Private Pricing in the Art Market

Economics Bulletin, 38(4): 2371-2378, 2018

9 Pages Posted: 17 Feb 2020 Last revised: 26 Sep 2019

See all articles by Francesco Angelini

Francesco Angelini

University of Bologna, Department of Statistical Sciences

Massimiliano Castellani

Department of Statistics

Date Written: December 10, 2018

Abstract

This note investigates price-formation mechanisms at work in the private art market. An analysis is provided on pricing of new artwork for the first sale. In a model with five different types of agents using a bargaining game approach, the artist's preferred market channel is identified. The bargaining power of each agent emerges as the key element. This setting is also an ideal framework to test public interventions to support one or more agents and channels in the art market, such as Artist Re-sale Rights.

Keywords: bargaining, pricing, cultural economics, art market

JEL Classification: C78, L11, Z11

Suggested Citation

Angelini, Francesco and Castellani, Massimiliano, Private Pricing in the Art Market (December 10, 2018). Economics Bulletin, 38(4): 2371-2378, 2018, Available at SSRN: https://ssrn.com/abstract=3222301

Francesco Angelini (Contact Author)

University of Bologna, Department of Statistical Sciences ( email )

Bologna
Italy

Massimiliano Castellani

Department of Statistics ( email )

piazza teatini 10
rimini, 47921
Italy

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