Tribal Art Market: Signs and Signals

18 Pages Posted: 26 Feb 2020

See all articles by Guido Candela

Guido Candela

University of Bologna - Department of Economics

Massimiliano Castellani

University of Bologna - Department of Economics

Pierpaolo Pattitoni

University of Bologna - Department of Statistical Sciences ; University of Bologna - Rimini Center for Economic Analysis (RCEA)

Date Written: February 7, 2012

Abstract

In this paper, we present a model for the marketability of a Tribal artwork and we test this model empirically using a unique hand-collected dataset, which comprises the worldwide Tribal art market auctions between 1999 and 2008. Our results show a significant relationship between the probability of an artwork to be sold and several signs and signals. The effect of the auction estimated prices on the probability of sales is nonlinear, and allows us to divide the Tribal art market into two price regimes. In the low-price regime, the effect of the auction estimated price on the probability of sales is negative. In the high-price regime, the effect of the auction estimated price on the probability of sales is positive.

Keywords: Tribal art, Signs, Signals, Veblen effect, Conspicuous consumption

JEL Classification: C25, D44, Z11

Suggested Citation

Candela, Guido and Castellani, Massimiliano and Pattitoni, Pierpaolo, Tribal Art Market: Signs and Signals (February 7, 2012). Journal of Cultural Economics, Vol. 36, No. 4, 2012, Available at SSRN: https://ssrn.com/abstract=2000709 or http://dx.doi.org/10.2139/ssrn.2000709

Guido Candela

University of Bologna - Department of Economics ( email )

Strada Maggiore 45
Bologna, 40125
Italy
+39 0541 434118-9 (Phone)
+39 0541 434120 (Fax)

Massimiliano Castellani

University of Bologna - Department of Economics ( email )

Strada Maggiore 45
Bologna, 40125
Italy

Pierpaolo Pattitoni (Contact Author)

University of Bologna - Department of Statistical Sciences ( email )

Via Belle Arti 41
Bologna, 40126
Italy

University of Bologna - Rimini Center for Economic Analysis (RCEA) ( email )

Via Patara, 3
Rimini (RN), RN 47900
Italy

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