Is the Art Market More Bourgeois than Bohemian?

31 Pages Posted: 21 Feb 2020

See all articles by Jenny Schuetz

Jenny Schuetz

Brookings Institution

Richard K. Green

University of Southern California - Lusk Center for Real Estate

Multiple version iconThere are 2 versions of this paper

Date Written: March 2014

Abstract

Most research on the art market focuses on the high end, composed of auction houses and a few well‐known dealers. In this paper, we use a new database to examine the industry structure and location patterns of the New York art market, which consists largely of small, independent, relatively unknown galleries. We find that Manhattan galleries are highly spatially concentrated, and that clustering reflects both agglomeration economies and preferences over location‐specific amenities. New galleries are more likely to open in neighborhoods with existing gallery clusters, and proximity to other galleries increases establishment lifespan. New galleries also locate in neighborhoods with high population density and more affluent households, consistent with location models of luxury retail. The results are not consistent with the hypothesis that galleries locate in cheap, “bohemian” neighborhoods.

Suggested Citation

Schuetz, Jenny and Green, Richard K., Is the Art Market More Bourgeois than Bohemian? (March 2014). Journal of Regional Science, Vol. 54, Issue 2, pp. 273-303, 2014. Available at SSRN: https://ssrn.com/abstract=2404135 or http://dx.doi.org/10.1111/jors.12068

Jenny Schuetz (Contact Author)

Brookings Institution ( email )

1775 Massachusetts Ave, NW
Washington, DC 20036
United States

Richard K. Green

University of Southern California - Lusk Center for Real Estate ( email )

2250 Alcazar Street
Los Angeles, CA 90089
United States

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