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

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