Liberalizing Art: Evidence on the Impressionists at the End of the Paris Salon

45 Pages Posted: 7 Feb 2020

See all articles by Federico Etro

Federico Etro

Ca Foscari University of Venice

Silvia Marchesi

Università degli Studi di Milano-Bicocca - Center for Interdisciplinary Studies in Economics, Psychology & Social Sciences (CISEPS); Università degli Studi di Milano-Bicocca - Department of Economics, Management and Statistics (DEMS); University of Milan - Centro Studi Luca d'Agliano (LdA) ; Università degli Studi di Milano-Bicocca - Center for European Studies (CefES)

Elena Stepanova

Scuola Superiore Sant'Anna di Pisa

Multiple version iconThere are 2 versions of this paper

Date Written: May 9, 2019

Abstract

We analyze the Paris art market between the government-controlled Salon as a centralized organization of art exhibition and the system liberalized by the Republican government based on competition between independent exhibitions. The jury of the old Salon decided on submissions with a bias toward conservative art of the academic insiders, reducing demand for the outsiders, as confirmed by the impact on prices of the acceptance of Impressionists. With a difference-in difference estimation we provide evidence that the end of the government-controlled Salon in 1880 started the increase of the prices of the Impressionists relative to the insiders.

Keywords: Art market, Market structure, Insider-Outsider, Hedonic regressions, Impressionism

JEL Classification: C23, Z11

Suggested Citation

Etro, Federico and Marchesi, Silvia and Marchesi, Silvia and Stepanova, Elena, Liberalizing Art: Evidence on the Impressionists at the End of the Paris Salon (May 9, 2019). University of Milan Bicocca Department of Economics, Management and Statistics Working Paper No. 386, Available at SSRN: https://ssrn.com/abstract=3229053 or http://dx.doi.org/10.2139/ssrn.3229053

Federico Etro

Ca Foscari University of Venice ( email )

Dorsoduro 3246
Venice, Veneto 30123
Italy

Silvia Marchesi (Contact Author)

Università degli Studi di Milano-Bicocca - Center for Interdisciplinary Studies in Economics, Psychology & Social Sciences (CISEPS) ( email )

Piazza dell'Ateneo Nuovo, 1
Milano, 20126
Italy

Università degli Studi di Milano-Bicocca - Department of Economics, Management and Statistics (DEMS) ( email )

Piazza dell'Ateneo Nuovo, 1
Milano, 20126
Italy
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HOME PAGE: http://https://sites.google.com/site/ssilviamarchesi/home

University of Milan - Centro Studi Luca d'Agliano (LdA)

Via P. Amedeo 34
Milano, Mi 20122
Italy

Università degli Studi di Milano-Bicocca - Center for European Studies (CefES)

Elena Stepanova

Scuola Superiore Sant'Anna di Pisa ( email )

Biblioteca Scuola Superiore Sant'Anna
Piazza Martiri della Liberta, n. 33
Pisa, 56127
Italy

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