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

36 Pages Posted: 18 Feb 2020

See all articles by Federico Etro

Federico Etro

Florence School of Economics and Management

Silvia Marchesi

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

Elena Stepanova

Scuola Superiore Sant'Anna di Pisa

Date Written: February 14, 2020

Abstract

We analyze the art market in Paris between the government-controlled Salon and the post-1880 system, when the Republican government liberalized art exhibitions. The jury of the old Salon decided on submissions with a bias in favor of conservative art of the academic insiders, erecting entry barriers against outsiders as the Impressionists. With a difference-in difference estimation, we provide evidence that the end of the government-controlled Salon contributed to start the price increase of the Impressionists relative to the insiders.

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

JEL Classification: C23, Z11

Suggested Citation

Etro, Federico and Marchesi, Silvia and Stepanova, Elena, Liberalizing Art. Evidence on the Impressionists at the End of the Paris Salon (February 14, 2020). University of Milan Bicocca Department of Economics, Management and Statistics Working Paper No. 432, Available at SSRN: https://ssrn.com/abstract=3538321 or http://dx.doi.org/10.2139/ssrn.3538321

Federico Etro

Florence School of Economics and Management ( email )

Via delle Pandette 32
Firenze, Tuscany 30123
Italy

Silvia Marchesi (Contact Author)

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

Piazza dell'Ateneo Nuovo, 1
Milano, 20126
Italy
+39 02 64483057 (Phone)

HOME PAGE: http://https://sites.google.com/site/ssilviamarchesi/home

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

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

Via P. Amedeo 34
Milano, Mi 20122
Italy

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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