercial viewpoint, this intriguing textual content bargains an alternate view to sociological or artwork ancient methods to artwork. the problems mentioned comprise: associations from gala's to "superstar" museums, assorted technique of aiding the arts, an research into paintings as an funding, and many of the techniques utilized whilst valuing our cultural properties. this article demanding situations largely held renowned perspectives and, as soon as began, is tough to place down.
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Additional resources for Arts & Economics: Analysis & Cultural Policy
Example text
The very best artists, the superstars, gain much higher income than those artists who are almost, but not quite as talented l , Frank and Cook (1995) have applied this phenomenon to a great number of professions, including, for instance, lawyers. If a firm is engaged in a lawsuit of millions or even billions of dollars, it normally pays to hire the very best in order to maximize the probability of winning. The same holds for the best managers who also demand very high compensation but who may increase the value of the firm by billions of dollars.
In contrast to what has just been argued, this tradition proposes a negative relationship between the quality of art and its marketability. However, this view is purely idealistic and has little to do with reality. Empirical evidence (see Frey and Pommerehne 1989a, chapter 9) shows that: by no means are all artists poor (van Gogh and Gauguin are exceptions and certainly not the rule); artists of high income are not necessarily of "poor" quality (defined according to art historians' evaluations); many "top-quality" artists have received very high incomes.
Obviously, the idea is not to immediately sell all the paintings stored by all museums - which would, of course, depress market prices - but to slowly de-access. g. by buying a painting which fits better into that particular collection. In this context it might be argued that the museum decision makers are art historians who put a value on the paintings which differs from the market price. This is only relevant if the value attributed exceeds the market price (otherwise they would willingly sell).